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.