Stockland and Mirvac place land sites for sale

The current weakness in the residential property market appears to have impacted Stockland and Mirvac, who have looking to sell major land holdings in Melbourne and Sydney.

Stockland’s $700M The Grove Estate in Tarneit, Melbourne is up for sale, with price expectations in between $150M to $170M. The Grove Estate has 107 hectares of development land, 1,780 housing lots (of which 411 are already sold) as well as a number of “super lots” for school, town centres and medium-density housing. During the week, Stockland’s securities fell 7.1%.

Alongside Stockland’s listing, Mirvac is also selling a prime site at Ingleside on Sydney’s northern beaches, however this is being driven by planning. Mirvac purchased the property for around $10M three years ago and optioned up surrounding sites but now seems unlikely to proceed.