Australian property developer Mirvac has highlighted the continued momentum across its business – including its investment in land lease operator Serenitas – in its third quarter operational update released to the market last week (30 April).
The developer, which acquired 47.5% (later reduced to 40%) of the land lease operator in October 2023 in a joint venture with Australian private equity groups Pacific Equity Partners and Tasman Capital Partners, revealed it has achieved 291 settlements and 301 sales for the year to date, increasing its occupied sites to around 4,880.
The group has also exchanged a conditional contract for a new community site at Mirvac’s master planned Everleigh community, 30km south of the Brisbane CBD, adding 200 lots and increasing Serenitas’ total development lots to circa 2,580.
As The Weekly SOURCE reported in February, Serenitas plans to launch seven new communities this year.
The operator, which is led by CEO Von Slater, also continues to enjoy growth in its settlement prices, which increased 7% to $580,000 and achieved an average net releasing spread of 11% in the quarter.
Mirvac credited this result to 91% of the Serenitas’ portfolio being based in Queensland and Western Australia, where demand for land lease homes remains the strongest – see below.
Serenitas maintains a number of brands across its 28 communities, including Thyme Lifestyle Resorts and WA’s National Lifestyle Villages.
