Topic - Developments

Mirvac now to dip a pinky into land lease in QLD

May 15 2023 Updated June 16, 2023

Section Editor

1 min read

The diversified property group is now looking at a site in Queensland for its first land lease community.

Its former CEO Susan Lloyd-Hurwitz said in February last year that it is looking to “press the button” on a land lease development.

Mirvac let it be known it was looking at two sites in Melbourne, but new CEO Campbell Hanan (pictured) has told the Financial Review that he expected to announce a first pilot project in Queensland this financial year.

A second pilot in Victoria was still planned, he added.

“We haven’t said no, but we want to try it with Queensland first,” he said.

Mirvac, which has a market capitalisation of $9.27 billion, seems unduly wary about a path that Stockland, which has 1,130 land lease homes being built, and Ingenia Communities, which has a pipeline of 6,451 potential land lease homes, are mining.

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