Exclusive by Leon Della Bosca Weds 05 Mar 25 for The Urban Developer
When Brendan Mullan and David Dordevic established DM Property in 2022, it was with a clear vision.
The pair, formerly in executive positions at ID_Land and with only two decades of combined experience, wanted to create a diversified property development portfolio across Victoria.
With ethical practices and transparent community engagement underpinning their strategy, the pair has established themselves in Victoria’s competitive property market with an approach that has proven socially responsible and commercially advantageous.
Within months of launching, they secured a development pipeline of $160 million, building on their previous $3-billion development experience.
DM Property’s pipeline is now around $500 million, achieved through creating a mix of apartments, townhouses and land projects across locations to build resilience against market fluctuations.
Launching an independent venture despite such uncertain market conditions might be seen as a bold move but Mullan tells The Urban Developer, “Dave and I are the type of people that would regret not doing it for ourselves, so we had the fire in our belly to take the leap of faith”.
“We knew we would have the capital, contractor and consultant support, but the real catalyst was the acquisition of our first site in Sandringham.”
That site became Early, a collection of three and four-bedroom townhomes designed by architects Rothelowman and interior designer Adele Bates.
The 5300sq m development is being realised in four stages—Stage 1 is completed and residents are moving in.
Rothelowman principal Stuart Marsland says the brief “was to bring townhome living to a new level in Sandringham and deliver a series of homes through a calm landscape driven concept with a generosity for spacious living”.
With prices from $1,099,000 to $1.5 million—notably below the area’s $2.5 million median housing price—Early offers an entry point for this sought-after bayside locale—an increasing rarity in this market.
The pair’s time at ID_Land was, unsurprisingly, fundamental to their new venture.
“I could not speak more highly of our tenure at ID_Land. We learnt a lot with two great mentors and felt like we added value during its exceptional growth phase,” Mullan says.
“Dave and I have always loved residential development given it goes back to the fundamental that everyone needs shelter. We can provide that across several geographies and typologies.”
Their site selection follows specific criteria: “lack of competition-undersupplied market, amenity-rich location, appetite for quality dwellings within the suburb and value for money—typically below the median house price. But distinctly different from cheap product, we aren’t that”.
The company’s partnership with architects Rothelowman has been instrumental for its projects, including Early and its Motif project in Geelong’s CBD.
“We’ve worked with Rothelowman on eight projects across the past nine years. They are at the cutting edge of design response, sustainability, building methodologies, consumer demands and commercial realities. They can balance all these criteria successfully,” Mullan says.
DM’s diversified approach targets market segments including first-home buyers to downsizers, and across central areas, middle-ring suburbs, growth corridors, and regional centres, with a portfolio that continues to expand beyond initial projections.
Other projects include Clearwater—a waterfront community of 350 premium land lots from 350sq m to 1600sq m on the shores of Lake Colac.
In northern Victoria, the Uptown development at Shepparton comprises 200 lots of premium land that are in the civil construction phase with Winslow the builder. It has a range of block sizes aimed at first-home buyers, downsizers and investors.
Rix, at Officer, a rapidly expanding suburb in south-east Victoria, was recently completed and sold out. And a project at Wheelers Hill, 20km south-east of Melbourne, is on the way.
Community consultation as an advantage
At Milli, DM Property’s Brighton East development designed by Cera Stribley, DM Property showed how community consultation can transform potential conflicts into productive partnerships.
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A neighbour, himself a developer with 20 years’ experience, initially anticipated “a potentially very nasty and protracted fight” over permit amendments.
The response from Mullan and Dordevic at the first Victorian Civil and Administrative Tribunal (VCAT) hearing altered this expectation dramatically.
“What is astounding is the fact that you have managed to accomplish this, and at the same time, you have also managed to behave in the manner that you have, with the residents, as well as being able to appease the council,” the resident wrote to the company.
This resulted from DM Property’s community engagement strategy that Mullan says is “ever evolving”.
“After receiving 16 objections to our application, we were able to consult with the community, show who we are, listen to their concerns and address as many of them as possible.” The approach paid unexpected dividends.
“We were fortunate to have one of the neighbours attend the council’s planning meeting and present their support for the project, rather than the usual objection,” Mullan says.
This success came from recognising the communication challenges in the planning process.
“Planning applications are received by neighbours with sometimes hundreds of pages and the message gets lost of what we are trying to achieve,” Mullan says.
“All we want to do is enhance the outcome of new buildings and allow new residents ... to live in a community they couldn’t afford otherwise.”
DM Property’s focus on Geelong demonstrates its ability to identify emerging opportunities while maintaining a community approach.
“There is always a need for new supply in metro and regional locations. If it meets our criteria, we will deliver projects in both settings,” Mullan says.
The Motif development, a joint-venture with Icon Kajima, at 1 York Street, is a six-level, 142-apartment project that “reflects the vibrant cultural scene of Geelong”.
“Geelong is the only city that’s part of the UNESCO city of Design in Australia. It’s got this ... design, art and cultural vibe and undertow that not many people know about,” Mullan says.
Environmental considerations feature prominently in their developments. “We engage our ESD consultant well before required,” Mullan says. “We have delivered gas-free projects for many years prior to it becoming legislation. It’s one of the first questions purchasers ask these days.”
Despite challenges including poor consumer sentiment, reduced borrowing capacity for buyers and government property taxes, Mullan remains optimistic about the Victorian market.
“I see this as the greatest opportunity for Melbourne over the next 12 to 24 months for a positive demand shift,” he says.
“We have targets for our pipeline we want to hit by year five, seven and ten—noting we’re only 2½ years in business,” Mullan says.
As DM Property approaches its third anniversary, its diversified pipeline and growing market presence shows that ethical development practices focused on community engagement can align with commercial viability and sustainable growth.
Mullan says DM Property “will continue to grow yet remain nimble”.
“We will continue building our brand so when someone purchases from a DM Property project, they know who we are, what we do and can rest assured they will get a quality outcome at settlement.”
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