Stockland’s new CEO Tarun Gupta said in his first interview in the role that he sees its land lease division, which offers manufactured homes for the retirement sector, as a growth area in its communities operations.
Mr Gupta said that Stockland would create more than 3,000 rental lots for land lease developments.
Stockland has land lease communities as part of its Aura project on the Sunshine Coast in Queensland and its Minta development in Melbourne.
“Instead of being in a vertical environment, it’s horizontal and it’s targeted to the very fast growing Baby Boomer market who are coming into that demographic of 55-plus, and we have some one of the largest land banks in the country, which we can use to create these new communities,” Mr Gupta said.
“There’s a lot of strong demand from our customers, and we’ve already got about 3,000 lots in that space that we are looking to bring to market over the coming years.”
Stockland is also Australia’s third largest operator of retirement villages. It has had this business division up for full or partial sale for more than five years.
Mr Gupta was previously the Chief Financial Officer at Lendlease and has replaced Stockland’s long-serving CEO Mark Steinert.
“Residential has been an enduring focus for Stockland since we were founded 70 years ago. And we’ve enjoyed very much a leading position. It’s a key business for us, and the environment is very favourable,” Mr Gupta said.