Mustera Property Group Limited

What Mustera Property Group Limited does

Mustera Property Group Limited is an Australian real estate investment and development company listed on the ASX (ticker MPX) since 2014, headquartered in Claremont, Western Australia, with 11-50 employees. The company operates an integrated real estate platform spanning three core activities: Mustera Development (sourcing and managing residential, commercial, industrial, and mixed-use property development), Mustera Investments (acquiring high-yielding commercial assets), and Mustera Property Funds Management (MPFM), a wholly-owned subsidiary managing the Mustera Property Fund, an Australian Managed Investment Scheme established in 2017 that provides transaction sourcing, due diligence, property management, leasing, asset enhancement, and realisation services to wholesale investors. Its development portfolio includes completed projects Forbes Residences in Applecross ($90M GRV, completed April 2024) and Victoria Quarter in Midland ($30M GRV), in-progress Verse on McCabe in North Fremantle ($105M GRV, completion expected Q1 2028), and planning-stage assets at Midland and East Perth (a ~60-key hotel with $35M GRV).

The company generates revenue through three streams: one-time development sales of residential and mixed-use properties, recurring rental income from the managed Shoalwater Shopping Centre (acquired 2018, $16.5M acquisition value, 89% occupancy, ~7.1-year WALE by income, targeting 7.25+% p.a. distributions plus capital growth), and managed service fees from wholesale investors in the Mustera Property Fund. Distribution is direct: residential apartments are sold to end purchasers via project websites and sales offices (projects include dedicated sites such as forbesresidences.com.au and verseonmccabe.com.au), while wholesale fund units are distributed through direct relationships and the company's investor relations function, with Wilson Parking, Supa IGA, and The Shoalwater Tavern representing named commercial tenants.

Mustera's go-to-market relies heavily on architectural and construction partnerships, notably WOHA Architects (the Singapore-based firm behind 2018 World Building of the Year winner Kampung Admiralty) and award-winning MJA Studio for design, and PACT Construction for building delivery. The company has no proprietary technology platform and offers no APIs, apps, or digital products; its brand differentiation is built on design quality (Forbes Residences won The Harold Krantz Award for Multiple Housing at the 2025 AIA WA Architecture Awards and Best Apartment Development in WA in 2022) and on integrated funds-management capabilities serving the Western Australian premium residential and retail submarkets.

Name

Mustera Property Group Limited

Legal name

Mustera Property Group Ltd

Website

https://mustera.com.au

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Mustera Property Group Limited is an ASX-listed (MPX) Western Australian real estate investment and development company that develops premium residential and mixed-use properties, manages the Mustera Property Fund for wholesale investors, and holds commercial retail assets including the Shoalwater Shopping Centre.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Nonresidential Property Managers (531312), Real Estate Property Managers (53131)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Buyer Representation Services (BPAJAAAJ)

akta.pro secondary industries

Transitional/Development Land Brokerage (Entitled, In-Path-of-Growth) (BPAJADAJ), Warehousing & Logistics Facilities Brokerage (BPAJACAA), Fund Custody & Transfer Agency Services (FSACAHAG)

Keywords

• Residential property development
• Commercial property investment
• Real estate funds management
• Mixed-use developments
• Property asset management

Headquarters

HQ city

North Fremantle

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Property Development: Development of residential, commercial, industrial and mixed-use properties in Australia with the aim of selling completed developments for profit.
2. Rental Income: Acquisition and holding of commercial assets including retail shopping centres generating stable rental income from tenants on long-term leases.
3. Funds Management Fees: Mustera Property Funds Management (MPFM) provides property services to the Mustera Property Fund and wholesale investors, generating management fees for transaction sourcing, due diligence, property management, leasing, asset enhancement and realisation services.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Mustera Property Group is an Australian-focused real estate investment and development company that develops residential, commercial, industrial, and mixed-use properties and manages real estate assets through its wholly-owned funds management arm, Mustera Property Funds Management (MPFM), which operates the Mustera Property Fund for wholesale investors.

Product overview

Mustera Property Group Limited is an Australian-focused Real Estate Investment and Development company listed on the ASX. The company operates an integrated real estate platform consisting of three main service areas: Mustera Investments (acquiring high yielding commercial assets), Funds Management through Mustera Property Funds Management (MPFM) providing property services for wholesale investors, and Mustera Development for sourcing and managing development projects. The development portfolio includes completed projects (Forbes Residences in Applecross with 33 residential units and 23 corporate stay units, Victoria Quarter in Midland with 70 apartments), projects under development (Verse on McCabe in North Fremantle with 42 residences, Midland development with 67 units, East Perth hotel development), and the managed Shoalwater Shopping Centre retail asset.

Differentiator

Problem solved

Functional benefit

Products and services

• Forbes Residences Landmark mixed-use development in Applecross, WA comprising 33 residential apartments (3 and 4 bedroom), 23 corporate stay units, and 1,356m² of commercial space. Designed by WOHA and MJA Studio with Gross Realisable Value of $90M.
• Verse on McCabe Boutique collection of 42 residences (one, two, three bedroom apartments and penthouses) in North Fremantle, with completion expected Q1 2028. Gross Realisable Value of $105M, designed by MJA Studio targeting a 5-star GreenStar rating.
• Victoria Quarter Completed mixed-use development in Midland featuring 70 residential apartments (1 and 2 bedroom) with approximately 600m² of ground floor commercial space. Gross Realisable Value of $30M.
• Midland Development 2,390m² mixed-use vacant development site in Midland's Railway Square Precinct with development approval for 67 multiple dwellings and two restaurant/cafe tenancies.
• East Perth Hotel Development 2,233m² land parcel near Perth CBD with planning for an estimated 60-key hotel development. Gross Realisable Value of $35M.
• Mustera Property Funds Management (MPFM) Wholly-owned funds management division providing transaction sourcing, due diligence, property management, leasing, asset enhancement and realisation services to wholesale investors through the Mustera Property Fund.
• Shoalwater Shopping Centre Split-level neighbourhood shopping centre in Shoalwater, WA with approximately 4,700m² GLA, anchored by Supa IGA (2,088m²) and The Shoalwater Tavern with 16 specialty tenancies. Target distributions plus capital growth of 7.25+% p.a., 89% occupancy, WALE approx 7.1 years.
• Mustera Development Sourcing and managing the development, refurbishment and repositioning of high quality residential, commercial and mixed-use assets.

Quantifiable outcome

• Shoalwater Shopping Centre occupancy rate: 89%
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered flagship and core.

• WOHA ArchitectsflagshipStrategic or Co-development PartnerInternationally acclaimed Singapore-based architectural firm engaged as lead architect for Forbes Residences in Applecross. WOHA, founded by Richard Hassell, is known for award-winning sustainable architecture including Kampung Admiralty which won World Building of the Year 2018. Their design for Forbes Residences includes sky gardens on every three floors, landscape integration, and a contemporary standard of amenities.
• MJA StudiocoreStrategic or Co-development PartnerAward-winning Australian architectural studio serving as co-architect for Forbes Residences and lead designer for Verse on McCabe (North Fremantle). MJA Studio collaborated with WOHA on the Forbes Residences project and won The Harold Krantz award for Multiple Housing at the 2025 AIA WA Architecture Awards.
• PACT ConstructioncoreImplementation/ SI/ Consulting PartnerAppointed as the builder for Forbes Residences project. Construction was completed in April 2024 with Practical Completion received on 30th April 2024. PACT Construction took site possession and mobilised on site in September 2021.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• GDI Property Group: ASX-listed (ASX: GDI) smaller property investor/fund manager focused on commercial real estate in Australia. Comparable as a small-cap ASX real estate vehicle combining property investment with funds management, though commercial rather than residential focus.
• Centuria Capital Group: ASX-listed (ASX: CNI) Australian real estate funds manager and investment platform with both wholesale and retail capital pools. Useful comparison for Mustera's emerging funds management ambitions, though at much greater AUM scale.

Direct peers

• Cedar Woods Properties Limited: ASX-listed (ASX: CWP) residential developer with significant Western Australian operations alongside other states. Comparable in mixed-use development model, medium-density housing focus, and ASX small/mid-cap status.
• AVJennings Limited: ASX-listed (ASX: AVJ) residential land and housing developer active across Australian states. Directly comparable as an ASX-listed small/mid-cap developer focused on residential product similar to Mustera's apartment projects.
• Finbar Group Limited: ASX-listed (ASX: FRI) Western Australia-focused residential developer with a similar Perth apartment pipeline and apartment project model. Most directly comparable peer given shared WA geography, mid-rise apartment focus, and ASX small-cap profile.
• Peet Limited: ASX-listed (ASX: PPC) residential developer and funds manager with diversified Australian project pipeline. Comparable integrated model spanning residential development and managed investment schemes for wholesale investors.

Broad incumbents

• Mirvac Group: ASX-listed (ASX: MGR) Australian diversified property developer with a residential apartment focus and integrated funds management. Comparable business model of development plus investment management; much larger scale.
• Lendlease Group: ASX-listed (ASX: LLC) major Australian/global property and infrastructure developer with integrated funds management. Provides an incumbent benchmark for Mustera's development-plus-funds-management business model at much larger scale.
• Charter Hall Group: ASX-listed (ASX: CLW) major Australian real estate funds manager and developer. MD Nicholas Zborowski's prior senior role at Charter Hall makes it a useful benchmark for Mustera's integrated platform; significantly larger and more diversified than Mustera.
• Stockland Corporation Limited: ASX-listed (ASX: SGP) one of Australia's largest diversified residential developers and retirement/retail property owners. Comparable in residential development and integrated platform, but at materially greater scale and geographic breadth.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/mustera-property-group-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

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 Mustera Property Group Limited