Sydney-based property group Mirvac has posted a softer residential performance for the year to 30 June 2025, with a fall in settlements and lower gross profit margins seeing operating profit after tax slip to $474 million, down from $552 million in FY24.
The ASX 100-listed group, however, recorded a turnaround at the bottom line – reporting a net profit after tax of $68 million, compared with an $805 million loss a year earlier.
Mirvac holds a 40% stake in over-50s land lease community operator Serenitas, in partnership with Pacific Equity Partners and Tasman Capital Partners. The joint venture was a standout contributor to the year’s result.
"Operational results were impacted by the disposal of $1.4bn of non-core assets over the last two years. However, the loss in income was largely offset by income from our investment in Serenitas and completions at LIV Aston in Melbourne and the second and third warehouses at Aspect Industrial Estate, Sydney," said Mirvac.
As the table below shows, Serenitas' 31 communities are 100% occupied, as they were in Mirvac's FY24 financial result. The operator also added 900 lots and made 390 settlements, with prices rising an average of 11%.
Mirvac also revealed Serenitas had purchased three new land lease communities and was in due diligence for "additional sites".
The FY25 financial report also highlighted the contrast between the land lease operator and Mirvac's three Build to Rent projects in terms of revenue raised – see below.
The Weekly SOURCE will publish FY25 financial results for:
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Lendlease (part-owner of Keyton) – Monday, 18 August
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Stockland – Wednesday, 20 August
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Aspen Group and Eureka Group Holdings – Thursday, 21 August
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Ingenia Communities Group – Tuesday, 26 August
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GemLife and Lifestyle Communities – Thursday, 28 August
