From Survival to Scale: AHB Group Rises in Fractured Market

Victoria’s largest homebuilder has appointed its first chief executive and adopted a new company name after recording nearly 3000 site starts in a market where many competitors have collapsed or scaled back operations. Nathan Jenkinson formally assumed the chief executive role at Mirrastone—the business formerly known as AHB Group—in November. The appointment followed a record year in which the company and its SOHO Living brand completed 2891 site starts—a 20 per cent increase year-on-year, which secured the top ranking in Victoria and fifth nationally in the HIA Housing 100 Report. “The catalyst for creating the chief executive role at this time was simple: the business had grown far beyond a single-brand builder,” Jenkinson [ pictured at top ] told The Urban Developer . “With multiple sub-brands, diverse product offerings and expansion across metro and regional Victoria, we needed to unify the group’s strategic direction, sharpen our identity and ensure long-term consistency and delivery.” Founded by Pasquale Garofalo and Charles Agius in 2005, the company has expanded to operate a portfolio of brands including Sherridon Homes, SOHO Living, Marque, Royston Homes, Brilley, First Place, Hattan, Guilden and SOHO Built. Jenkinson brings nearly two decades of industry experience, having co-founded SOHO Living and contributed to its development as Victoria’s leading medium-density builder. This is more than a name change, Jenkinson says, as the new moniker better reflects the company’s positioning. “Moving from AHB Group to Mirrastone isn’t because the old name was wrong,” he says. “Mirrastone embodies two ideas: mirra , meaning peace, community, world, and stone , representing strength, stability, permanence. “Together, they reflect the foundations we build, literally and figuratively and the community-centric, long-term vision of our group.” The company grew during a time when many builders struggled with fixed-price contracts and volatile construction costs. Jenkinson attributes the performance to specific strategic decisions across the business. “First, it’s a testament to the resilience and cohesion of our group of brands, suppliers, trades and teams,” he says. “We’ve built a diversified offering, from entry-level and family homes to investor products, medium-density townhouses and premium custom builds. This reduces our risk concentration: when one segment softens, others remain active.” ▲ AHB Group (now Mirrastone) was founded in 2005 by Pasquale Garofalo ( left ) and Charles Agius. Operational discipline has played a central role in managing market volatility. Jenkinson believes the company approaches fixed-price contracts differently from competitors. “At Mirrastone, risk management is front-of-mind,” he says. “We don’t just rely on fixed-price models blindly; we build flexibility and realistic cost forecasting into our contracts. Our scale and volume give us purchasing power and supply chain leverage, which helps mitigate cost escalation. “We’ve also diversified brand offerings and product types, which spreads risk across segments rather than depending on a single market.” Long-standing relationships with suppliers and trades provide additional stability. Jenkinson says these partnerships help with reliability, quality and risk management in uncertain times. Medium-density housing and affordable family homes are the most significant growth opportunities for the business. “Given current housing pressures, affordability constraints, limited land availability in growth corridors and evolving lifestyle needs, medium-density housing and affordable family homes represent a major growth opportunity,” he says. “These segments respond to real demand: people wanting value, location and quality without moving far from their communities.” The investor and build-to-rent segments also show strong potential due to rental demand and population shifts. The company’s multi-brand structure means it can serve different buyer types across various locations. Jenkinson acknowledges the business faces ongoing challenges but says this also creates opportunities. “Ensuring affordability while maintaining quality and delivering on promises is always a delicate balancing act,” he says. “As we grow, maintaining consistency across a broad and diverse set of brands, each with its own products, buyers and geographies, adds complexity. But that’s also where the opportunity lies.”

From Survival to Scale: AHB Group Rises in Fractured Market

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