Property giant Mirvac has made a move into the growing affordable housing market for downsizing Baby Boomers and retirees with a $600 million deal to buy 27 land lease communities owned by a large operator, Serenitas.
The homes, on average, can cost about 20 per cent less than traditional house-and-land packages. Some of the homes are built in situ while others are made offsite as modular homes.ASX-listed Mirvac is a diversified property developer, owner and manager of office, retail and industrial properties with a market value of $8.16 billion.
“Our expansion into the living sectors comes against a backdrop of critical housing undersupply, and tailwinds including rising population growth, record-low rental vacancy levels and affordability challenges,” Hanan said. “There is certainly a growing awareness of modern land lease communities across Australia and the benefits available to customers, which will no doubt drive future demand,” Nichols said.
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Source: FinancialReview - 🏆 2. / 90 Read more »