Mirvac, the country’s largest medium to high-density residential developer, said while it remains on track to meet is forecast home sales for the current financial year, the floods and extreme wet weather in early March in Sydney and Brisbane caused a significant number of lost construction days.

This has led to some forward sales being pushed back into the coming months and start of the 2023 financial year.

Despite the weather impacts and the spectre of higher interest rates it was on track to deliver 2500 new homes to the end of June while also launching new commercial projects in the last nine months that also weathered the global pandemic.

Mirvac is also said to be an interested party in the sale of the Collimate platform, formerly AMP Capital, to Dexus with reports it is targeting investors in the lucrative internally managed AMP wholesale office fund.

In its third quarter update to the end of March, the diversified landlord and developer, reaffirmed its operating earnings per share (EPS) guidance of at least 15¢ per security for the full 2022 fiscal year, being an increase in earnings of at least 7.1 per cent.

Mirvac CEO Susan Lloyd-Hurwitz said the impact of the wet weather on supply chains and ongoing elevated levels of COVID-related absenteeism across authorities and subcontractors, is resulting in delays to the completion of deals at “a number of master planned projects across the portfolio”.

“Our 2,500 lot settlement guidance for the 2022 year has been maintained, however we continue to closely monitor these risks and their impact on program completions,” Lloyd-Hurwitz said.

The ASX-listed group has a market value of $9.38 billion and a split of operations between office and commercial, master-planned residential projects and the booming industrial sector. It has an overall development pipeline worth $29 billion.

For the third quarter, with the re-opening of borders and a return of shoppers to mall, cash collections improved and there was good progress across the commercial and mixed use development pipeline.

The group boosted its overall development pipeline to $29 billion which included the start of construction at $277 million Switchyard Industrial Estate in Sydney, the near completion at 80 Ann Street, Brisbane, and the successful launch of three new apartment projects including the NINE at Willoughby, the former home of the Channel Nine television studios.

Conditions across the burgeoning Build to Rent (BTR) sector are buoyant with residential vacancy rates at 16 year lows and is seen by the group as one of the fastest growing of the residential segment helping to accelerate rental growth.

Mirvac’s head of the integrated investment portfolio, Campbell Hanan, said the outlook remains positive, and we expect limited forecast apartment supply and the recent re-opening of international borders will help drive demand in the sector in the near term, “which bodes well for our $1 billion, nine build to rent assets under construction”.