VIC: Doubts over the future of land lease communities as Steller sells off assets, fires construction staff

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The development company, which specialised in mid and large-scale residential and commercial projects before entering the aged care industry in 2018, has fired 76 staff from its construction team.

As of last year, Steller had $4 billion worth of developments in the pipeline, including a $430 million project to build four new LLCs across Victoria’s Mornington Peninsula, as we reported here.

According to The Herald Sun, conveyancing and building works on at least one Steller project have been put on hold, and three of its commercial development sites have already been sold off to new buyers.

But John Hurst, speaking for Steller co-founder Nicholas Smedley (pictured), said the company “had not walked away” from any projects, and all its portfolio would be sold over time – when projects had been completed.

Steller’s website says the group has more than 50 current projects, with many under construction.