What McMullin does

McMullin is a privately owned, family-controlled Australian property developer (legal entity: McMullin Properties (Australia) Pty Ltd) headquartered in Camberwell, Melbourne, with activity across Melbourne and regional Victoria. The company was formally established in 1999 by Ian McMullin, building on property development activity that began in 1975, and is now led by brothers Peter McMullin AM (Chairman) and Ian McMullin (Managing Director). It operates as a full-service end-to-end developer, taking on the role of developer, owner, investor, or advisor depending on the engagement, and has delivered more than $1 billion of property projects across commercial, industrial, aged care, retail, medical, business park, and (via the Mermac JV with Merion Properties) residential sectors.

The business generates revenue through three primary streams: (1) property development and project management fees on a project-by-project basis, (2) equity co-investment and joint venture participation alongside landowners, councils, and capital partners, and (3) strategic investments in property opportunities and adjacent businesses (including the MPG Funds Management partnership with the Gorman family, which manages $705M+ of AUM across six Australian states). Customer segments are B2B: landowners seeking to monetise underutilised sites, private and institutional investors seeking property exposure, businesses and aged care operators needing development expertise, and government/municipal partners (e.g., Shire of Cardinia on the 165-hectare Southeast Business Park). Go-to-market is relationship-driven, leveraging 45+ years of brand equity in the Melbourne market, direct developer-client partnerships, JV structures, and pre-lease/land sale within master-planned business parks such as Northpoint (120ha), Kaduna (92ha), Fusion (67ha), and ConnectNorth (35ha).

The core technology is non-proprietary: McMullin's offering is built on real estate expertise, planning and zoning knowledge, capital deployment, and JV structuring rather than software or data products. There is no AI, digital platform, app, or API capability in the disclosed materials. Distribution is exclusively direct enterprise sales through referrals, industry memberships (UDIA, Property Council of Australia, LFRA), the company website, and LinkedIn. The 2021 sale of Fort Knox Self Storage to Blackstone Real Estate marked a significant capital recycling event, refocusing the portfolio toward larger-scale industrial, business park, and aged care development.

Name

McMullin

Legal name

McMullin Properties (Australia) Pty Ltd

Website

https://mcmullin.com.au

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

McMullin is a privately owned, family-controlled Melbourne-based property developer delivering full-service end-to-end developments across commercial, industrial, aged care, retail, medical, business park, and residential sectors for landowners, investors, and businesses through direct partnerships and joint ventures.

Ownership category

akta.pro rank

Product category

Commercial Property Development

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Urban Planning & Master Planning (BPAHAKAD)

Keywords

• Property development
• Commercial real estate
• Joint venture development
• Business park development
• Aged care facilities

Headquarters

HQ city

Camberwell

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Others

Revenue model

1. Property Development Services: Full-service property development from site acquisition and planning to design, construction, investment structuring, and project delivery. McMullin operates as developer, owner, investor, or advisor depending on client needs.
2. Joint Venture Partnerships: Equity investment and co-investment in property developments with landowners, investors, and development partners. McMullin contributes capital, expertise, and long-term value creation.
3. Business Investments: Investment in non-property related businesses and opportunities, including land acquisition in future growth corridors, innovative property purchases post-planning phase, and equity investments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

McMullin delivers full-service property development across Melbourne and regional Victoria, operating as developer, owner, investor, or advisor. The company manages the entire development lifecycle from site acquisition and planning through design, construction, investment structuring, and project delivery across commercial, industrial, aged care, retail, medical, and residential sectors.

Product overview

McMullin is a privately owned Australian property developer offering a comprehensive portfolio of full-service property development solutions. The company's core offering spans property development, project management, partnerships, and investment services. McMullin operates across six primary sectors: commercial, industrial, aged care, retail, business parks, and residential (through its Mermac joint venture with Merion Properties). The portfolio includes landmark projects such as Northpoint Enterprise Park (120 ha, 160 companies), ConnectNorth Business Park (35 ha), Southeast Business Park (165 ha), and Kaduna Business Park (92 ha), alongside aged care facilities including Chirnside Views (144 beds), Morgan Glen Iris, Hester Canterbury (34 apartments), and Grand Cedar (73 beds). The company also develops large-format retail, industrial properties, and medical facilities, providing end-to-end services from site acquisition through to project delivery and investment structuring.

Differentiator

Problem solved

Functional benefit

Brands

• Mermac: A joint venture brand with Merion Properties for boutique residential property development, focusing on luxury, low-rise apartment complexes
• Fort Knox Self Storage

Products and services

• Property Development Services Full-service property development and project management covering the entire development lifecycle from site acquisition and planning through to design, construction, investment structuring, and project delivery.
• Partnership Services Flexible business partnerships with landowners, investors, businesses, and institutions through joint-venture structures, development agreements, and equity investment arrangements.
• Investment Services Strategic investment and co-investment in property opportunities including land acquisition in growth corridors, joint property developments, and innovative purchases during planning or construction phases.
• Large Format Retail Development Development of commercial retail facilities ranging from neighbourhood shopping centres and car dealerships to large format retail centres, designed for retail tenants and operators.
• Industrial Property Development Quality-built industrial business environments fulfilling warehousing, storage, offices, and manufacturing requirements for industrial occupiers and operators.
• Medical Property Development Custom-built medical facilities including hospitals, medical centres, and specialty fit-outs designed for healthcare operators and providers.
• Mermac Boutique Residential Development Boutique residential property development delivering luxury low-rise apartment complexes under the Mermac joint venture brand with Merion Properties.

Quantifiable outcome

• $1 billion+ in property projects completed throughout Australia
• +2 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core, major and minor.

• Merion PropertiescoreStrategic or Co-development Partner · 1 January 2020McMullin partnered with Merion Properties under the brand 'Mermac' for boutique residential property development. First project is Wimmera Place, a luxury apartment development at 7 Wimmera Place, St Kilda.
• Wilson FamilymajorStrategic or Co-development Partner · 1 January 1998The Wilson Family partnered with McMullin in 1998 to develop Fort Knox Self Storage, growing from a single site in Dandenong to one of Victoria's most recognized self-storage brands with 10+ locations. The partnership lasted 24 years until sale to Blackstone Real Estate in 2021.
• ParkleamajorStrategic or Co-development PartnerJoint venture partner in Southeast Business Park covering 165 hectares, in partnership with The Shire of Cardinia.
• The Shire Of CardiniamajorStrategic or Co-development PartnerJoint venture partner in Southeast Business Park (165 hectares) alongside Parklea.
• BASScarecoreStrategic or Co-development PartnerLong-term partnership with aged care provider BASScare for multiple developments including Hester Canterbury (34 luxury apartments) and Faversham House (110-bed refurbishment).
• North West HealthcoreStrategic or Co-development PartnerPartnership for Epping Private Hospital & Medical Centre development.
• Go BoxminorStrategic or Co-development PartnerMobile self-storage business launched by McMullin and Wilson Family, targeting the 'moving market' with portable storage units.
• Norsan Pty LtdcoreStrategic or Co-development PartnerClient for Chirnside Views Residential Aged Care development - 144-bed aged care facility project managed by McMullin.
• LibertycoreStrategic or Co-development PartnerProject managed Liberty Service Centre fuel and service station development on Cooper Street.
• The Spargo GroupcoreStrategic or Co-development PartnerPartnership with The Spargo Group for Benalla Bridge Street Retail Development (2,600 sqm large-format retail centre).
• ThereafterminorStrategic or Co-development PartnerPartnership for School Street Warehouses development at Corio - 43-warehouse precinct spanning 11,046 sqm.
• UDIA (Urban Development Institute of Australia)minorOthersIndustry membership organization for property developers.
• Property Council of AustraliaminorOthersIndustry membership organization for property professionals.
• LFRAminorOthersIndustry membership organization.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Peet Limited: ASX-listed land developer specializing in master-planned residential communities across Australia. Closely comparable in raw land acquisition, JV structures with landowners, and project management through delivery.
• Mirvac Group: ASX-listed Australian property developer and investor active across residential, commercial, and industrial. Direct competitor in master-planned communities, business parks, and mixed-use developments across Melbourne and broader Australia.
• Frasers Property Australia: Multi-sector Australian developer (residential, commercial, industrial, retail) with master-planned community and business park pipelines across Melbourne and Victoria. Closely comparable in mixed-sector strategy.
• Grocon: Privately held Australian property developer focused on large-scale residential, commercial, and mixed-use projects in Melbourne and Sydney. Comparable in family-controlled private operator model and high-rise/mixed-use capability.
• MAB Corporation: Privately held Melbourne developer of business parks, residential estates, and commercial assets. Closely comparable in geographic focus, private family ownership, and industrial/business park development strategy.
• Hickinbotham Group: Family-controlled Victorian property developer with residential, commercial, and aged care exposure. Comparable as a multi-generational Melbourne-based developer operating across McMullin's sectors.
• Central Equity: Melbourne-based residential developer of high-rise and mixed-use apartments. Comparable through Mermac's boutique residential focus and shared Melbourne mid-rise apartment target market.

Broad incumbents

• Lendlease: Global property and infrastructure group with deep Australian roots in master-planned communities, commercial development, and funds management. Comparable in JV structuring and integrated development-to-funds model.
• Stockland: Australia's largest diversified property developer with active master-planned communities, logistics, and commercial portfolios. Operates at greater scale with capital markets access, overlapping directly with McMullin's business park and residential sectors.
• Dexus: ASX-listed Australian real estate investment manager with industrial, office, and funds management operations. Overlaps with McMullin's industrial business park development and MPG-style funds management business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCUuKmfZcNwNIhSYsrctHOoA
• LinkedInlinkedin.com/company/mcmullin-property

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about McMullin