Booms change a lot of things in an economy, and nothing could make that clearer than the shift by the MacCormick family from a civil engineering focus to property development.
Booms change a lot of things in an economy, and nothing could make that clearer than the shift by the MacCormick family from a civil engineering focus to property development.
Booms change a lot of things in an economy, and nothing could make that clearer than the shift by the MacCormick family from a civil engineering focus to property development.
At the turn of the century, the second generation family business had just started to dabble in property, taking advantage of its core engineering practice, which had significant experience contracting to the sector.
Just a few years later, the family has recognised the opportunity that lies in land development by selling off the engineering business started by their late father Don and his wife, Mary.
Malcolm MacCormick, one of three second generation siblings (including his brother Donald and sister Marie) working in the business, said the group now had close to 2,000 lots landbanked for development.
“We started doing smaller parcels but they have been getting bigger and bigger, so we have been gaining experience as we go,” Mr MacCormick said.
The family’s land division, DJ MacCormick Property Group, has developed land in metropolitan and regional areas such as Wellard, Bedfordale, Busselton and Geraldton.
It also has almost 3,000 hectares of land earmarked for future development north of Leeman.
“In some places we have 1,000 per cent growth in property values,” Mr MacCormick said.
“The only trouble is, you have to get it through from zoned rural to zoned urban and keep driving it through.
“If you concentrated on civil engineering you are not pushing it as hard as you could be,” he added, explaining the shift in emphasis.
The family, through its holding company Mary Donald Nominees Pty Ltd, also owns industrial land in the eastern metropolitan suburb of Hazelmere, as well as Yatala south east of Brisbane, plus two Adelaide Terrace properties bought in the past two years.
In late 2005, it bought the eight-level office building Adelaide House for $15.6 million, and then purchased a three-storey building a few doors east for almost $6.2 million.