Stockland turns attention to commercial projects

Stockland has flagged ambitions to boost its exposure to the racing logistics sector and has trimmed its lower-grade residential holdings.

The group is targeting underused sections of residential estates as part of its massive land bank, which it once would have sold off, for lucrative developments.

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It is also looking to capitalise on its holdings as the Aura park sits in the heart of the largest ­investment zone in the region and is part of Stockland’s overall $5 billion Aura precinct.

Stockland chief executive of commercial property Louise Mason says the long-term vision for the park is to offer modern and flexible business space to a range of growth industries.

Stockland CEO for commercial property Louise Mason.

“The Aura Business Park forms a key part of our workplace and logistics strategy, and is a prime example of using our land bank to create future employment precincts within our masterplanned communities,” Mason says.

The new facility will be one of two business parks for Aura and more than two-thirds of lots in the first two stages have been sold.

Stockland’s general manager for workplace and logistics, Tony D’Addona, says the investment property portfolio at Aura Business Park will grow into 180 light industry lots, up to 4000sqm, large-format showrooms and two commercial sites.

Construction began in August last year and the first lots are ­expected to settle in the coming weeks so that the first businesses are likely to be up and running by mid-2019.

Businesses buying into the project include the fast-growing Devcon Building Co and Sunshine Coast builder DB Construct.

Stockland’s Workplace and Logistics business is valued at about $2.2 billion.

This article originally appeared on www.theaustralian.com.au/property.