Eastbourne

<html><body>
Susan Lloyd-Hurwitz, the Mirvac chief executive, has spent $770,500 to buy a bolthole in Mirvac's recently completed development in Melbourne, the Eastbourne, which boasts apartments as an "inner city Eden".
She has recently noted securing her mortgage had been a "painful process."
"It's tortuous."
The scrutiny can "get non-sensical" she added. 
Title documents reveal her banker is Westpac.
The Killara-based Lloyd-Hurwitz had been known to be an off the plan buyer since the complex went up for sale in the pre-Royal Commission days of 2016.
Buyers of the apartments have also emerged as including Mirvac director Elana Rubin who spent $1.89 million.
There have now been calls for the Mirvac annual report to list such purchases in its related-party disclosure requirements.
Mirvac argues no specific declaration about an acquisition is required because shareholders were on notice that its directors had the opportunity to purchase apartments.
This article was first published in the Weekend Australian.
 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Mirvac boss calls mortgage approval process 'tortuous' after buying Melbourne investment apartment

<html><body><div class="article__content">
<div class="parsys parsys-article-content-top">
<div class="cq-article-content-paras section">
<div title="Page 5">
Residential price and volume growth was moderating, as expected, according to the listed property company, Mirvac.
In its latest report to shareholders it advised FIRB pre-sales were moderating from 24 percent of sales to 21 percent.
It completed 735 settlements in 1H18 and a further 429 settlements in January this year with lower 1H18 gross margins of 22 percent due to the mix, with FY18 gross margins expected to be around 25 percent.
It has $2.9bn of residential pre-sales. They include Eastbourne in East Melbourne (above) where revenue is tipped to come forward into the 2019 financial year.
It reported defaults of less than 2 percent in-line <a href="https://www.urban.com.au/news/74700-mirvac-reports-record-settlements-defaults-below-2-percent" target="_blank">with long-term average.</a>
It noted weakness in the Brisbane and Melbourne apartments.
"The residential market is moderating in line with expectations," it advised. 
Mirvac, the developer and landlord, saw its revenue for the six months to December fall 28 per cent to $984 million from $1.36 billion a year earlier, while operating profit fell a smaller percentage of 8 per cent.
</div>
The company said it awaits skewed residential settlements in the next half of the year. 
The main cause of the diversified group's decline in operating profit was lower property revaluation gains in its investment portfolio compared to the prior year.
“Although sales activity has moderated to more normalised levels in Sydney and Melbourne, we are still seeing consistent demand for well-located, quality product, particularly in our masterplanned communities," its CEO Susan Lloyd-Hurtitz said.
“A number of our forward-looking projects in Sydney are also set to benefit from new transport infrastructure, and our ability to buy at the right time has ensured we can release approximately 13,000 lots over the next four years, while taking a prudent approach to restocking our pipeline,” Ms Lloyd-Hurwitz comment.
“Our urban strategy, diversified and integrated business model, and our proven asset creation capability ensures we are on track to deliver strong growth in FY18,” said Ms Lloyd-Hurwitz.
</div>
</div>
</div></body></html>

Mirvac defaults stay low, amid price moderation and downturn in foreign buyers

<html><body><div id="story-description">
The Grand Pavilion Penthouse at the Mirvac built Eastbourne project overlooking Fitzroy Gardens has sold for close to $14 million.
Bought by a local buyer and sold at around $30,000 per sqm, the apartment comprises 507 sqm of internal space and a 301 sqm panoramic terrace.
The terrace is complete with a bar and a transparent pool and spa.
It has five bedrooms and three living areas on the 11th floor.
Prospective buyers were allowed to customise the penthouse design through a drawing kit.
The penthouse smashed the price per sqm for the suburb.
An apartment in the development that sold for nearly $11 million set a suburb record $24,000 per sqm. A buyer had combined three off the plan apartments.
</div></body></html>

Eastbourne

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Eastbourne

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News