We have delivered strong results for FY22 and made significant progress toward implementing our strategy while maintaining our focus on operational performance.
We’ve accelerated and expanded our Logistics and Workplace pipelines, as well as achieved strong operating metrics and valuation uplift from our existing high quality, strategically positioned portfolio.
In Logistics, masterplanning undertaken on our existing landbank during the second half of the financial year resulted in a doubling of the Logistics development pipeline to approximately $6.4 billion.
Projects with a combined value of approximately $300 million reached completion over FY22, with a further circa $1.2 billion of active developments underway as at 30 June 2022, of which approximately $600 million is expected to reach completion over FY23.
We also continue to progress our Workplace development opportunities in well-located sites. Our $5.8 billion Workplace development pipeline leverages our development and asset creation strengths to provide a clear point of difference —flexible, collaborative workplaces with a high degree of amenity and a focus on wellbeing.
In February 2022, Stockland entered into a capital partnership with Ivanhoé Cambridge over M_Park Stage 1, part of the over $2 billion prime life science and technology space in Macquarie Park, NSW. Construction of Stage 1 is progressing well, and a development masterplan proposal has been submitted over Stage 2.
Our Piccadilly, Sydney CBD and Affinity Place, North Sydney development projects continue to progress through the authority approvals process. In June 2022, we received development approval for Affinity Place – a next-generation workplace that will be among the most sustainable buildings in the North Sydney precinct.
We continue to respond to the trends shaping our society and the property industry, including the impact of accelerating digitisation and innovation, and look forward to working with tenants and customers on new opportunities to deliver solutions and create value for our communities. Our results reflect the dedication and hard work of our people, and we thank them for their focus on creating value and delivering customer excellence.
For more information on our FY22 results, visit our Investor Centre.