MIRVAC GROUP - Annual Report 2020

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FY20 Property Compendium Reimagine Urban Life

20 August 2020

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Investment
Overview
South Eveleigh (Axle), Sydney
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Mirvac manages a diverse portfolio of investment assets across the office, industrial and retail sectors, leased to quality tenants including leading Australian and international companies.

Mirvac’s integrated business approach includes utilising the specialised in-house asset management team, that is responsible for all leasing and property management across the entire portfolio.

Investment Overview

Property Portfolio

as at 30 JUNE 2020

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NO. OF BOOK GLA/NLA WALE OCCUPANCY CAP
TYPE OF PROPERTY PROPERTIES [1 ] VALUE [2] (sqm) (by income) (by area) RATE
OFFICE 29 $7,269m 685,810 sqm 6.4 yrs 98.3% 5.25%
INDUSTRIAL 10 $944m 469,313 sqm 7.4 yrs 99.4% 5.60%
RETAIL 16 $3,144m 428,927 sqm 3.8 yrs 98.3% 5.55%
SUBTOTAL 55 $11,585m [3] 1,584,050 sqm 5.6 yrs 98.6% 5.34%
OTHER INVESTMENTS n/a $235m n/a n/a n/a n/a
TOTAL PORTFOLIO 55 $11,820m [3] 1,584,050 sqm 5.6 yrs 98.6% 5.34%
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Property Portfolio Diversification

Sector Diversification[4]

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OFFICE 64%
INDUSTRIAL 8%
RETAIL 28%
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Geographic Diversification[4]

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NSW 63%
VIC 19%
QLD 11%
WA 4%
ACT 3%
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Lease Expiry Profile[5]

Total Portfolio

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70%
60%
50% 44%
40%
30%
20% 14%
10% 9% 10% 11%
10%
2%
0%
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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Industrial Portfolio

Office Portfolio

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60%
52%
50%
40%
30%
20%
12%
10% 10% 8% 7% 9%
2%
0%
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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Retail Portfolio

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70% 70%
70% 70%
61% 61%
60% 60%
60% 60%
50% 50%
50% 50%
40% 40%
40% 40%
30% 30% 30% 30% 28% 28%
20%10% 20%10% 11% 11% 4% 4% 5% 5% 14% 14% 4% 4% 20% 20% 10% 10% 20% 20% 14% 14% 14% 14% 12% 12% 10% 10%
1% 1% 1% 2%
0% 0%
0% 0%
Vacant Vacant FY21 FY21 FY22 FY22 FY23 FY23 FY24 FY24 FY25 FY25 FY26+ FY26+
Vacant Vacant FY21 FY21 FY22 FY22 FY23 FY23 FY24 FY24 FY25 FY25 FY26+ FY26+
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Portfolio number includes investment properties under construction (IPUC), but excludes properties being held for development and corporate investment property.
Portfolio value includes IPUC, and properties being held for development and excludes AASB 16 lease liability gross up amounts. Subject to rounding.
Includes $228m corporate investment property relating to Building 3 and 5 at Pavilions, held by Australian Build to Rent Club and excludes AASB 16 lease liability gross up amounts.
By book value, including IPUC and properties being held for development, but excluding corporate investment property and other investments.
By income, excludes IPUC, corporate investment property, other investments and properties being held for development.

Office

South Eveleigh (Foundry), Sydney

Comprising 64% of Mirvac’s property portfolio, the office portfolio is focused on the core markets of Sydney and Melbourne and has a weighted average lease expiry of 6.4 years.

Office

Grade Diversification[1]

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Premium 35%Premium 35%
A Grade 61%A Grade 61%
B Grade 3%B Grade 3%
Other 1%Other 1%
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Geographic Diversification[2]

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Sydney 57%Sydney 57%
Melbourne 29%Melbourne 29%
Perth 6%Perth 6%
Brisbane 4%Brisbane 4%
Canberra 4%Canberra 4%
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% OF OFFICE
PORTFOLIO
BOOK GROSS VALUATION AT NABERS
PROPERTY LOCATION NLA VALUE [3] OFFICE RENT 30 JUNE 2020 [4] RATING
1 101-103 MILLER STREET NORTH SYDNEY, NSW 37,473 SQM 4.9% $1,012/SQM $315.0m 5.0 Star
2 40 MILLER STREET NORTH SYDNEY, NSW 12,615 SQM 2.7% $907/SQM $175.3m 5.0 Star
3 10-20 BOND STREET SYDNEY, NSW 38,299 SQM 5.1% $1,160/SQM $333.4m 5.5 Star
4 200 GEORGE STREET SYDNEY, NSW 38,983 SQM 8.0% $1,381/SQM $519.0m 5.5 Star
5 275 KENT STREET SYDNEY, NSW 76,096 SQM 13.5% $1,099/SQM $878.7m 5.0 Star
6 60 MARGARET STREET SYDNEY, NSW 40,875 SQM 5.3% $1,049/SQM $346.0m 4.0 Star
7 QUAY WEST CAR PARK, 109-111 HARRINGTON STREET SYDNEY, NSW 398 SQM 0.6% $/SQM $38.0m -
8 75 GEORGE STREET PARRAMATTA, NSW 9,568 SQM 1.3% $621/SQM $87.6m 2.0 Star
9 1 DARLING ISLAND PYRMONT, NSW 22,197 SQM 4.6% $847/SQM $300.0m 6.0 Star
10 65 PIRRAMA ROAD PYRMONT, NSW 15,931 SQM 3.0% $858/SQM $193.3m 6.0 Star
11 SOUTH EVELEIGH (BUILDINGS 1 & 3) SOUTH EVELEIGH, NSW 48,995 SQM 3.2% $694/SQM $207.5m -
12 699 BOURKE STREET MELBOURNE, VIC 19,303 SQM 1.6% $710/SQM $106.5m 5.0 Star
13 90 COLLINS STREET MELBOURNE, VIC 21,308 SQM 4.0% $763/SQM $261.0m 4.0 Star
14 367 COLLINS STREET MELBOURNE, VIC 37,863 SQM 6.4% $716/SQM $412.6m 4.0 Star
15 664 COLLINS STREET MELBOURNE, VIC 26,476 SQM 2.3% $670/SQM $151.0m 5.5 Star
16 383 LA TROBE STREET MELBOURNE, VIC 10,211 SQM 1.9% $688/SQM $124.0m 2.5 Star
17 380 ST KILDA ROAD MELBOURNE, VIC 24,554 SQM 2.8% $525/SQM $179.5m 5.5 Star
18 RIVERSIDE QUAY SOUTHBANK, VIC 31,833 SQM 5.3% $679/SQM $347.1m 4.5 Star
19 2 RIVERSIDE QUAY SOUTHBANK, VIC 21,132 SQM 2.3% $690/SQM $147.3m 5.0 Star
20 23 FURZER STREET PHILLIP, ACT 46,167 SQM 4.8% $544/SQM $309.3m 6.0 Star
21 340 ADELAIDE STREET BRISBANE, QLD 12,727 SQM 1.2% $610/SQM $78.0m 5.0 Star
22 189 GREY STREET SOUTHBANK, QLD 12,645 SQM 1.3% $672/SQM $87.1m 4.5 Star
23 ALLENDALE SQUARE, 77 ST GEORGES TERRACE PERTH, WA 28,933 SQM 3.4% $897/SQM $221.0m 4.5 Star
OFFICE INVESTMENT PROPERTIES TOTAL 634,582 SQM 92.8% [5] $6,023.6m [5]
24 SOUTH EVELEIGH (BUILDING 2) SOUTH EVELEIGH, NSW $170.6m
25 LOCOMOTIVE WORKSHOPS SOUTH EVELEIGH, NSW $159.5m
26 80 ANN STREET BRISBANE, QLD $111.5m
27 477 COLLINS STREET MELBOURNE, VIC $338.4m
OFFICE INVESTMENT PROPERTIES UNDER CONSTUCTION TOTAL $780.0m
OFFICE INVESTMENT PROPERTIES AND INVESTMENT PROPERTIES UNDER
CONSTRUCTION TOTAL 634,582 SQM $6,803.6m [5]
28 8 CHIFLEY SQUARE SYDNEY, NSW 19,347 SQM 3.7% $1,645/SQM $237.4m 5.0 Star
29 DAVID MALCOLM JUSTICE CENTRE, 28 BARRACK STREET PERTH, WA 31,881 SQM 3.5% $927/SQM $227.9m 5.0 Star
INVESTMENTS IN JOINT VENTURES TOTAL 51,228 SQM 7.2% $465.3m
OFFICE TOTAL 685,810 SQM 100% [5] $7,268.9m [5]
WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME) 6.4 YEARS
OCCUPANCY % (BY AREA) 98.3%
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By book value, excluding IPUC and properties being held for development.
By book value, including IPUC and properties being held for development.
Excludes office properties under development.
Book values represent Mirvac’s ownership.
This total value includes 37 & 51 Pitt/6-8 Underwood Streets, Sydney, valued at $161.0m, and 53 Walker Street & 97 Pacific Highway, North Sydney, valued at $31.9m, which are being held for development, and various other of $12.5m. These assets are excluded from all other metrics. Subject to rounding.

Investment Property Office

101-103 MILLER STREET

NORTH SYDNEY, NSW

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This landmark premium grade office tower and major retail centre is located above Greenwood Plaza in the heart of the North Sydney CBD, with a direct link to North Sydney Railway Station. The complex was built in 1992 and underwent major refurbishment in 2008. A premium grade office tower in North Sydney, it has achieved a 5 Star Green Star rating and a 5 Star NABERS Energy rating.

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Summary Information
GRADE Premium
NABERS RATING 5.0 Star
OWNERSHIP 50% Mirvac, 50% Nuveen
NLA 37,473 SQM
CAR SPACES 184
ACQUISITION DATE Jun-94
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $315.0m [1]
VALUER CBRE
CAPITALISATION RATE 5.25%
DISCOUNT RATE 6.25%
GROSS OFFICE RENT $1,012/SQM
Major Tenants NLA SQM Lease Expiry
Commonwealth of Australia 10,324 Nov-26
Genworth Financial Mortgage Insurance 5,898 Jul-23
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.3%
FY22 18.1%
FY23 1.9%
FY24 24.1%
FY25 3.5%
FY26+ 52.1%
WALE 4.9 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

40 MILLER STREET

NORTH SYDNEY, NSW

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40 Miller Street is an A-grade office building located adjacent to North Sydney Railway Station. Developed by Mirvac in 2000, it enjoys commanding views of Sydney harbour from all floors, with outdoor balconies providing additional amenity for tenants. The building has achieved a 5 Star NABERS Energy rating.

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Summary Information
GRADE A
NABERS RATING 5.0 Star
OWNERSHIP 100%
NLA 12,615 SQM
CAR SPACES 105
ACQUISITION DATE May-98
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $175.3m
VALUER Directors Valuation
CAPITALISATION RATE 5.38%
DISCOUNT RATE 6.63%
GROSS OFFICE RENT $907/SQM
Major Tenants NLA SQM Lease Expiry
UGL 5,814 Feb-28
InvoCare 1,658 May-21
Lease Expiry Profile % Income
VACANCY 1.8%
FY21 27.0%
FY22 4.7%
FY23 9.2%
FY24 9.7%
FY25 0.0%
FY26+ 47.6%
WALE 4.4 YEARS
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Investment Property Office

10-20 BOND STREET SYDNEY, NSW

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Following a $60 million transformation, 10-20 Bond Street delivers a powerful blend of modern style and function. An A-grade office building with premium grade services, this efficient commercial office tower provides regularly shaped floor plates throughout, inviting natural light to permeate the workspaces and showcase the impressive cityscape and harbour views. The building has achieved a 4 Star Green Star design rating, and a 5.5 Star NABERS Energy rating.

Summary Information

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GRADE A
NABERS RATING 5.5 Star
50% Mirvac, 50% Prime Property Fund Asia
OWNERSHIP Limited Partnership
NLA 38,299 SQM
CAR SPACES 150
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 30-Jun-19
VALUATION AT 30 JUNE 2020 $333.4m [1]
VALUER Directors Valuation
CAPITALISATION RATE 5.00%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $1,160/SQM
Major Tenants NLA SQM Lease Expiry
The Trust Company 3,444 Apr-21
Johnson Winter & Slattery Lawyers 2,772 Jun-21
Lease Expiry Profile % Income
VACANCY 8.6%
FY21 24.0%
FY22 11.3%
FY23 7.7%
FY24 30.8%
FY25 14.3%
FY26+ 3.3%
WALE 2.5 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

200 GEORGE STREET

SYDNEY, NSW

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Completed in 2016, EY Centre is an iconic Premium-grade office tower, designed by award winning architects Francis-Jones Morehen Thorp. The distinctive appearance of a closed cavity façade with timber blinds is a world first. The tower is one of the first 'smart' office buildings in Australia, with market leading technology that adjusts the internal environment to meet the needs of tenants. In March 2017, Mirvac received Australia's first Gold WELL-certification for its tenancy at 200 George Street, in addition to a 6 Star Green Star Interior rating. The building has achieved a 6 Green Star As-Built rating, and a 5.5 Star NABERS rating.

Summary Information

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GRADE Premium
NABERS RATING 5.5 Star
OWNERSHIP 50% Mirvac, 50% AMP
NLA 38,983 SQM
CAR SPACES 65
ACQUISITION DATE Jun-16
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $519.0m [1]
VALUER Savills
CAPITALISATION RATE 4.63%
DISCOUNT RATE 6.25%
GROSS OFFICE RENT $1,381/SQM
Major Tenants [2] NLA SQM Lease Expiry
EY 25,850 Dec-26
AGL Energy 3,457 Jun-29
Lease Expiry Profile % Income
VACANCY 0.1%
FY21 0.1%
FY22 0.0%
FY23 7.4%
FY24 1.2%
FY25 0.0%
FY26+ 91.2%
WALE 6.3 YEARS
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Book value represents Mirvac's ownership.
Excludes Mirvac tenancy.

Investment Property Office

275 KENT STREET

SYDNEY, NSW

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Completed in 2006, Westpac Place is one of the largest office buildings in Australia and is located in the fast growing north-western corridor of the Sydney CBD. The winner of numerous property industry awards, it provides premium grade office accommodation and is the head office of Westpac Banking Corporation. The precinct also includes a sun-filled urban park available for public use, a newly renovated food court, childcare facilities and a public thoroughfare linking Darling Harbour to the Wynyard transport hub. The building features state-of-the-art technology to minimise environmental impacts and reduce energy costs, and has a 6 Star Green Star Performance rating, and a 5 Star NABERS Energy rating.

Summary Information

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GRADE Premium
NABERS RATING 5.0 Star
OWNERSHIP 50% Mirvac, 50% ISPT
NLA 76,096 SQM
CAR SPACES 214
ACQUISITION DATE Aug-10
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $878.7m [1]
VALUER Directors Valuation
CAPITALISATION RATE 4.63%
DISCOUNT RATE 6.38%
GROSS OFFICE RENT $1,099/SQM
Major Tenants NLA SQM Lease Expiry
Westpac 59,466 Oct-30
Westpac L24-32 16,131 Jul-24
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 0.0%
FY24 0.3%
FY25 25.4%
FY26+ 74.3%
WALE 8.7 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

60 MARGARET STREET

SYDNEY, NSW

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This A-grade building is situated in the heart of the Sydney CBD and comprises 36 levels of office accommodation and three levels of retail, with direct access to the Wynyard railway station and bus terminal. Developed in 1980, the complex has been progressively refurbished. The building has achieved a 4 Star NABERS rating.

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Summary Information
GRADE A
NABERS RATING 4.0 Star
OWNERSHIP 50% Mirvac, 50% Blackstone
NLA 40,875 SQM
CAR SPACES 143
ACQUISITION DATE Aug-98
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $346.0m [1]
VALUER Cushman & Wakefield
CAPITALISATION RATE 5.13%
DISCOUNT RATE 6.38%
GROSS OFFICE RENT $1,049/SQM
Major Tenants NLA SQM Lease Expiry
ING Bank 11,023 May-27
Cliftons 4,171 Dec-26
Lease Expiry Profile % Income
VACANCY 1.8%
FY21 14.7%
FY22 5.7%
FY23 10.7%
FY24 8.9%
FY25 3.2%
FY26+ 55.0%
WALE 4.9 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

QUAY WEST CAR PARK, 109-111 HARRINGTON STREET

SYDNEY, NSW

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image
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Located under Quay West Suites in The Rocks area of Sydney, this eight-level commercial car park is close to the financial district of the Sydney CBD and several five star hotels. Two retail outlets are also incorporated at street level.

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Summary Information
GRADE n/a
OWNERSHIP 100%
NLA 398 SQM
CAR SPACES 598
ACQUISITION DATE Nov-89
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $38.0m
VALUER Savills
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.25%
Major Tenants NLA SQM Lease Expiry
S&S (NSW) 268 Feb-23
-
Wilson Parking Aug-24
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 8.2%
FY24 0.0%
FY25 89.1%
FY26+ 2.7%
WALE 4.2 YEARS
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Investment Property Office

75 GEORGE STREET

PARRAMATTA, NSW

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75 George Street is an A-grade twin tower comprising six levels. Prominently positioned in the heart of Parramatta CBD, at the intersection of George Street and Smith Street, the asset benefits from being located between the traditional centre of Parramatta, and the new development precinct concentrated around Parramatta Square and the future Parramatta metro train station.

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Summary Information
GRADE A
NABERS RATING 2.0 Star
OWNERSHIP 100%
NLA 9,568 SQM
CAR SPACES 104
ACQUISITION DATE Jan-18
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $87.6m
VALUER Savills
CAPITALISATION RATE 5.75%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $621/SQM
Major Tenants NLA SQM Lease Expiry
St George Bank 6,485 Apr-23
HCF 1,888 Apr-23
Lease Expiry Profile % Income
VACANCY 1.6%
FY21 5.5%
FY22 1.8%
FY23 86.1%
FY24 0.0%
FY25 4.6%
FY26+ 0.4%
WALE 2.7 YEARS
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Investment Property Office

1 DARLING ISLAND

PYRMONT, NSW

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Developed by Mirvac in 2006, this A-grade office campus comprises six office floors along with two basement levels of parking. Situated on the Sydney CBD fringe close to the waterfront, the building features large floor plates of more than 4,400 square metres each and has achieved a 6 Star NABERS Energy rating.

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Summary Information
GRADE A
NABERS RATING 6.0 Star
OWNERSHIP 100%
NLA 22,197 SQM
CAR SPACES 131
ACQUISITION DATE Apr-04
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $300.0m
VALUER Directors Valuation
CAPITALISATION RATE 5.38%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $847/SQM
Major Tenants NLA SQM Lease Expiry
Google 22,197 Jun-27
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.2%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 99.8%
WALE 7.0 YEARS
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Investment Property Office

65 PIRRAMA ROAD

PYRMONT, NSW

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Developed by Mirvac in 2002 and located next to Darling Harbour and The Star casino, 65 Pirrama Road is an A grade, waterfront commercial office complex, comprising five office levels. Also known as Bay Centre, the building has large floor plates in excess of 3,000 square metres each, and offers tenants a flexible and modern working environment with city and harbour views from all levels. The building has achieved a 6.0 Star NABERS Energy rating and a 4 star NABERS water rating.

Summary Information

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GRADE A
NABERS RATING 6.0 Star
OWNERSHIP 100%
NLA 15,931 SQM
CAR SPACES 117
ACQUISITION DATE Jun-01
LAST EXTERNAL VALUATION DATE 30-Jun-19
VALUATION AT 30 JUNE 2020 $193.3m
VALUER Directors Valuation
CAPITALISATION RATE 5.63%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $858/SQM
Major Tenants NLA SQM Lease Expiry
John Holland 6,843 Dec-24
Aust Communications & Media Authority 3,289 Feb-21
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 25.5%
FY22 4.7%
FY23 0.0%
FY24 0.0%
FY25 63.9%
FY26+ 5.9%
WALE 3.5 YEARS
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Investment Property Office

SOUTH EVELEIGH (BUILDINGS 1 & 3)

SOUTH EVELEIGH, NSW

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Located on Sydney's CBD fringe, South Eveleigh is Mirvac's largest office development to date. Along with its consortium partners, AMP Capital, Sunsuper and Centuria Property Funds, Mirvac is bringing to life a new technology and innovation hub at the site, comprising over 93,000 square metres of office space across three buildings, which is leased to Commonwealth Bank of Australia. The precinct has direct links to Redfern train station, offering workers convenience, and continues to activate, with ground plane retail, public artworks and range of community facilities, including sports courts, an oval and skate park having been delivered. Axle (Building 1) and Yerrabingin House (Building 3) reached completion in March 2019. Axle comprises 8 levels and over 44,000 square metres of NLA with 179 car spaces and premium end of trip facilities and has achieved a 6 star Green Star rating, a 5 star NABERS energy rating and a 4 star NABERS water rating. Yerrabingin House is the precinct’s cultural hub that brings together Aboriginal and eco-tourism history and knowledge into a multilayered heritage experience.

Summary Information

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GRADE A
NABERS RATING -
OWNERSHIP 33.3% Mirvac, 33.3% AMP, 33.3% SUNSUPER
NLA 48,995 SQM
CAR SPACES 205
ACQUISITION DATE Aug-19
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $207.5m [1]
VALUER Directors Valuation
CAPITALISATION RATE 4.88%
DISCOUNT RATE 6.75%
GROSS OFFICE RENT $694/SQM
Major Tenants NLA SQM Lease Expiry
CBA 46,570 Aug-34
Top Education Group 1,060 Apr-29
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 0.0%
FY24 0.2%
FY25 0.0%
FY26+ 99.8%
WALE 13.8 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

699 BOURKE STREET

MELBOURNE, VIC

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Developed by Mirvac and completed in mid-2015, 699 Bourke Street is located at the western edge of Southern Cross Station and affords direct access to transport, food and lifestyle amenities, with the Docklands waterfront within minutes from the front door. The A-grade building is designed to provide premium grade services and promote visual and vertical connectivity for employees, boasting 270 degree views and natural light provided via floor to ceiling glazing. The building has received a 6 Star Green Star Design rating and a 5 Star NABERS Energy rating.

Summary Information

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GRADE A
NABERS RATING 5.0 Star
50% Mirvac, 50% Prime Property Fund Asia Limited
OWNERSHIP
Partnership
NLA 19,303 SQM
CAR SPACES 86
ACQUISITION DATE Jun-15
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $106.5m [1]
VALUER Savills
CAPITALISATION RATE 5.13%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $710/SQM
Major Tenants NLA SQM Lease Expiry
AGL Energy 19,303 May-25
Secure Parking - Jul-20
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 3.3%
FY22 0.0%
FY23 0.0%
FY24 0.0%
FY25 96.7%
FY26+ 0.0%
WALE 4.8 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

90 COLLINS STREET

MELBOURNE, VIC

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90 Collins Street is an A-grade office tower located at the prestigious Paris end of Collins Street in Melbourne's CBD. The property has undergone a multi-million dollar refurbishment to provide state-of-the-art building services, contemporary finishes and modern end-of-trip facilities. The building has achieved a 4 Star NABERS rating.

Summary Information

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GRADE A
NABERS RATING 4.0 Star
OWNERSHIP 100%
NLA 21,308 SQM
CAR SPACES 111
ACQUISITION DATE May-13
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $261.0m
VALUER Colliers
CAPITALISATION RATE 5.25%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $763/SQM
Major Tenants NLA SQM Lease Expiry
Whitbread Associates 1,461 Dec-24
FBR Management Services 1,408 Jul-20
Lease Expiry Profile % Income
VACANCY 10.1%
FY21 31.6%
FY22 15.3%
FY23 18.3%
FY24 5.2%
FY25 11.8%
FY26+ 7.7%
WALE 2.0 YEARS
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Investment Property Office

367 COLLINS STREET

MELBOURNE, VIC

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367 Collins Street is ideally located in the centre of the Melbourne CBD, close to public transport, retail, the theatre and arts district and is a short tram ride to the MCG and Etihad Stadium. Recently completed lobby and retail upgrades have added to its surrounding aspect, the tower offers spectacular views of the Yarra River and is five minutes walk to Flinders Street Station. The building has achieved a 4 Star NABERS rating.

Summary Information

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GRADE A
NABERS RATING 4.0 Star
OWNERSHIP 100%
NLA 37,863 SQM
CAR SPACES 196
ACQUISITION DATE Nov-13
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $412.6m
VALUER Directors Valuation
CAPITALISATION RATE 5.25%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $716/SQM
Major Tenants NLA SQM Lease Expiry
Sportsbet 8,817 Jun-29
Optus 8,922 Jul-23
Lease Expiry Profile % Income
VACANCY 3.2%
FY21 2.9%
FY22 5.9%
FY23 10.0%
FY24 31.1%
FY25 8.3%
FY26+ 38.6%
WALE 4.7 YEARS
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Investment Property Office

664 COLLINS STREET

MELBOURNE, VIC

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Developed by Mirvac and completed in 2018, 664 Collins Street provides approximately 26,000 square metres of office space across nine levels, with expansive floor plates of over 3,100 square metres. In its unique urban location above Southern Cross Station, 664 Collins Street provides its tenants with uninterrupted city views on all sides, as well as pedestrian access to the station, major tram routes, and both Collins and Bourke streets through a unique elevated open-air public walkway. The building is equipped with smart technology that collects real-time data to improve operational efficiency, as well as pioneering sustainability features. A 6 Star Green Star Design and 5.5 Star NABERS Energy rating are being targeted. The building also boasts best in class end-of-trip facilities exclusive to its tenants, along with on-site car parking.

Summary Information

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GRADE A
NABERS RATING 5.5 Star
50% Mirvac, 50% Prime Property Fund Asia Limited
OWNERSHIP
Partnership
NLA 26,476 SQM
CAR SPACES 101
ACQUISITION DATE Apr-18
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $151.0m [1]
VALUER Savills
CAPITALISATION RATE 5.00%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $670/SQM
Major Tenants NLA SQM Lease Expiry
Pitcher Partners 9,086 Jun-30
ExxonMobil 7,360 Apr-28
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 3.8%
FY24 0.0%
FY25 0.0%
FY26+ 96.2%
WALE 8.0 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

383 LA TROBE STREET

MELBOURNE, VIC

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Located within Melbourne CBD’s legal precinct and close to Flagstaff train station and other public transport services, 383 La Trobe Street is a seven-level B-grade office asset with future redevelopment potential. The office component covers approximately 10,200 square metres and is leased to the Australian Federal Police.

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Summary Information
GRADE B
NABERS RATING 2.5 Star
OWNERSHIP 100%
NLA 10,211 SQM
CAR SPACES 544
ACQUISITION DATE Sep-18
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $124.0m
VALUER Colliers
CAPITALISATION RATE 5.38%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $688/SQM
Major Tenants NLA SQM Lease Expiry
Australian Federal Police 10,211 Dec-21
Secure Parking - Dec-21
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 100.0%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 0.0%
WALE 1.5 YEARS
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Investment Property Office

380 ST KILDA ROAD

MELBOURNE, VIC

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image
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This 15-level, A-grade office building comprises six podium levels of up to 2,800 square metres each, with tower floors of 1,200 square metres each. Prominently located at the city end of St Kilda Road and opposite the Royal Botanic Gardens, the building has excellent natural light and views to Port Phillip Bay. The building has achieved a 5.5 star NABERS Energy rating and a 5 star NABERS Water rating.

Summary Information

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GRADE A
NABERS RATING 5.5 Star
OWNERSHIP 100%
NLA 24,554 SQM
CAR SPACES 482
ACQUISITION DATE Oct 95 (50%), Apr 01 (50%)
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $179.5m
VALUER Directors Valuation
CAPITALISATION RATE 5.75%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $525/SQM
Major Tenants NLA SQM Lease Expiry
Toll Transport 6,856 Nov-20
WPP AUNZ 3,813 Jun-22
Lease Expiry Profile % Income
VACANCY 0.3%
FY21 46.9%
FY22 23.9%
FY23 15.2%
FY24 0.8%
FY25 5.8%
FY26+ 7.1%
WALE 1.8 YEARS
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Investment Property Office

RIVERSIDE QUAY

SOUTHBANK, VIC

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Riverside Quay is a modern A-grade office complex comprising three individual buildings, situated along the riverfront of Southbank, directly across from Melbourne's CBD. Enjoying panoramic views of the city, Riverside Quay is in close proximity to strong public transport links and excellent amenity, with Flinders Street Station, the Crown Entertainment Complex, Southgate and extensive dining precincts situated in the nearby area. The buildings have achieved an average NABERS rating of 4.5 stars.

Summary Information

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GRADE A
NABERS RATING 4.5 Star
OWNERSHIP 100%
NLA 31,833 SQM
CAR SPACES 71
ACQUISITION DATE April 02 (1&3), Jul 03 (2)
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $347.1m
VALUER Directors Valuation
CAPITALISATION RATE 5.38%
DISCOUNT RATE 6.75%
GROSS OFFICE RENT $679/SQM
Major Tenants NLA SQM Lease Expiry
Walker Group 4,661 Dec-22
Leftbank Right 655 Oct-29
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 7.1%
FY22 8.4%
FY23 28.7%
FY24 15.3%
FY25 11.2%
FY26+ 29.3%
WALE 4.2 YEARS
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Investment Property Office

2 RIVERSIDE QUAY

SOUTHBANK, VIC

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Developed by Mirvac and completed in 2016, 2 Riverside Quay is located along the waterfront of Southbank, directly across from Melbourne's CBD. The office development was built above an existing eight-level car park structure and comprises 12 levels of office with ground floor retail and a roof top terrace. Leading sustainability initiatives were implemented within the building, including high-performance air conditioning, rainwater capture and recycling, and the use of high-performance glazing and façade systems to reduce solar loads resulting in a 5 star NABERS rating.

Summary Information

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GRADE A
NABERS RATING 5.0 Star
OWNERSHIP 50% Mirvac, 50% ISPT
NLA 21,132 SQM
CAR SPACES 568
ACQUISITION DATE Dec-16
LAST EXTERNAL VALUATION DATE 30-Jun-19
VALUATION AT 30 JUNE 2020 $147.3m [1]
VALUER Directors Valuation
CAPITALISATION RATE 5.00%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $690/SQM
Major Tenants NLA SQM Lease Expiry
PwC 19,130 Jan-29
Wilson Parking - Jan-29
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.7%
FY23 1.5%
FY24 0.0%
FY25 0.0%
FY26+ 97.8%
WALE 8.3 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

23 FURZER STREET PHILLIP, ACT

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Completed in 2010, this campus style office building was purpose built for the Department of Health and Ageing and comprises 10 office levels with floors of approximately 4,500 square metres each, as well as two levels of basement parking. The building has achieved a 6 Star NABERS Energy rating, a 5 star NABERS Water rating and a 6 Star GREEN star performance rating.

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Summary Information
GRADE A
NABERS RATING 6.0 Star
OWNERSHIP 100%
NLA 46,167 SQM
CAR SPACES 374
ACQUISITION DATE Feb-10
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $309.3m
VALUER Directors Valuation
CAPITALISATION RATE 6.00%
DISCOUNT RATE 7.00%
GROSS OFFICE RENT $544/SQM
Major Tenants NLA SQM Lease Expiry
Department of Health 45,967 Feb-35
Blue Fez 200 Feb-21
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.4%
FY22 0.0%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 99.6%
WALE 14.5 YEARS
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Investment Property Office

340 ADELAIDE STREET

BRISBANE, QLD

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Located in the heart of the Brisbane CBD within a short walk to Central Station, 340 Adelaide Street is a modern 16-level, B-grade office building with two levels of basement parking. Floors are column-free and enjoy four sides of natural light, with balconies featured on selected floors.

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Summary Information
GRADE B
NABERS RATING 5.0 Star
OWNERSHIP 100%
NLA 12,727 SQM
CAR SPACES 100
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $78.0m
VALUER Cushman & Wakefield
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.00%
GROSS OFFICE RENT $610/SQM
Major Tenants NLA SQM Lease Expiry
Cover-More Insurance Services 1,802 Mar-26
Wilson Parking - Jul-20
Lease Expiry Profile % Income
VACANCY 7.1%
FY21 24.4%
FY22 8.0%
FY23 8.0%
FY24 15.4%
FY25 12.6%
FY26+ 24.5%
WALE 3.1 YEARS
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Investment Property Office

189 GREY STREET

SOUTHBANK, QLD

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Developed by Mirvac in 2005, this 12-level complex features large efficient floor plates of approximately 1,600 square metres each, with excellent natural light and spectacular river and city views. It has achieved a 4.5 Star NABERS energy rating.

Summary Information

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GRADE A
NABERS RATING 4.5 Star
OWNERSHIP 100%
NLA 12,645 SQM
CAR SPACES 146
ACQUISITION DATE Apr-04
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $87.1m
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $672/SQM
Major Tenants NLA SQM Lease Expiry
Insurance Australia 5,640 Mar-25
Thiess 4,659 Dec-20
Lease Expiry Profile % Income
VACANCY 6.3%
FY21 39.8%
FY22 0.0%
FY23 0.0%
FY24 4.1%
FY25 48.9%
FY26+ 0.9%
WALE 2.7 YEARS
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Investment Property Office

ALLENDALE SQUARE, 77 ST GEORGES TERRACE

PERTH, WA

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Allendale Square is an iconic 31 level, A-Grade office tower, prominently located in the heart of Perth’s CBD. The office tower sits above a retail arcade known as Underground at Allendale Square. Underground acts as an important pedestrian link to the central Perth shopping malls as well as providing access to public transport networks such as Elizabeth Quay train station and bus port. The office tower enjoys column free floor plates and magnificent views of Swan River from the upper levels. Mirvac has progressively upgraded the property since acquisition in 2013 providing our customers with a quality workplace and desirable amenity.

Summary Information

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GRADE A
NABERS RATING 4.5 Star
OWNERSHIP 100%
NLA 28,933 SQM
CAR SPACES 82
ACQUISITION DATE May-13
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $221.0m
VALUER Savills
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $897/SQM
Major Tenants NLA SQM Lease Expiry
WA Bar Chambers 6,037 Feb-31
ANZ Banking Group 4,312 Sep-20
Lease Expiry Profile % Income
VACANCY 9.5%
FY21 27.3%
FY22 5.3%
FY23 0.4%
FY24 14.6%
FY25 5.4%
FY26+ 37.5%
WALE 5.6 YEARS
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Investment Property Under Construction Office

SOUTH EVELEIGH (BUILDING 2)

SOUTH EVELEIGH, NSW

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In November 2015, Mirvac entered into an agreement with AMP Capital Wholesale Office Fund and AMP Capital separate account client, SunSuper, for the development of three new office buildings within South Eveleigh, via a fund through arrangement. Mirvac secured the Commonwealth Bank as the major tenant for the office space. Settlement of the site acquisition occurred in April 2016. Foundry (Building 2), the final building in the precinct reached practical completion in FY20.

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||||
|---|---|---|
|Summary Information|
|VALUATION AT 30 JUNE 2020|$170.6m|[1]|
|EXPECTED DEVELOPMENT VALUE ON COMPLETION|$580m|[2]|
|ACQUISITION DATE|Apr-16|
|TARGET COMPLETION|FY20|
|OWNERSHIP|33.3% Mirvac, 33.3% AMP, 33.3% SUNSUPER|

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Book value represents Mirvac's ownership.
Represents 100% of expected South Eveleigh building 2 end value, based on cap rate sold-down.

Investment Property Under Construction Office

LOCOMOTIVE WORKSHOPS

SOUTH EVELEIGH, NSW

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The adaptive re-use and redevelopment of the 1880’s-built heritage listed Locomotive Workshop will comprise a combination of bespoke retail, modern infill office with innovative heritage design and interpretation. The redevelopment will comprise approximately 8,000 square metres of retail NLA and 23,000 square metres of modern infill office.

The Locomotive Workshop is of high heritage significance and as such it is intended to preserve and celebrate the building fabric, its collections and blacksmith activity to create an industry leading example of adaptive reuse and heritage interpretation.

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|||
|---|---|
|Summary Information|
|VALUATION AT 30 JUNE 2020|$159.5m|
|EXPECTED DEVELOPMENT VALUE ON COMPLETION|$419m|
|ACQUISITION DATE|Apr-16|
|TARGET COMPLETION|FY21|
|OWNERSHIP|100% Mirvac|

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Investment Property Under Construction Office

80 ANN STREET

BRISBANE, QLD

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80 Ann Street, recently named by the anchor tenant, Suncorp, as Heritage Lanes, is a 35 level, approximately 60,000 square metre premium office building in Brisbane’s CBD with dual frontage to Turbot and Ann Street. The building’s design provides a number of breathable spaces throughout to take advantage of the local climate and also pays homage to the old Brisbane Produce Exchange which was located on the site until the mid-1900s. This is reflected in the heritage façade fronting Turbot Street and the marketplace experience being created on the ground plane which extends through to the main lobby on Level 1. Designed by Woods Bagot Architects, the building is targeting WELL Gold Shell and Core and 6 Star Green Star as built ratings. International Work Group, IWG, join Suncorp to take over 6,000 square metres to operate under their Spaces banner, taking the office leased portion of the building to 73%. The remaining 15,000 square metres of office space is made up of flexible floorplates of up to 2,200 square metres.

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||||
|---|---|---|
|Summary Information|
|VALUATION AT 30 JUNE 2020|$111.5m|[1]|
|EXPECTED DEVELOPMENT VALUE ON COMPLETION|$853m|[2]|
|ACQUISITION DATE|Jul-18|
|TARGET COMPLETION|FY22|
|OWNERSHIP|50% Mirvac, 50% M&G Real Estate|

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Book value represents Mirvac ownership.
Represents 100% of expected development end value, based on cap rate sold-down.

Investment Property Under Construction Office

477 COLLINS STREET

MELBOURNE, VIC

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477 Collins Street is being redeveloped into an approximately 57,000 square metre, 40-storey, premium office tower offering innovative, contemporary and engaging workspaces. The development incorporates the unique 1880s façade of the Olderfleet buildings, which underwent an extensive refurbishment and modernisation to create boutique office and retail space. In July 2017, Mirvac entered into an agreement with Suntec REIT for the sale of a 50 per cent interest in the development. The premises for the anchor tenant, Deloitte, were completed in FY20 with the entire building reaching practical completion in July 2020. Deloitte has commenced tenancy occupation with office space now 96% pre-committed.

Summary Information

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VALUATION AT 30 JUNE 2020 $338.4m [1]
EXPECTED DEVELOPMENT VALUE ON COMPLETION $864m [2]
ACQUISITION DATE Nov-13
TARGET COMPLETION FY21 (PC July 2020)
OWNERSHIP 50% Mirvac, 50% SUNTEC REIT
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Book value represents Mirvac ownership.
Represents 100% of expected development end value, based on cap rate sold-down.

Investment Property Office

8 CHIFLEY SQUARE SYDNEY, NSW

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8 Chifley brings to life the vision of the internationally renowned Richard Rogers of Rogers Stirk Harbour + Partners together with the Lippmann Partnership. A building for a changing world, this iconic tower pioneers the vertical village concept in Australia, delivering a flexible platform designed to support connectivity, collaboration and flexibility for its tenants. With a commitment to delivering exceptional environmental performance and sustainability, 8 Chifley has been awarded a 6 Star Green Star Office Design v2 certified rating, which represents World Leadership in environmental sustainability practices and has achieved a 5 Star NABERS Energy rating.

Summary Information

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GRADE Premium
NABERS RATING 5.0 Star
OWNERSHIP 50% Mirvac, 50% Keppel REIT
NLA 19,347 SQM
CAR SPACES 28
ACQUISITION DATE Dec-13
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $237.4m [1]
VALUER Directors Valuation
CAPITALISATION RATE 4.88%
DISCOUNT RATE 6.50%
GROSS OFFICE RENT $1,645/SQM
Major Tenants NLA SQM Lease Expiry
Corrs Support Services 8,080 Sep-25
Quantium Group 7,940 Sep-21
Lease Expiry Profile % Income
VACANCY 0.2%
FY21 0.0%
FY22 28.3%
FY23 0.0%
FY24 17.2%
FY25 14.1%
FY26+ 40.2%
WALE 3.7 YEARS
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Book value represents Mirvac's ownership.

Investment Property Office

DAVID MALCOLM JUSTICE CENTRE, 28 BARRACK STREET

PERTH, WA

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Developed by Mirvac and completed in late 2015, the David Malcolm Justice Centre (previously Treasury Building) is a 33 level office tower, which fronts on to Barrack Street and is immediately south of Town Hall. The property offers a vaulted multi-storey ground floor lobby, column-free floor plates and views of the Swan River above Level 4. The office tower received a 5 Star Green Star Design rating, a 6 Star Green Star Performance rating and has achieved a 5 Star NABERS Energy rating.

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Summary Information
GRADE Premium
NABERS RATING 5.0 Star
OWNERSHIP 50% Mirvac, 50% Keppel REIT
NLA 31,881 SQM
CAR SPACES 200
ACQUISITION DATE Sep-15
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $227.9m [1]
VALUER Directors Valuation
CAPITALISATION RATE 5.50%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $927/SQM
Major Tenants NLA SQM Lease Expiry
Minister for Works 30,588 Nov-40
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 1.5%
FY22 0.0%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 98.5%
WALE 20.7 YEARS
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Book value represents Mirvac's ownership.

Industrial

Calibre, Sydney

Comprising 8% of Mirvac’s property portfolio, the industrial portfolio is 99.4% occupied with a weighted average lease expiry of 7.4 years.

Industrial

Geographic Diversification[1]

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Sydney 100%
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% OF INDUSTRIAL
PORTFOLIO BOOK VALUATION AT
PROPERTY LOCATION NLA VALUE 30 JUNE 2020 [2]
1 CALIBRE ESTATE (BUILDINGS 1-5), 60 WALLGROVE ROAD EASTERN CREEK, NSW 110,276 SQM 14.0% $131.8m
2 HOXTON DISTRIBUTION PARK HOXTON PARK, NSW 139,607 SQM 19.4% $183.3m
3 8 BRABHAM DRIVE HUNTINGWOOD, NSW 6,249 SQM 2.7% $25.5m
4 36 GOW STREET PADSTOW, NSW 20,389 SQM 3.7% $35.0m
5 NEXUS INDUSTRY PARK (BUILDINGS 1-5), LYN PARADE PRESTONS, NSW 75,774 SQM 15.4% $145.8m
6 274 VICTORIA ROAD RYDALMERE, NSW 22,734 SQM 6.1% $57.2m
7 34-38 ANZAC AVENUE SMEATON GRANGE, NSW 22,062 SQM 3.3% $30.9m
8 1-47 PERCIVAL ROAD SMITHFIELD, NSW 22,545 SQM 4.7% $44.8m
9 39 BRITTON STREET SMITHFIELD, NSW 13,390 SQM 2.5% $23.4m
10 39 HERBERT STREET ST LEONARDS, NSW 36,287 SQM 21.3% $201.0m
INDUSTRIAL INVESTMENT PROPERTIES TOTAL 469,313 SQM 100% [3] $944.4m [3]
INDUSTRIAL TOTAL 469,313 SQM 100% $944.4m [3]
WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME) 7.4 YEARS
OCCUPANCY % (BY AREA) 99.4%
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By book value excluding assets held in funds.
Book values represent Mirvac’s ownership.
This total value includes 271 Lane Cove Road, North Ryde, valued at $38.4m, and land at Kemps Creek, valued at $27.3m, which are being held for development. These properties are excluded from all other metrics. Subject to rounding.

Investment Property Industrial

CALIBRE ESTATE (BUILDINGS 1-5), 60 WALLGROVE ROAD

EASTERN CREEK, NSW

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Calibre Industrial Estate is located in Eastern Creek, NSW, approximately 40 kilometres west of the Sydney CBD and Sydney Airport. The site is positioned on the north western corner of the M4 and M7 motorway intersection with an exclusive signalised intersection on Wallgrove Road providing excellent access to the site. The estate comprises of five modern freestanding warehouse buildings that are fully leased.

Summary Information

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OWNERSHIP 50% Mirvac, 50% MILP
NLA 110,276 SQM
CAR SPACES 559
ACQUISITION DATE Dec-16
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $131.8m [1]
VALUER Savills
CAPITALISATION RATE 5.02%
DISCOUNT RATE 6.25%
Major Tenants NLA SQM Lease Expiry
Sheldon & Hammond 31,221 Jun-28
ACFS Logistics 21,718 Jan-24
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 18.6%
FY22 0.0%
FY23 20.4%
FY24 21.5%
FY25 0.0%
FY26+ 39.5%
WALE 4.3 YEARS
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Book value represents Mirvac's ownership.

Investment Property Industrial

HOXTON DISTRIBUTION PARK

HOXTON PARK, NSW

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Hoxton Distribution Park is one of Australia's largest industrial developments, located approximately 35 kilometres south-west of Sydney with excellent access to Port Botany in Sydney's south. It comprises two state-of-the-art facilities that benefit from close proximity to the M7 Westlink Motorway, a major interchange, facilitating north and south bound access to Sydney's orbital network. Both facilities are 100% leased to Woolworths Limited.

Summary Information

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OWNERSHIP 50% Mirvac, 50% JP Morgan
NLA 139,607 SQM
CAR SPACES 787
ACQUISITION DATE Jul-10
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $183.3m [1]
VALUER Directors Valuation
CAPITALISATION RATE 4.84%
DISCOUNT RATE 6.50%
Major Tenants NLA SQM Lease Expiry
Woolworths 88,914 Feb-37
Woolworths 50,693 Jan-32
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 100.0%
WALE 14.8 YEARS
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Book value represents Mirvac's ownership.

Investment Property Industrial

8 BRABHAM DRIVE

HUNTINGWOOD, NSW

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8 Brabham Drive is an A-grade industrial logistics facility designed as a cross-dock incorporating a high clearance, column-free warehouse. On a long-term lease to specialist logistics operator BagTrans, it also features over one hectare of heavy duty, concrete hard stand areas, as well as a truck washing facility.

Summary Information

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OWNERSHIP 100%
NLA 6,249 SQM
CAR SPACES 83
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $25.5m
VALUER Directors Valuation
CAPITALISATION RATE 5.75%
DISCOUNT RATE 6.75%
Major Tenants NLA SQM Lease Expiry
BagTrans 6,249 Apr-24
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Lease Expiry Profile % Income

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VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 0.0%
FY24 100.0%
FY25 0.0%
FY26+ 0.0%
WALE 3.8 YEARS
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Investment Property Industrial

36 GOW STREET

PADSTOW, NSW

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36 Gow Street is a modern high clearance warehouse with high quality offices and located near the M5 Motorway, providing quick and easy access to Port Botany and the Sydney CBD.

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Summary Information
OWNERSHIP 100%
NLA 20,389 SQM
CAR SPACES 161
ACQUISITION DATE Feb-17
LAST EXTERNAL VALUATION DATE 30-Jun-19
VALUATION AT 30 JUNE 2020 $35.0m
VALUER Directors Valuation
CAPITALISATION RATE 6.25%
DISCOUNT RATE 7.25%
Major Tenants NLA SQM Lease Expiry
WSI Logistics 20,389 Feb-28
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 100.0%
WALE 7.7 YEARS
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Investment Property Industrial

NEXUS INDUSTRY PARK (BUILDINGS 1-5), LYN PARADE

PRESTONS, NSW

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Nexus Industry Park comprises a multi-building industrial estate consisting of five freestanding buildings and is located on the western alignment of Lyn Parade within the established industrial precinct of Prestons approximately 40 kilometres south west of the Sydney CBD.

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Summary Information
OWNERSHIP 100%
NLA 75,774 SQM
CAR SPACES 604
ACQUISITION DATE Aug-04
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $145.8m
VALUER Directors Valuation
CAPITALISATION RATE 6.28%
DISCOUNT RATE 7.06%
Major Tenants NLA SQM Lease Expiry
Legrand Australia 23,356 Oct-28
De'Longhi 17,250 Feb-24
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 12.4%
FY23 0.0%
FY24 20.7%
FY25 0.0%
FY26+ 66.9%
WALE 6.2 YEARS
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Investment Property Industrial

274 VICTORIA ROAD

RYDALMERE, NSW

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274 Victoria Road is an industrial facility located two kilometres north-east of the Parramatta CBD, in close proximity to several major roads, including James Ruse Drive, the M4 Motorway, the Cumberland Highway and Parramatta Road.

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Summary Information
OWNERSHIP 100%
NLA 22,734 SQM
CAR SPACES 301
ACQUISITION DATE Jul-16
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $57.2m
VALUER JLL
CAPITALISATION RATE 5.00%
DISCOUNT RATE 6.50%
Major Tenants NLA SQM Lease Expiry
Thales Australia 22,734 Nov-32
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 100.0%
WALE 12.4 YEARS
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Investment Property Industrial

34-38 ANZAC AVENUE

SMEATON GRANGE, NSW

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Located at Smeaton Grange in Sydney's south-western growth corridor, this facility was constructed in 2008 into a multi-unit industrial estate and subdivided into six high-clearance units, combined with high quality office space. The estate is easily accessible from the Federal Highway and close to the M5/M7 junction.

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Summary Information
OWNERSHIP 100%
NLA 22,062 SQM
CAR SPACES 155
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $30.9m
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.50%
Major Tenants NLA SQM Lease Expiry
Hurford Wholesale Pty Ltd 7,356 Jul-24
Unistrut Australia Pty Ltd 3,697 Dec-20
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 34.7%
FY22 16.3%
FY23 16.1%
FY24 0.0%
FY25 32.9%
FY26+ 0.0%
WALE 2.2 YEARS
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Investment Property Industrial

1-47 PERCIVAL ROAD

SMITHFIELD, NSW

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1-47 Percival Street is an industrial development comprising multiple warehouses leased to three key tenants which fronts the Cumberland Highway at Smithfield with direct access to the M4 Motorway.

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Summary Information
OWNERSHIP 100%
NLA 22,545 SQM
CAR SPACES 275
ACQUISITION DATE Nov-02
LAST EXTERNAL VALUATION DATE 31-Dec-18
VALUATION AT 30 JUNE 2020 $44.8m
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.25%
Major Tenants NLA SQM Lease Expiry
Vulcan Steel Pty Ltd 12,115 Jun-34
Clark Equipment Sales 5,437 Feb-24
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 0.0%
FY22 0.0%
FY23 0.0%
FY24 20.3%
FY25 25.0%
FY26+ 54.7%
WALE 9.4 YEARS
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Investment Property Industrial

39 BRITTON STREET

SMITHFIELD, NSW

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Developed in 1998, 39 Britton Street is a high clearance standalone warehouse with six loading docks and six on-grade roller doors plus an adjoining two-storey office and amenities block.

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Summary Information
OWNERSHIP 100%
NLA 13,390 SQM
CAR SPACES 35
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 30-Jun-19
VALUATION AT 30 JUNE 2020 $23.4m
VALUER Directors Valuation
CAPITALISATION RATE 6.25%
DISCOUNT RATE 7.25%
Major Tenants NLA SQM Lease Expiry
Snack Brands 13,390 Jan-21
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 100.0%
FY22 0.0%
FY23 0.0%
FY24 0.0%
FY25 0.0%
FY26+ 0.0%
WALE 0.6 YEARS
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Investment Property Industrial

39 HERBERT STREET

ST LEONARDS, NSW

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39 Herbert Street is a high quality 3.7 hectare business park on Sydney's lower North Shore, located three kilometres from North Sydney CBD, six kilometres from the Sydney CBD in close proximity to St Leonards train station. It comprises two commercial buildings, 21 industrial/warehouse/office units as well as a childcare centre and a multi-storey carpark.

Summary Information

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OWNERSHIP 100%
NLA 36,287 SQM
CAR SPACES 615
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $201.0m
VALUER Colliers
CAPITALISATION RATE 5.78%
DISCOUNT RATE 7.00%
Major Tenants NLA SQM Lease Expiry
Interactive 12,235 Nov-30
Arrow ECS 2,785 Jun-24
Lease Expiry Profile % Income
VACANCY 6.1%
FY21 17.2%
FY22 5.1%
FY23 8.0%
FY24 11.1%
FY25 4.0%
FY26+ 48.5%
WALE 5.8 YEARS
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Retail

Kawana Shoppingworld, Sunshine Coast

Comprising 28% of Mirvac’s property portfolio, the retail portfolio is 98.3% occupied with 66% of the portfolio located in metropolitan Sydney.

Retail

Grade Diversification[1]

Geographic Diversification[1]

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Regional 43%
NSW 66%
Sub regional 23%
QLD 29%
Outlet 13%
VIC 3%
CBD Retail 12%
ACT 2%
Neighbourhood 9%
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% OF RETAIL
PORTFOLIO BOOK CENTRE VALUATION AT
PROPERTY LOCATION GLA VALUE MAT [2] 30 JUNE 2020 [3]
1 BIRKENHEAD POINT BRAND OUTLET DRUMMOYNE, NSW 33,152 SQM 12.5% $260.0m $393.0m
2 BROADWAY SYDNEY GLEBE, NSW 52,699 SQM 14.2% $604.8m $448.0m
3 CHERRYBROOK VILLAGE CHERRYBROOK, NSW 9,714 SQM 2.9% $118.9m $92.0m
4 EAST VILLAGE ZETLAND, NSW 32,941 SQM 9.7% $164.3m $306.0m
5 GREENWOOD PLAZA NORTH SYDNEY, NSW 8,945 SQM 3.2% $65.5m $100.0m
6 HARBOURSIDE SYDNEY, NSW 20,544 SQM 6.4% $117.5m $200.0m
7 METCENTRE SYDNEY, NSW 6,407 SQM 2.4% $64.6m $76.5m
8 RHODES WATERSIDE RHODES, NSW 34,849 SQM 6.0% $210.7m $187.5m
9 SOUTH VILLAGE SHOPPING CENTRE KIRRAWEE, NSW 14,225 SQM 3.1% N/A $97.0m
10 STANHOPE VILLAGE STANHOPE GARDENS, NSW 18,071 SQM 4.4% $180.6m $137.0m
11 TRAMSHEDS SYDNEY HAROLD PARK, NSW 5,953 SQM 1.1% $48.4m $33.6m
12 KAWANA SHOPPINGWORLD BUDDINA, QLD 45,391 SQM 6.0% $312.9m $187.5m
13 ORION SPRINGFIELD CENTRAL SPRINGFIELD, QLD 69,790 SQM 13.6% $423.9m $428.7m
14 TOOMBUL NUNDAH, QLD 46,527 SQM 9.4% $242.2m $295.0m
15 MOONEE PONDS CENTRAL MOONEE PONDS, VIC 19,026 SQM 3.0% $155.7m $95.5m
16 COOLEMAN COURT WESTON, ACT 10,693 SQM 2.1% $128.0m $67.0m
RETAIL INVESTMENT PROPERTIES TOTAL 428,927 SQM 100.0% $3,144.3m
RETAIL TOTAL 428,927 SQM $3,144.3m
WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME) 3.8 YEARS
OCCUPANCY % (BY AREA) 98.3%
----- End of picture text -----

By book value.
12 months to 30 June 2020, in accordance with SCCA guidelines.
Book values represent Mirvac’s ownership. Total portfolio value excludes the gross up of lease liabilities under AASB 16.

Investment Property Retail

BIRKENHEAD POINT BRAND OUTLET

DRUMMOYNE, NSW

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Birkenhead Point Brand Outlet is situated five kilometres from the Sydney CBD on a prime 3.7-hectare waterfront site. The asset incorporates a premium outlet centre complemented by a convenience-based retail offering anchored by Coles and ALDI, with approximately 150 specialty tenancies. The centre features a range of quality brands including Armani, Bally, Coach, Michael Kors, Nike, Polo Ralph Lauren and Peter's of Kensington. The centre also incorporates 3,500 square metres of commercial office suites and a marina comprising approximately 200 berths.

Summary Information

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CLASSIFICATION OUTLET CENTRE
OWNERSHIP 100%
GLA 33,152 SQM
CAR SPACES 1,351
ACQUISITION DATE Dec-14
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $393.0m [1]
VALUER Savills
CAPITALISATION RATE 5.50% [2]
DISCOUNT RATE 7.00% [2]
CENTRE MAT $260.0m
SPECIALTY OCCUPANCY COSTS 12.8% [3]
SPECIALTY SALES $9,644/sqm [4]
Major Tenants GLA SQM Lease Expiry
Coles 2,692 Nov-26
Spotlight 1,796 Sep-20
ALDI 1,448 Nov-25
Peter's of Kensington 1,132 Jul-22
Lease Expiry Profile % Income
VACANCY 2.5%
FY21 30.2%
FY22 18.4%
FY23 21.4%
FY24 10.2%
FY25 6.5%
FY26+ 10.8%
WALE 2.2 YEARS
----- End of picture text -----

Includes Marina operating business (owned by Mirvac Limited) and nearby property 64 Roseby St, Drummoyne.
Relates to retail component only.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

BROADWAY SYDNEY

GLEBE, NSW

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This dominant centre is located on the fringe of the Sydney CBD and services the densely populated and growing catchment of Sydney's inner city and inner west. The centre is anchored by Coles, Kmart, Target, Hoyts, ALDI, Apple, H&M, LEGO, Mecca, Sephora and features approximately 140 specialty stores. Broadway Sydney was ranked "Number 1" in Australia, six years in a row (2013-2018), in Shopping Centre News Big Guns Awards for annual turnover per square metre.

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Summary Information
CLASSIFICATION REGIONAL
OWNERSHIP 50% Mirvac, 50% Perron
GLA 52,699 SQM
CAR SPACES 1,665
ACQUISITION DATE Jan-07
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $448.0m [1]
VALUER Directors Valuation
CAPITALISATION RATE 4.75% [2]
DISCOUNT RATE 6.50% [2]
CENTRE MAT $604.8m
SPECIALTY OCCUPANCY COSTS 18.7% [3]
SPECIALTY SALES $13,165/sqm [4]
Major Tenants GLA SQM Lease Expiry
Kmart 7,394 Mar-23
Hoyts 4,857 Jul-28
Target 4,721 Apr-27
Coles 4,122 Jul-24
H&M 2,475 Aug-31
Lease Expiry Profile % Income
VACANCY 1.4%
FY21 26.3%
FY22 12.2%
FY23 15.8%
FY24 10.8%
FY25 11.0%
FY26+ 22.5%
WALE 3.2 YEARS
----- End of picture text -----

Book value represents Mirvac's ownership. Also includes adjoining properties 52-60 Francis St, Glebe; 80 Bay Street, Ultimo and 1-3 Smail Street, Ultimo.
Relates to retail component only.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

CHERRYBROOK VILLAGE

CHERRYBROOK, NSW

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Located in north-west Sydney, Cherrybrook Village was constructed in 1989 and was extensively refurbished and expanded in 2004. Significant remixing and car park works were undertaken in 2018 to improve customer convenience and amenity. This single level neighbourhood centre is anchored by a Woolworths supermarket, in addition to 55 specialty tenancies, including a strong fresh food precinct.

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Summary Information
CLASSIFICATION NEIGHBOURHOOD
OWNERSHIP 100%
GLA 9,714 SQM
CAR SPACES 441
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $92.0m
VALUER Urbis
CAPITALISATION RATE 6.00%
DISCOUNT RATE 7.00%
CENTRE MAT $118.9m
SPECIALTY OCCUPANCY COSTS 13.2% [1]
SPECIALTY SALES $10,316/sqm [2]
Major Tenants GLA SQM Lease Expiry
Woolworths 3,832 Mar-25
Martelli's Fruit Market 682 Aug-22
Lease Expiry Profile % Income
VACANCY 0.7%
FY21 10.4%
FY22 14.5%
FY23 13.1%
FY24 14.3%
FY25 21.6%
FY26+ 25.4%
WALE 3.7 YEARS
----- End of picture text -----

Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

EAST VILLAGE

ZETLAND, NSW

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East Village is an award-winning mixed-use retail centre that opened in October 2014, located three kilometres south of the Sydney CBD in the rapidly densifying urban renewal area of Zetland. The centre is strongly anchored by Coles, an Audi Service Centre and Virgin Active Health Club with over 50 specialty stores. The centre ranked “Number 1” in Australia, in Shopping Centre News Little Guns Awards for annual turnover per square metre, four years in a row (2016-2019) and is set to benefit from strong forecast population growth in its catchment.

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Summary Information
CLASSIFICATION SUB REGIONAL
OWNERSHIP 100%
GLA 32,941 SQM
CAR SPACES 671
ACQUISITION DATE Jul 16 (49.9%) Aug 17 (50.1%)
LAST EXTERNAL VALUATION DATE 30-Jun-19
VALUATION AT 30 JUNE 2020 $306.0m
VALUER Directors Valuation
CAPITALISATION RATE 5.25%
DISCOUNT RATE 7.00%
CENTRE MAT $164.3m
SPECIALTY OCCUPANCY COSTS 13.4% [1]
SPECIALTY SALES $10,526/sqm [2]
Major Tenants GLA SQM Lease Expiry
Audi 13,172 Oct-34
Virgin Active 4,835 Nov-34
Coles 4,015 Oct-34
East Phoenix 1,280 Dec-26
Montessori Academy 1,173 Dec-26
Lease Expiry Profile % Income
VACANCY 2.5%
FY21 7.8%
FY22 13.9%
FY23 6.6%
FY24 0.0%
FY25 16.2%
FY26+ 53.0%
WALE 6.5 YEARS
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Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

GREENWOOD PLAZA

NORTH SYDNEY, NSW

==> picture [188 x 131] intentionally omitted <==

Greenwood Plaza is a three-level centre at the base of Mirvac's iconic 101-103 Miller Street office tower, providing a major pedestrian thoroughfare to the busy North Sydney train station. The asset services the growing North Sydney CBD and comprises over 90 specialty retail and service outlets, including Romeo's IGA.

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Summary Information
CLASSIFICATION CBD RETAIL
OWNERSHIP 50% Mirvac, 50% Nuveen
GLA 8,945 SQM
CAR SPACES 347
ACQUISITION DATE Jun-94
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $100.0m [1]
VALUER CBRE
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.00%
CENTRE MAT $65.5m
SPECIALTY OCCUPANCY COSTS 25.8% [2]
SPECIALTY SALES $8,536/sqm [3]
Major Tenants GLA SQM Lease Expiry
Greenwood Hotel 856 Jan-26
IGA Romeo's 864 Dec-30
Lease Expiry Profile % Income
VACANCY 3.5%
FY21 20.0%
FY22 5.2%
FY23 27.8%
FY24 16.9%
FY25 10.1%
FY26+ 16.5%
WALE 3.2 YEARS
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Book value represents Mirvac's ownership and includes the 101-103 Miller St car park.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

HARBOURSIDE

SYDNEY, NSW

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Harbourside is a CBD retail centre which stretches over 240 metres of water frontage within Sydney's iconic Darling Harbour. Situated over three levels, the centre is predominantly focused on food catering/restaurants and entertainment. Harbourside is well-positioned to benefit from the multi-billion dollar urban regeneration of Darling Harbour which includes major residential, commercial, hotel and convention centre developments in addition to upgraded public spaces.

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Summary Information
CLASSIFICATION CBD RETAIL
OWNERSHIP 100%
GLA 20,544 SQM
CAR SPACES -
ACQUISITION DATE Jan-14
LAST EXTERNAL VALUATION DATE 01-Apr-20
VALUATION AT 30 JUNE 2020 $200.0m
VALUER Savills
CAPITALISATION RATE 6.00%
DISCOUNT RATE 6.75%
CENTRE MAT $117.5m
SPECIALTY OCCUPANCY COSTS 23.0% [1]
SPECIALTY SALES $8,030/sqm [2]
Major Tenants GLA SQM Lease Expiry
Kingpin 3,341 Sep-22
Hard Rock Café 1,365 Oct-21
Cyren 1,138 Sep-27
Lease Expiry Profile % Income
VACANCY 7.7%
FY21 9.3%
FY22 18.7%
FY23 23.5%
FY24 13.1%
FY25 9.8%
FY26+ 17.9%
WALE 2.9 YEARS
----- End of picture text -----

Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

METCENTRE

SYDNEY, NSW

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MetCentre is located at the base of 60 Margaret Street in Sydney and adjoins Wynyard train station, providing a major pedestrian thoroughfare for many CBD workers and visitors. The Centre has excellent exposure to George Street, as well as entrances on Margaret and Jamison Streets and is well positioned to benefit from the light rail project. The centre is anchored by a Woolworths supermarket and comprises approximately 75 specialty stores, including a significant food offering.

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Summary Information
CLASSIFICATION CBD RETAIL
OWNERSHIP 50% Mirvac, 50% Blackstone
GLA 6,407 SQM
CAR SPACES -
ACQUISITION DATE Aug-98
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $76.5m [1]
VALUER Cushman & Wakefield
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.00%
CENTRE MAT $64.6m
SPECIALTY OCCUPANCY COSTS 27.3% [2]
SPECIALTY SALES $9,550/sqm [3]
Major Tenants GLA SQM Lease Expiry
Woolworths 1,486 Aug-29
Lease Expiry Profile % Income
VACANCY 1.7%
FY21 33.6%
FY22 13.1%
FY23 6.6%
FY24 11.2%
FY25 12.6%
FY26+ 21.2%
WALE 3.0 YEARS
----- End of picture text -----

Book value represents Mirvac's ownership.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

RHODES WATERSIDE

RHODES, NSW

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Rhodes Waterside is co-located with IKEA in the significant Rhodes residential and office precinct. Major retailers include Coles, ALDI, Target, Bing Lee and Reading Cinemas in addition to over 100 specialty stores. The centre features a strong dining offering and has seen significant growth through population growth, remixing and customer-focussed initiatives.

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Summary Information
CLASSIFICATION REGIONAL
OWNERSHIP 50% Mirvac, 50% Perron
GLA 34,849 SQM
CAR SPACES 2,414
ACQUISITION DATE Jan-07
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $187.5m [1]
VALUER CBRE
CAPITALISATION RATE 5.50%
DISCOUNT RATE 6.75%
CENTRE MAT $210.7m
SPECIALTY OCCUPANCY COSTS 20.1% [2]
SPECIALTY SALES $8,342/sqm [3]
Major Tenants GLA SQM Lease Expiry
Reading Cinemas 4,122 Dec-29
Target 3,795 Nov-24
Coles 3,497 Dec-19 [4]
ALDI 1,597 Jul-33
Bing Lee 1,022 Feb-25
Lease Expiry Profile % Income
VACANCY 1.1%
FY21 29.4%
FY22 12.2%
FY23 15.9%
FY24 12.9%
FY25 11.7%
FY26+ 16.8%
WALE 3.0 YEARS
----- End of picture text -----

Book value represents Mirvac's ownership.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.
Exercised 10 year option and have recently refurbished the store.

Investment Property Retail

SOUTH VILLAGE SHOPPING CENTRE

KIRRAWEE, NSW

==> picture [194 x 134] intentionally omitted <==

A newly developed neighbourhood centre as part of a broader mixed-use project incorporating approximately 750 residential apartments and a significant public park. The centre is located in Kirrawee, 25 kilometres south of Sydney, and is serviced by nearby public transport and the Princes Highway. The centre is anchored by Coles and ALDI, with other key uses including dining, fresh food and services, with over 30 specialty stores.

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Summary Information
CLASSIFICATION NEIGHBOURHOOD
OWNERSHIP 100%
GLA 14,225 SQM
CAR SPACES 463
ACQUISITION DATE Oct 16 (50%) Jun 17 (50%)
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $97.0m
VALUER Directors Valuation
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.00%
CENTRE MAT N/A
SPECIALTY OCCUPANCY COSTS N/A
SPECIALTY SALES N/A
Major Tenants GLA SQM Lease Expiry
Coles 4,501 Nov-38
ALDI 1,518 Nov-28
Lease Expiry Profile % Income
VACANCY 6.4%
FY21 0.4%
FY22 1.0%
FY23 0.0%
FY24 9.9%
FY25 4.0%
FY26+ 78.3%
WALE 9.8 YEARS
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Investment Property Retail

STANHOPE VILLAGE

STANHOPE GARDENS, NSW

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Developed by Mirvac in the rapidly growing north-west corridor of Sydney, Stanhope Village is conveniently situated adjacent to the area's busy leisure centre and pool facility. Stanhope Village was expanded in 2015 and is anchored by Coles, Kmart and ALDI with approximately 75 specialty stores.

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Summary Information
CLASSIFICATION SUB REGIONAL
OWNERSHIP 100%
GLA 18,071 SQM
CAR SPACES 736
ACQUISITION DATE Nov-03
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $137.0m
VALUER CBRE
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.00%
CENTRE MAT $180.6m
SPECIALTY OCCUPANCY COSTS 11.2% [1]
SPECIALTY SALES $10,297/sqm [2]
Major Tenants GLA SQM Lease Expiry
Kmart 5,060 Mar-22
Coles 3,500 Nov-28
ALDI 1,329 Aug-28
Lease Expiry Profile % Income
VACANCY 3.1%
FY21 21.1%
FY22 27.0%
FY23 3.6%
FY24 9.2%
FY25 10.0%
FY26+ 26.0%
WALE 3.3 YEARS
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Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

TRAMSHEDS SYDNEY

HAROLD PARK, NSW

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Tramsheds Sydney is an iconic restoration and reimagining of the historic former tram depot at Harold Park in Sydney's inner-west. Supported by an affluent urban catchment, including residents of the 1,300 new dwellings within Mirvac's Harold Park residential development, Tramsheds Sydney offers an eclectic mix of reputable Sydney eateries, in addition to a local supermarket and services in a bespoke heritage setting.

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Summary Information
CLASSIFICATION NEIGHBOURHOOD
OWNERSHIP 100%
GLA 5,953 SQM
CAR SPACES 141
ACQUISITION DATE Oct-15
LAST EXTERNAL VALUATION DATE 30-Jun-19
VALUATION AT 30 JUNE 2020 $33.6m
VALUER Directors Valuation
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.00%
CENTRE MAT $48.4m
SPECIALTY OCCUPANCY COSTS 11.1% [1]
SPECIALTY SALES $7,376/sqm [2]
Major Tenants GLA SQM Lease Expiry
Supamart 2,440 Sep-31
The Butcher and Farmer 536 Sep-26
Lease Expiry Profile % Income
VACANCY 0.0%
FY21 6.8%
FY22 22.3%
FY23 0.0%
FY24 18.2%
FY25 6.0%
FY26+ 46.7%
WALE 5.6 YEARS
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Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

KAWANA SHOPPINGWORLD

BUDDINA, QLD

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Located one hour north of Brisbane in the growing lifestyle region of the Sunshine Coast, Kawana Shoppingworld is a dominant convenience and lifestyle centre. The centre incorporates Woolworths, Coles, ALDI, Big W, six mini-majors and approximately 150 specialty stores. The centre successfully launched Event Cinemas and an expanded dining precinct in late 2018, introducing the first Gold Class theatres on the Sunshine Coast in response to significant customer demand.

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Summary Information
CLASSIFICATION SUB REGIONAL
OWNERSHIP 50% Mirvac, 50% ISPT
GLA 45,391 SQM
CAR SPACES 1,990
ACQUISITION DATE Dec 93 (50%) Jun 98 (50%) Dec 17 (-50%)
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $187.5m [1]
VALUER JLL
CAPITALISATION RATE 5.75%
DISCOUNT RATE 6.75%
CENTRE MAT $312.9m
SPECIALTY OCCUPANCY COSTS 17.9% [2]
SPECIALTY SALES $8,260/sqm [3]
Major Tenants GLA SQM Lease Expiry
Big W 8,383 Jun-21
Event Cinemas 5,865 Nov-33
Woolworths 3,648 Nov-29
Coles 3,351 Oct-27
ALDI 1,753 Jul-24
Lease Expiry Profile % Income
VACANCY 2.5%
FY21 44.4%
FY22 11.8%
FY23 6.6%
FY24 8.6%
FY25 6.5%
FY26+ 19.6%
WALE 3.1 YEARS
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Book value represents Mirvac's ownership.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

ORION SPRINGFIELD CENTRAL

SPRINGFIELD, QLD

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Located in Springfield, the rapidly growing masterplanned city, Orion was developed by Mirvac in March 2007 and underwent a major expansion that was completed in March 2016. The latest development introduced an expanded casual dining, fashion and entertainment offer to position the centre as the dominant retail offer in its catchment. The centre is anchored by Woolworths, Coles, ALDI, Target, Big W and Event Cinemas with over 150 specialty stores and 11 pad sites, with significant land holdings for future expansion.

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Summary Information
CLASSIFICATION REGIONAL
OWNERSHIP 100%
GLA 69,790 SQM
CAR SPACES 3,099
ACQUISITION DATE Aug-02
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $428.7m [1]
VALUER CBRE
CAPITALISATION RATE 5.25%
DISCOUNT RATE 6.75%
CENTRE MAT $423.9m
SPECIALTY OCCUPANCY COSTS 11.2% [2]
SPECIALTY SALES $8,849/sqm [3]
Major Tenants GLA SQM Lease Expiry
Big W 7,988 Mar-27
Target 6,021 Nov-30
Event Cinemas 5,801 Oct-30
Coles 5,618 Oct-30
Woolworths 4,471 Mar-27
Lease Expiry Profile % Income
VACANCY 1.2%
FY21 14.7%
FY22 15.8%
FY23 12.0%
FY24 14.2%
FY25 6.9%
FY26+ 35.2%
WALE 4.3 YEARS
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Includes sundry vacant land.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

TOOMBUL

NUNDAH, QLD

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Toombul is located in a growing inner urban area of Brisbane, just seven kilometres from Brisbane's CBD and six kilometres from Brisbane Airport. The centre benefits from excellent accessibility via major roadways as well as rail and bus links. Toombul has approximately 46,000 square metres of gross lettable area comprising Coles, ALDI, Kmart, Target, BCC Cinemas, Bunnings Warehouse and approximately 150 specialty stores and kiosks. Since Mirvac’s acquisition in 2016 the centre has been progressively remixed and upgraded, with the latest development of an alfresco dining and entertainment precinct which was completed late 2019.

Summary Information

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CLASSIFICATION REGIONAL
OWNERSHIP 100%
GLA 46,527 SQM
CAR SPACES 1,917
ACQUISITION DATE Jun-16
LAST EXTERNAL VALUATION DATE 31-Dec-19
VALUATION AT 30 JUNE 2020 $295.0m [1]
VALUER Directors Valuation
CAPITALISATION RATE 6.00%
DISCOUNT RATE 7.00%
CENTRE MAT $242.2m
SPECIALTY OCCUPANCY COSTS 13.4% [2]
SPECIALTY SALES $8,935/sqm [3]
Major Tenants GLA SQM Lease Expiry
Kmart 6,725 Feb-27
Target 6,582 Oct-26
Coles 3,589 May-32
Bunnings 3,033 Jul-21
BCC Cinemas 2,664 Apr-27
Lease Expiry Profile % Income
VACANCY 3.9%
FY21 16.1%
FY22 9.6%
FY23 14.7%
FY24 10.9%
FY25 9.1%
FY26+ 35.7%
WALE 4.3 YEARS
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Includes sundry vacant land.
Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

MOONEE PONDS CENTRAL

MOONEE PONDS, VIC

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Moonee Ponds Central is located seven kilometres north of the Melbourne CBD and conveniently connected to the busy Puckle Street retail strip. Moonee Ponds is currently undergoing strong population growth and densification in the immediate catchment, with the centre well positioned to benefit. The centre was most recently expanded in 2009 and comprises Kmart, Coles and an ALDI Supermarket, as well as over 60 specialty stores. A new outdoor dining offer was launched in FY20 which will service the residents of nearly 1,500 new apartments, the majority of which are now occupied.

Summary Information

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CLASSIFICATION SUB REGIONAL
OWNERSHIP 100%
GLA 19,026 SQM
CAR SPACES 898
ACQUISITION DATE May 03 & Feb 08
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $95.5m
VALUER CBRE
CAPITALISATION RATE 6.00%
DISCOUNT RATE 7.00%
CENTRE MAT $155.7m
SPECIALTY OCCUPANCY COSTS 11.6% [1]
SPECIALTY SALES $8,889/sqm [2]
Major Tenants GLA SQM Lease Expiry
Kmart 4,728 Mar-24
Coles 4,000 May-22
ALDI 1,221 Mar-23
Lease Expiry Profile % Income
VACANCY 3.4%
FY21 11.5%
FY22 21.1%
FY23 12.4%
FY24 25.1%
FY25 10.8%
FY26+ 15.7%
WALE 3.2 YEARS
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Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

Investment Property Retail

COOLEMAN COURT

WESTON, ACT

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Cooleman Court is a neighbourhood centre located in the Canberra suburb of Weston Creek. The centre comprises two supermarkets, Woolworths and ALDI, a Target Country, Best & Less and approximately 40 specialty stores. The new residential area of Molonglo Valley is currently being developed a few kilometres from Cooleman Court and is expected to positively impact the centre.

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Summary Information
CLASSIFICATION NEIGHBOURHOOD
OWNERSHIP 100%
GLA 10,693 SQM
CAR SPACES 514
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 30-Jun-20
VALUATION AT 30 JUNE 2020 $67.0m
VALUER Urbis
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.00%
CENTRE MAT $128.0m
SPECIALTY OCCUPANCY COSTS 15.2% [1]
SPECIALTY SALES $7,589/sqm [2]
Major Tenants GLA SQM Lease Expiry
Woolworths 3,102 Aug-31
ALDI 1,548 Jan-24
Lease Expiry Profile % Income
VACANCY 2.4%
FY21 15.0%
FY22 8.6%
FY23 13.6%
FY24 20.3%
FY25 8.8%
FY26+ 31.3%
WALE 5.1 YEARS
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Includes contracted COVID-19 tenant support as at 30 June 2020, but excludes further support provisions.
In line with SCCA guidelines, adjusted for tenant closures during COVID-19 impacted period.

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Other
Investments
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Other Investments

JV & Funds Under Management

Tucker Box Hotel Group

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FOCUS FUM ($M) NO. OF INVESTORS
Wholesale 524 2
The Tucker Box Hotel Group is a sector specific wholesale fund established in March 2005 and focuses on the 3 to
3.5 star, limited service hotel market in Australia. The portfolio comprises 11 hotels and 2,032 rooms all of which
are leased to Value Lodging Pty Limited, a subsidiary of Toga Far East Hotels.
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LAT Portfolio

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FOCUS FUM ($M) NO. OF INVESTORS
Office UNDISCLOSED N/A
In December 2015, Mirvac reached an agreement with a subsidiary of China Investment Corporation (CIC) to
become asset manager of the LAT portfolio. Mirvac also invested an interest in the CIC controlled trusts that are
managed by Mirvac.
MILP Trust
FOCUS FUM ($M) NO. OF INVESTORS
Industrial 241 2
MILP Trust is owned by Mirvac (10%) and Prime Property Fund Asia Limited Partnership (90%). MILP will focus on
core and value add industrial opportunities. Mirvac will provide trust administration, property management, and
development management services. The Trust's industrial assets comprise of two facilities in Victoria, one in
Campbelltown NSW and a 50% interest in the Calibre Estate in Eastern Creek, NSW
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Duck River Auburn Trust

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FOCUS FUM ($M) NO. OF INVESTORS
Industrial 11 2
Duck River Auburn Trust is owned by Mirvac (51%) and North Haven Real Estate Fund IX Global (49%). The Trust
has entered into an option to acquire and redevelop an industrial site in Auburn, NSW.
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Residential Overview

Mirvac is one of the leading residential brands in the Australian development and construction industry and has a proven track record of delivering innovative and quality products that exceed customers’ expectations and lead the market.

Residential Development

Overview

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Expected Revenue
$15.6 billion
NSW 42%
VIC 40%
QLD 14%
WA 4%
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Pipeline Lots 27,361 lots

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Insert Pie Chart
VIC 46%
NSW 28%
QLD 19%
WA 7%
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Residential Expected Revenue

Mirvac Share Expected Revenue

$12.8 billion

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VIC 39%
NSW 39%
QLD 16%
WA 6%
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Masterplanned Communities $7.3 billion

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VIC 53%
NSW 28%
QLD 13%
WA 6%
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Apartments
$5.5 billion
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NSW 53%
QLD 21%
VIC 20%
WA 6%
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JV & Funds Under Management

FOCUS	FUM($M)	NO. OF INVESTORS
Australian Build to Rent Club1	230	2
Mirvac Ping An Waterloo Development Trust	2	2
Mirvac SLS Development Trust	27	2

1.The fund is consolidated and the co-investor's ownership is recognised as a non-controlling interest.

Residential Development

NEW SOUTH WALES

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Mirvac Share Expected Revenue Pipeline Lots
$5.0 billion 7,566 lots
pie chart
Masterplanned Masterplanned
Communities 41% Communities 71%
Apartments 59% Apartments 29%
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In Progress

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PROJECT
ACQUISITION/ VALUE SETTLEMENT DATE [1] CURRENT PRICE RANGE CONSTRUCTION
AGREEMENT TOTAL
PROPERTY DATE LOCATION (INCL. GST) LOTS RELEASED EXCHANGED SETTLED FROM TO FROM TO PROGRESS [2] DESCRIPTION OWNERSHIP STRUCTURE
The Avenue, Alex Avenue Various (from 2012) Schofields $278.0m 492 482 482 482 FY14 FY23 $295,000 $819,900 MPC - Mix of land & housing 100% Mirvac
Completed Stages $174.3m 232 232 232 232 FY15 FY20 $312,900 $819,900 100%
Released Stages $103.7m 260 250 250 250 FY14 FY23 $295,000 $732,500 91%
55 Coonara Avenue May 20 West Pennant Hills TBC 600 [3] 0 0 0 FY24 FY25 TBC TBC 0% Apartments and housing 100% Mirvac
Crest, Raby Road Sep 14 Gledswood Hills $275.5m 584 517 472 448 FY17 FY22 $324,000 $690,000 75% MPC - Mix of land & housing 100% Mirvac
Georges Cove, NEWBRIDGE ROAD Dec 14 Moorebank $164.4m 179 0 0 0 FY22 FY23 $745,000 $1,250,000 0% MPC - Medium density housing PDA with Benedict Industries
Googong, Googong Dam Road Dec 11 Googong $1,735.9m 5,226 2,238 2,138 2,085 FY14 FY35 $112,000 $785,000 MPC - Mix of land & housing JV with PEET Limited
Released Stages $851.0m 2,979 2,238 2,138 2,085 FY14 FY34 $112,000 $785,000 68%
Future Stages $884.9m 2,247 0 0 0 FY24 FY35 $140,000 $783,273 0%
Green Square, Botany Road Mar 12 Zetland $1,483.3m 1,097 476 476 476 FY17 FY26 $498,000 $3,000,000 Apartments with mixed use PDA with Landcom
Ebsworth $172.2m 174 174 174 174 FY17 FY17 $498,000 $1,280,000 100%
No.8 Ebsworth, Ovo & Ovo Portman Place $334.2m 302 302 302 302 FY18 FY20 $560,000 $2,080,000 100%
Future Stages $976.9m 621 0 0 0 FY24 FY26 $700,000 $3,000,000 3%
Marrick & Co., Marrickville Road Oct 15 Marrickville $229.4m 216 216 196 194 FY20 FY22 $615,000 $1,950,000 100% Apartments 100% Mirvac
Menangle, STATION STREET Jan 17 Menangle $174.7m 379 0 0 0 FY21 FY25 $293,265 $485,000 4% MPC - Mix of land & housing PDA with SouWest Developments Pty Ltd
Pavilions, Figtree Drive Nov 14 Sydney Olympic Park $359.9m 359 359 263 38 FY20 FY24 $575,000 $1,980,000 92% Apartments PDA with Sydney Olympic Park Authority
Riverlands, PRESCOT PARADE Oct 19 Milperra $359.0m 340 0 0 0 FY22 FY25 $860,000 $1,250,000 0% MPC - Medium density housing 100% Mirvac
St Leonards Square, Pacific Highway Jun 15 St Leonards $814.2m 561 [4] 560 556 554 FY20 FY21 [4] $635,000 $5,585,000 100% Apartments with mixed use JV with Ping An Real Estate
The William $356.6m 241 240 237 236 FY20 FY21 $635,000 $2,725,000 100%
The Jackson $457.6m 320 320 319 318 FY20 FY21 $640,000 $5,585,000 100%
JV with John Holland Pty Ltd / PDA with
Waterloo Metro Quarter Dec 19 Waterloo TBC 132 [5] 0 0 0 FY25 FY25 TBC TBC 0% Apartments with mixed use Sydney Metro Pty Ltd
Willoughby Feb 20 Willoughby $742.9m 446 0 0 0 FY23 FY24 TBC TBC 0% Apartments with mixed use 100% Mirvac
Proposed
ACQUISITION/ PROJECT
AGREEMENT VALUE SETTLEMENT DATE [1]
PROPERTY DATE LOCATION (INCL. GST) TOTAL LOTS FROM TO DESCRIPTION OWNERSHIP STRUCTURE
Marsden Park North Nov 14 Marsden Park $268.5m 547 FY23 FY26 MPC - Mix of land & housing PDA with MAC 1 MP Pty Ltd
Milperra, Western Sydney University Campus Aug 19 Milperra $422.2m 425 FY25 FY28 MPC - Medium density housing PDA with Western Sydney University
505 George Street May 20 Sydney TBC 260 FY28 FY28 Apartments with mixed use PDA with Coombes Property Group
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Settlement date may vary as circumstances change.
Construction progress as a percentage of cost, which includes land subdivision but not land acquisition.
Rezoning has approved up to 600 dwellings.
Includes 34 retail/commercial strata lots. Final unreleased retail lot expected to settle FY22.
Concept approval and subject to change.

Residential Development New South Wales

THE AVENUE, ALEX AVENUE

SCHOFIELDS, NSW

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A land and housing project, The Avenue at Schofields is in the north-west growth corridor of Sydney approximately 45 kilometres from the Sydney CBD. This masterplanned community is nearing completion having delivered 482 residential lots to date. The community includes a 1.2-hectare public park delivered by Mirvac.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Various (from 2012)
LOCATION Schofields
PROJECT VALUE (INCL. GST) $278.0m
TOTAL LOTS 492
PROJECT PERIOD FY14-FY23
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development New South Wales

55 COONARA AVENUE

WEST PENNANT HILLS, NSW

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55 Coonara Avenue, West Pennant Hills is a 26-hectare site located within 800 metres of the new Cherrybrook Metro Station and three kilometres from the new Northconnex interchange. A new masterplanned community of both apartments and houses, community facilities and parkland is proposed to replace the redundant existing business park. In addition, the existing remnant forest is now zoned for environmental protection with approximately 9 hectares dedicated to the State Government to become an extension of the adjoining Cumberland State Forest.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE May-20
LOCATION West Pennant Hills
PROJECT VALUE (INCL. GST) TBC
TOTAL LOTS 600 [1]
PROJECT PERIOD FY24-FY25
OWNERSHIP STRUCTURE 100% Mirvac
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Rezoning has approved up to 600 dwellings.

Residential Development New South Wales

CREST, RABY ROAD

GLEDSWOOD HILLS, NSW

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Crest at Gledswood Hills is a residential masterplanned subdivision located in Sydney’s south-west within the Camden LGA. The project consists of 584 land lots to be integrated with approximately 41 hectares of recreational open space. “My Ideal House” at Crest won the Australian Institute of Architects’ 2019 Award for Sustainable Architecture.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Sep-14
LOCATION Gledswood Hills
PROJECT VALUE (INCL. GST) $275.5m
TOTAL LOTS 584
PROJECT PERIOD FY17-FY22
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development New South Wales

GEORGES COVE, NEWBRIDGE ROAD MOOREBANK, NSW

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This development is located in Moorebank, approximately 27 kilometres south-west of Sydney CBD, on the banks of the Georges River and in close proximity to Mirvac’s award winning masterplanned community site, Brighton Lakes. The 179 lot estate includes a mix of Mirvac designed and built detached, semi-detached and terrace homes as well as a community facility comprising landscaped green space, a swimming pool, and covered BBQ area. The site will benefit from existing local schools, cafes and restaurants and is only minutes’ drive to the M5 and major arterial roads that link to the Liverpool CBD. Bus services are within walking distance and Holsworthy train station is only 3 kilometres away.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Dec-14
LOCATION Moorebank
PROJECT VALUE (INCL. GST) $164.4m
TOTAL LOTS 179
PROJECT PERIOD FY22-FY23
OWNERSHIP STRUCTURE PDA with Benedict Industries
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Note: Concept image only (artist impression), final design may differ from above image.

Residential Development New South Wales

GOOGONG, GOOGONG DAM ROAD

GOOGONG, NSW

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Googong is a new township located on former grazing land on the NSW/ACT border, just 16 kilometres south-east of Parliament House and eight kilometres south of Queanbeyan. The project is being developed over 20 to 25 years on a 780-hectare site and will eventually be home to approximately 18,000 people. As a new, self-contained township, Googong will ultimately provide housing, community and recreational facilities, shops, schools and employment opportunities. Over 20 percent of the site will be dedicated to Council as open space for parklands and playing fields. In 2019 the project won 2 UDIA awards including NSW Awards for Excellence – Masterplanned Communities and NSW Awards for Excellence – NSW Regional Development.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Dec-11
LOCATION Googong
PROJECT VALUE (INCL. GST) $1,735.9m
TOTAL LOTS 5,226
PROJECT PERIOD FY14-FY35
OWNERSHIP STRUCTURE JV with PEET Limited
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Residential Development New South Wales

GREEN SQUARE, BOTANY ROAD

ZETLAND, NSW

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Green Square, a joint development between Mirvac and Landcom, is a mixed-use development located just over four kilometres from Sydney’s CBD, approximately four kilometres from Sydney airport and is conveniently located near the Green Square train station. The Green Square region is one of the largest urban renewal projects in Australia and when complete, this development will have delivered over 1,000 apartments, along with office and retail space and a substantial public domain within the Green Square Town Centre.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Mar-12
LOCATION Zetland
PROJECT VALUE (INCL. GST) $1,483.3m
TOTAL LOTS 1,097
PROJECT PERIOD FY17-FY26
OWNERSHIP STRUCTURE PDA with Landcom
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Residential Development New South Wales

MARRICK & CO., MARRICKVILLE ROAD

MARRICKVILLE, NSW

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Located in Sydney’s inner west, seven kilometres south west of Sydney’s CBD, Marrick & Co is the first One Planet Living certified community in NSW. The project, on the former Marrickville Hospital site and delivered in partnership with Inner West Council, comprises 225[1] lots across residential apartments and terrace homes and the award winning new library named ‘Patyegarang Place’. The library was dedicated by Mirvac to Inner West Council along with four percent of the residential apartments for key worker housing. The development, completed in mid-2019, boasts an abundance of open space including ‘The Common’ where fitness classes are hosted in the mornings, a rooftop deck where a kitchen provides residents with BBQ and pizza oven facilities and kitchen gardens for residents to grow their own produce. Significant elements of the site’s rich history have been retained, including the heritage conversion of the main ward building as the new library and the former nurses’ quarters as luxury, whole floor, boutique terrace dwellings. Since completion, the project has won three 2020 AIA awards including the Milo Dunphy Award for Sustainable Architecture, Sulman Medal for Public Architecture and NSW Premier’s Prize. The project also has won the 2020 – Good Design Australia – Good Design Award – Architectural Design Commercial and Residential.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Oct-15
LOCATION Marrickville
PROJECT VALUE (INCL. GST) $229.4m
TOTAL LOTS 216
PROJECT PERIOD FY20-FY22
OWNERSHIP STRUCTURE 100% Mirvac
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Includes nine affordable housing lots.

Residential Development New South Wales

MENANGLE, STATION STREET

MENANGLE, NSW

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Menangle is a residential masterplanned community located in Sydney’s south-west within the Wollondilly Shire LGA. The 40 hectare site is adjacent to the historical Menangle train station and Menangle village. Two parks are proposed within the master planned community. Mirvac’s project partners, Benedict Industries and the Halfpenny family, are planning a new tourism and lifestyle destination adjacent to the residential subdivision securing the future of the heritage listed Camden Park Estate Central Creamery and Rotolactor.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Jan-17
LOCATION Menangle
PROJECT VALUE (INCL. GST) $174.7m
TOTAL LOTS 379
PROJECT PERIOD FY21-FY25
OWNERSHIP STRUCTURE PDA with SouWest Developments Pty Ltd
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Residential Development New South Wales

PAVILIONS, FIGTREE DRIVE

SYDNEY OLYMPIC PARK, NSW

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Located within the Sydney Olympic Park precinct, the site is 16 kilometres west of the Sydney CBD and nine kilometres from the Parramatta CBD. In addition to build to sell apartments, two of the four buildings will house Mirvac’s first fit for purpose, build to rent assets in Australia. The project has a strong focus on amenity and private open space for its residents and tenants, with a private 4,500 square metre landscape podium situated over four levels of basement car parking, gym, community room, herb garden, pavilions and BBQ facilities for exclusive use of its residents. In addition, 1,500 square metres of retail space will be handed back to the Sydney Olympic Park Authority which will own and lease to a commercial operator.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Nov-14
LOCATION Sydney Olympic Park
PROJECT VALUE (INCL. GST) $359.9m
TOTAL LOTS 359 [1]
PROJECT PERIOD FY20-FY24
OWNERSHIP STRUCTURE PDA with Sydney Olympic Park Authority
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Excludes affordable housing lots to be delivered to Sydney Olympic Park Authority and Build-to-Rent lots.

Residential Development New South Wales

RIVERLANDS, PRESCOT PARADE

MILPERRA, NSW

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The Riverlands Golf Course is a newly acquired residential masterplanned community project. It is an infill site located approximately 30 kilometres south-west of the Sydney CBD with direct access to the Georges River foreshore. The site is proposed to include 340 dwellings to be constructed by Mirvac along with a community facility and recreational opportunities.

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|||
|---|---|
|Summary Information - In Progress|
|ACQUISITION/AGREEMENT DATE|Oct-19|
|LOCATION|Milperra|
|PROJECT VALUE (INCL. GST)|$359.0m|
|TOTAL LOTS|340|
|PROJECT PERIOD|FY22-FY25|
|OWNERSHIP STRUCTURE|100% Mirvac|

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Note: Concept image only (artist impression), final design may differ from above image.

Residential Development New South Wales

ST LEONARDS SQUARE, PACIFIC HIGHWAY

ST LEONARDS SQUARE, NSW

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Located in the heart of Sydney's Lower North Shore, St Leonards Square is just a few hundred metres from St Leonards Train Station and diagonally opposite the future Crows Nest Metro Station. Completed in the second half of 2019, the project has delivered 527 luxury residential apartments across two striking towers. Only 4.5 kilometres from the Sydney CBD, the project offers iconic views of Sydney CBD and Sydney Harbour and amenities across two levels. The project has also provided 32 commercial strata office suites, a Virgin Active gym and a vibrant ground floor retail precinct for residents and the wider community.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Jun-15
LOCATION St Leonards
PROJECT VALUE (INCL. GST) $814.2m
TOTAL LOTS 561 [1]
PROJECT PERIOD FY20-FY21 [2]
OWNERSHIP STRUCTURE JV with Ping An Real Estate
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Includes 34 retail/commercial strata lots.
Final unreleased retail lot expected to settle FY22.

Residential Development New South Wales

WATERLOO METRO QUARTER

WATERLOO, NSW

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Mirvac and John Holland will deliver the Waterloo Metro Quarter development in a joint venture. Construction of the project is expected to commence in 2022 and will deliver residential, office and retail space, along with student accommodation, affordable housing and social housing. The ground plane is intended to include retail tenancies, community hub, precinct retail amenities and basement carpark entry. The precinct will also have community facilities which are intended to be operated as a childcare centre.

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||||
|---|---|---|
|Summary Information - In Progress|
|ACQUISITION/AGREEMENT DATE|Dec-19|
|LOCATION|Waterloo|
|PROJECT VALUE (INCL. GST)|TBC|
|TOTAL LOTS|132|[1]|
|PROJECT PERIOD|FY25-FY25|
|OWNERSHIP STRUCTURE|JV with John Holland Pty Ltd / PDA with Sydney Metro Pty Ltd|

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Concept approval and subject to change.

Residential Development New South Wales

WILLOUGHBY

ARTARMON, NSW

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Located 6 kilometres north of the Sydney CBD at the existing Channel Nine Network Studio headquarters, the 3-hectare site will accommodate approximately 450 luxury residential apartments and small-scale non-residential uses across a cluster of numerous boutique buildings ranging in height. The buildings will feature high-quality facades that integrate with the surrounding landscape and local character of Willoughby. The future development will provide significant public open space showcasing the unique natural qualities of Sydney’s Lower North Shore landscape for relaxation, socialisation and coming together as a community.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Feb-20
LOCATION Willoughby
PROJECT VALUE (INCL. GST) $742.9m
TOTAL LOTS 446
PROJECT PERIOD FY23-FY24
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development

QUEENSLAND

Mirvac Share Expected Revenue $2.1 billion

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Masterplanned
Communities 46%
Apartments 54%
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Pipeline Lots 5,078 lots

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Masterplanned
Communities 74%
Apartments 26%
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In Progress

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Settlement date may vary as circumstances change.
Construction progress as a percentage of cost, which includes land subdivision but not land acquisition.
Agreement date relates to Waterfront Newstead precinct.

Residential Development Queensland

ALEXANDRIA, PLUCKS ROAD ARANA HILLS, QLD

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Located in Arana Hills, 11 kilometres north-west of the Brisbane CBD, this is a proposed residential development consisting of 77 town homes and 3 land lots, as well as a resident recreation area.

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|||
|---|---|
|Summary Information - In Progress|
|ACQUISITION/AGREEMENT DATE|Aug-17|
|LOCATION|Arana Hills|
|PROJECT VALUE (INCL. GST)|$48.4m|
|TOTAL LOTS|80|
|PROJECT PERIOD|FY22-FY24|
|OWNERSHIP STRUCTURE|100% Mirvac|

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Residential Development Queensland

ASCOT GREEN, LANCASTER ROAD

ASCOT, QLD

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Ascot Green is a joint residential development project with Brisbane Racing Club located in the blue-chip suburb of Ascot in Brisbane. On completion, the project is intended to deliver more than 950 apartments situated along the iconic Eagle Farm Racecourse. The first tower, Ascot House, was completed in June 2018 with limited apartments remaining. The adjoining tower, Tulloch House, was officially released to the market in November 2019 and is comprised of 84 apartments. Construction of Tulloch House commenced in April 2020, and completion is currently expected in late 2020. The project won the 2018 HIA Apartment of the Year Award (Queensland).

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Sep-15
LOCATION Ascot
PROJECT VALUE (INCL. GST) $836.1m
TOTAL LOTS 967
PROJECT PERIOD FY18-FY31
OWNERSHIP STRUCTURE PDA with Brisbane Racing Club
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Residential Development Queensland

ASHFORD, ASHMORE STREET

EVERTON PARK, QLD

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Located in Everton Park, 7 kilometres north of the Brisbane CBD, this residential development comprises 84 town homes, 39 land lots and one heritage building. The development also consists of residents’ club facilities and redevelopment of a wetland nature reserve area.

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|||
|---|---|
|Summary Information - In Progress|
|ACQUISITION/AGREEMENT DATE|Mar-17|
|LOCATION|Everton Park|
|PROJECT VALUE (INCL. GST)|$82.5m|
|TOTAL LOTS|124|
|PROJECT PERIOD|FY21-FY23|
|OWNERSHIP STRUCTURE|100% Mirvac|

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Residential Development Queensland

EVERLEIGH, TEVIOT ROAD GREENBANK, QLD

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Everleigh is a 481-hectare masterplanned Community located 30 kilometres south of the Brisbane CBD. It is anticipated to yield over 3,450 residential land lots, in addition to regional sports and recreation parks, a state primary school site and a neighbourhood retail centre. Three stages have been constructed and registered with a fourth stage recently commenced. In 2019 the project won the AILA – Landscape Architecture Award – Parks and Open Space and Queensland Landscape and Construction Awards – Winner of the Best Entry Statement.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Feb-16
LOCATION Greenbank
PROJECT VALUE (INCL. GST) $791.0m
TOTAL LOTS 3,453
PROJECT PERIOD FY19-FY35
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development Queensland

GAINSBOROUGH GREENS, SWAN ROAD

PIMPAMA, QLD

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Gainsborough Greens is a large-scale masterplanned community located at Pimpama in the northern Gold Coast area, 50 kilometres south of the Brisbane CBD. The project consists of approximately 1,900 lots, along with recreational and retail facilities. The project encompasses the existing Gainsborough Greens Golf Course which was sold to a third party and is now subject to a body corporate structure. The project has won the 2019 AILA – Queensland Landscape and Architecture Awards/Awards for Excellence – Play Spaces and 2020 Queensland Landscape Architecture Awards – State’s best park – Parks and Open Space Category.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Oct-06
LOCATION Pimpama
PROJECT VALUE (INCL. GST) $507.0m
TOTAL LOTS 1,975
PROJECT PERIOD FY11-FY23
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development Queensland

HOPE STREET, HOPE STREET

SOUTH BRISBANE, QLD

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The site, located in South Brisbane, a short walk from the Southbank parklands and arts precinct and across the river from the Brisbane CBD, is made up of two apartment towers, Art House and Lucid, comprised of 187 and 167 apartments, respectively, as well as ground floor retail. Both towers are now complete and fully settled.

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|||
|---|---|
|Summary Information - In Progress|
|ACQUISITION/AGREEMENT DATE|Jul-14 & Jul-15|
|LOCATION|South Brisbane|
|PROJECT VALUE (INCL. GST)|$218.9m|
|TOTAL LOTS|354|
|PROJECT PERIOD|FY17-FY20|
|OWNERSHIP STRUCTURE|100% Mirvac|

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Residential Development Queensland

WATERFRONT SKY, SKYRING TERRACE NEWSTEAD, QLD

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Sky is the next stage of Mirvac’s riverfront ‘Waterfront’ masterplan located in Newstead, alongside the Brisbane River, and only two kilometres from the Brisbane CBD. It has been designed as a 'park within a park', drawing greenery from neighbouring Waterfront Park up its facade and across lush landscaped balconies, with over 50% per cent of the site planned to be dedicated to open space. Stage 1 of the Sky Precinct comprises a mixed use scheme with ground level retail and approximately 143 premium residential apartments over 25 levels, ranging from 1 bedroom apartments through to 4 bedroom pavilion residences, designed for the owner occupier. The landmark architectural design also proposes unsurpassed residential amenity including a 25 metre rooftop infinity pool and recreation deck and resident wellness centre. Stage 1 received DA approval in July 2020, and sales launch is expected in the first half of 2021. Preliminary residential schemes for the balance Stages 2 and 3 are currently under development.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Apr-08 [1]
LOCATION Newstead
PROJECT VALUE (INCL. GST) $457.1m
TOTAL LOTS 430
PROJECT PERIOD FY24-FY27
OWNERSHIP STRUCTURE 100% Mirvac
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Agreement date relates to Waterfront Newstead precinct.

Residential Development

VICTORIA

Mirvac Share Expected Revenue $5.0 billion

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----- Start of picture text -----

Masterplanned
Communities 78%
Apartments 22%
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Pipeline Lots 12,712 lots

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----- Start of picture text -----

Masterplanned
Communities 90%
Apartments 10%
----- End of picture text -----

In Progress

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ACQUISITION/ PROJECT
AGREEMENT VALUE TOTAL SETTLEMENT DATE [1] CURRENT PRICE RANGE CONSTRUCTION
PROPERTY DATE LOCATION (INCL. GST) LOTS RELEASED EXCHANGED SETTLED FROM TO FROM TO PROGRESS [2] DESCRIPTION OWNERSHIP STRUCTURE
Jack Road, Jack Road Oct 14 Cheltenham $142.0m 183 183 183 183 FY16 FY20 $510,000 $1,290,000 100% MPC - Housing 100% Mirvac
Olivine, Donnybrook Road Jun 12 Donnybrook $1,361.4m 4,271 667 593 478 FY18 FY35 $170,000 $400,000 MPC - Land lots Combination of balance sheet and DMA with Boral
Released Stages $196.9m 667 667 593 478 FY18 FY22 $170,000 $400,000 65%
Future Stages $1,164.5m 3,604 0 0 0 FY21 FY35 $230,000 $400,000 5%
Smiths Lane, Smiths Lane Nov 11 Clyde North $809.3m 2,296 398 351 84 FY19 FY29 $173,000 $365,000 10% MPC - Land lots 100% Mirvac
Released Stages $114.2m 431 398 351 84 FY19 FY23 $173,000 $330,000 25%
Future Stages $695.1m 1,865 0 0 0 FY22 FY29 $224,000 $365,000 2%
The Eastbourne, Albert Street Dec 12 East Melbourne $459.8m 258 258 258 257 FY19 FY21 $500,000 $14,000,000 100% Apartments PDA with Freemasons
The Fabric, Blackshaws Road - Altona North $419.4m 571 56 35 0 FY22 FY26 $475,000 $1,250,000 MPC - Mix of housing and apartments 100% Mirvac
Released Stages $81.8m 88 56 35 0 FY22 FY23 $660,000 $1,250,000 0%
Future Stages $178.5m 191 0 0 0 FY23 FY25 $670,000 $1,175,000 0%
Future Stages (apartments) $159.1m 292 0 0 0 FY24 FY26 $475,000 $612,500 0%
Tullamore, Doncaster Road Jul 15 Doncaster $876.2m 914 768 712 604 FY16 FY26 $380,000 $2,250,000 MPC - Mix of land, housing & medium density housing 100% Mirvac
Completed Stages $107.7m 133 133 133 133 FY16 FY18 $540,000 $1,350,000 100%
Released Stages $517.7m 451 399 376 340 FY17 FY26 $625,000 $2,250,000 90%
Apartments Building A (Phoenix) $93.0m 134 134 131 131 FY19 FY21 $380,000 $1,480,000 100%
Apartments Building B (Folia) $79.2m 102 102 72 0 FY21 FY22 $395,000 $1,835,000 20%
Future Stages $78.6m 94 0 0 0 FY23 FY24 $410,000 $1,500,000 2%
Wantirna South, George Street Jun 19 Wantirna South $1,357.3m 1,717 0 0 0 FY25 FY35 TBC TBC 0% MPC - Mix of land, housing & medium density housing PDA with Boral
Waverley Park, Goodison Court Dec 01 Mulgrave $779.4m 1,319 1,297 1,282 1,238 FY04 FY22 $225,000 $1,450,000 MPC - Housing 100% Mirvac
Completed Stages $674.7m 1,198 1,198 1,198 1,198 FY04 FY20 $225,000 $1,405,000 100%
Released Stages $104.7m 121 99 84 40 FY18 FY22 $530,000 $1,450,000 60%
Woodlea, Leakes Road Nov 06 Rockbank $1,883.5m 6,334 3,397 3,363 3,084 FY16 FY33 $135,500 $1,088,888 MPC - Land lots 50% Mirvac 50% Jayaland Corporation
Completed Stages $534.2m 2,495 2,495 2,495 2,495 FY16 FY20 $135,500 $1,088,888 100%
Released Stages $460.2m 989 902 868 589 FY16 FY22 $160,000 $570,000 70%
Future Stages $889.1m 2,850 0 0 0 FY21 FY33 $180,000 $400,000 0%
Yarra's Edge, Lorimer Street Docklands $1,512.9m 1,557 1,128 1,008 780 FY05 FY26 $120,000 $6,000,000 Apartments (and townhouses) 100% Mirvac
Completed Stages Apr 11 $714.4m 664 664 664 664 FY13 FY20 $500,000 $6,000,000 100%
Marina Berths Mar 04 $18.1m 149 149 116 116 FY05 FY26 $120,000 $285,000 100%
Voyager - Tower 11 Oct 16 $302.8m 315 315 228 0 FY22 FY25 $490,000 $2,500,000 50%
Wharf's Entrance Terraces 3 Dec 15 $57.4m 18 0 0 0 FY22 FY23 $2,080,000 $4,650,000 0%
Park Precinct - Retail Stage - $5.6m 1 0 0 0 FY22 FY22 n/a n/a 0%
Future Stages - $414.6m 410 0 0 0 FY24 FY26 $490,000 $4,650,000 0%
----- End of picture text -----

Settlement date may vary as circumstances change.
Construction progress as a percentage of cost, which includes land subdivision but not land acquisition.

Residential Development Victoria

JACK ROAD, JACK ROAD

CHELTENHAM, VIC

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Jack Road is a 4.2 hectare site located in the Bayside suburb of Cheltenham, approximately 20 kilometres south of Melbourne’s CBD. The development comprises 183 dwellings, consisting of boutique style apartments and two, three and four-bedroom homes. The project offers a unique opportunity to live in a masterplanned community close to Port Philip Bay and the established amenity renowned within the Bayside municipality. Mirvac’s bold 18-month research project, the House With No Bills, which aims to transform housing in Australia, concluded in December 2019. The House With No Bills was sold in May 2020.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Oct-14
LOCATION Cheltenham
PROJECT VALUE (INCL. GST) $142.0m
TOTAL LOTS 183
PROJECT PERIOD FY16-FY20
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development Victoria

OLIVINE, DONNYBROOK ROAD

DONNYBROOK, VIC

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Olivine is located approximately 30 kilometres north of Melbourne’s CBD in Donnybrook. The masterplanned community will encompass over 465 hectares and is expected to deliver circa 4,000 lots over approximately 20 years. Olivine is expected to become home to approximately 11,000 residents and will include a new local town centre, education facilities, health, sports and community infrastructure, whilst 30% of the site will be dedicated to open space and conservation. Hume Anglican Grammar Donnybrook is currently open with 240 students across Prep to Grade 4 and will ultimately expand to a Prep – Year 12 school. The $2.5m Olivine Community Hub, encompassing a social enterprise café, community space and sales office, is expected to open in early FY21, in parallel with Gumnut Adventure Park. The nine hectare active open space precinct has also commenced construction and is expected to be ready for use in 2022.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Jun-12
LOCATION Donnybrook
PROJECT VALUE (INCL. GST) $1,361.4m
TOTAL LOTS 4,271
PROJECT PERIOD FY18-FY35
OWNERSHIP STRUCTURE Combination of balance sheet and DMA with Boral
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Residential Development Victoria

SMITHS LANE, SMITHS LANE CLYDE NORTH, VIC

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Smith's Lane is a 200-hectare site located approximately 55 kilometres south-east of the Melbourne CBD in Clyde North in the City of Casey growth area. The masterplanned community is expected to deliver over 2,200 lots over ten years and be home to over 6,000 residents. It will include a new local town centre, a government primary school, an active open space precinct with sporting ovals, six local parks, community facility and walking and cycle trails along Cardinia Creek and the waterway and wetlands. A new Clyde Grammar school is part of the development and is working towards opening for Term 1 in 2022.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Nov-11
LOCATION Clyde North
PROJECT VALUE (INCL. GST) $809.3m
TOTAL LOTS 2,296
PROJECT PERIOD FY19-FY29
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development Victoria

THE EASTBOURNE, ALBERT STREET

EAST MELBOURNE, VIC

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The Eastbourne site is approximately 8,200 square metres and is positioned on the footstep of the Fitzroy Gardens in East Melbourne. The Eastbourne completed in mid-2019 and features 258 apartments across two buildings which are serviced by a four-level basement car park and luxurious amenities. This unique development is a distinct addition to East Melbourne and has raised the bar in luxury residential apartment living.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Dec-12
LOCATION East Melbourne
PROJECT VALUE (INCL. GST) $459.8m
TOTAL LOTS 258
PROJECT PERIOD FY19-FY21
OWNERSHIP STRUCTURE PDA with Freemasons
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Residential Development Victoria

THE FABRIC, BLACKSHAWS ROAD ALTONA NORTH, VIC

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The Fabric is an 11.4-hectare urban infill site located in Altona North, 9 kilometres west of Melbourne’s CBD. The masterplan comprises a total of over 550 dwellings offering 2, 3 and 4- bedroom townhouses and mid-rise apartments. The Fabric townhouses achieve a strong, contemporary architectural style while responding to the context of the local surrounds. Over 1 hectare of public open space will be delivered, including a main local park, a pocket park and linear trails linking green areas throughout the development.

Summary Information - In Progress

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-
ACQUISITION/AGREEMENT DATE
LOCATION Altona North
PROJECT VALUE (INCL. GST) $419.4m
TOTAL LOTS 571
PROJECT PERIOD FY22-FY26
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development Victoria

TULLAMORE, DONCASTER ROAD

DONCASTER, VIC

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Tullamore is a 47 hectare infill development, comprising vacant land, integrated housing and residential apartments. Located 13 kilometres from Melbourne's CBD, Tullamore is nestled among the highly sought after suburb of Doncaster. Formally the Eastern Golf Course, the project is within close proximity to leading retail, education and transport hubs. The first apartment building at Tullamore, Phoenix, was completed in 2019. Folia, the second apartment building is currently under construction.

Summary Information - In Progress

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----- Start of picture text -----

ACQUISITION/AGREEMENT DATE Jul-15
LOCATION Doncaster
PROJECT VALUE (INCL. GST) $876.2m
TOTAL LOTS 914
PROJECT PERIOD FY16-FY26
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development Victoria

WANTIRNA SOUTH, GEORGE STREET

WANTIRNA SOUTH, VIC

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Wantirna South is a 171-hectare site located approximately 25 kilometres south-east of the Melbourne CBD. In June 2019 Mirvac entered a Development Management Deed with Boral to develop the quarry and brickworks site into a future masterplanned community. The development of this site will include both the rehabilitation from its previous quarrying and brick production use and the rezoning and subsequent subdivision. It is envisaged that the community will comprise over 1,700 lots, with the masterplan allowing for a mix of residential land and smaller format townhouses, as well as a potential mixed-use zone comprising of a retail offering and higher density affordable housing. It is anticipated that the community will include over 66 hectares of new parkland, designed to invite and extend the adjacent Dandenong Valley Parklands into the site, and over 12 hectares of local public open space.

Summary Information - In Progress

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----- Start of picture text -----

ACQUISITION/AGREEMENT DATE Jun-19
LOCATION Wantirna South
PROJECT VALUE (INCL. GST) $1,357.3m
TOTAL LOTS 1,717
PROJECT PERIOD FY25-FY35
OWNERSHIP STRUCTURE PDA with Boral
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Residential Development Victoria

WAVERLEY PARK, GOODISON COURT

MULGRAVE, VIC

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Waverley Park is a masterplanned community located in the south-eastern suburb of Mulgrave, approximately 23 kilometres from Melbourne’s CBD. The site, which is over 80 hectares, was previously an Australian Rules Football venue. The oval and a portion of the stadium have been retained and converted into a retail precinct and sporting facilities. Only three stages of the project remain to be completed.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Dec-01
LOCATION Mulgrave
PROJECT VALUE (INCL. GST) $779.4m
TOTAL LOTS 1,319
PROJECT PERIOD FY04-FY22
OWNERSHIP STRUCTURE 100% Mirvac
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Residential Development Victoria

WOODLEA, LEAKES ROAD

ROCKBANK, VIC

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Woodlea is a 711-hectare, greenfield masterplanned community, situated 29 kilometres west of Melbourne’s CBD. The community will accommodate approximately 20,000 residents upon completion, with over 6,000 residents currently residing at Woodlea. Community amenity includes six parks, a medical centre, pharmacy, private childcare and Council community hub (350+ childcare/kindergarten places), smart learning hub, social enterprise cafe, adventure park and a 10-hectare sporting precinct. The development comprises land lots, as well as a townhouse product, built by Mirvac. Bacchus Marsh Grammar primary school, the fifth largest primary school in Victoria, is operational and the State Government is well progressed with construction of a government primary school, expected to open early 2021. Construction of the local town centre is underway and on track for opening at the end of 2020. The centre is 50% leased and is anchored by Coles in addition to comprising 15 specialty retail tenancies and ancillary commercial, allied health and community space.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Nov-06
LOCATION Rockbank
PROJECT VALUE (INCL. GST) $1,883.5m
TOTAL LOTS 6,334
PROJECT PERIOD FY16-FY33
OWNERSHIP STRUCTURE 50% Mirvac 50% Jayaland Corporation
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100

Residential Development Victoria

YARRA'S EDGE, LORIMER STREET

DOCKLANDS, VIC

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Yarra’s Edge is a 14-hectare site located on the north facing bank of the Yarra River in Melbourne's Docklands. Mirvac commenced works at Yarra's Edge in 1999 and on completion, the precinct will include around 2,300 dwellings, with a component of retail, commercial space and a marina.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Various (from 2004)
LOCATION Docklands
PROJECT VALUE (INCL. GST) $1,512.9m
TOTAL LOTS 1,557 [1]
PROJECT PERIOD FY05-FY26
OWNERSHIP STRUCTURE 100% Mirvac
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Includes Wharf's Entrance, Marina Berths and Park Precinct.

101

Residential Development

WESTERN AUSTRALIA

Mirvac Share Expected Revenue $0.7 billion

Pipeline Lots 2,005 lots

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Materplanned
Materplanned Communities 80%
Communities 54%
Apartments 20%
Apartments 46%
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In Progress

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ACQUISITION/ PROJECT
AGREEMENT VALUE TOTAL SETTLEMENT DATE [1] CURRENT PRICE RANGE CONSTRUCTION
PROPERTY DATE LOCATION (INCL. GST) LOTS RELEASED EXCHANGED SETTLED FROM TO FROM TO PROGRESS [2] DESCRIPTION OWNERSHIP STRUCTURE
Beachside Leighton, Freeman Loop Aug 06 North Fremantle $351.6m 287 287 256 182 FY11 FY22 $420,000 $8,950,000 Apartments with mixed use 100% Mirvac
Completed Stages $170.0m 69 69 69 69 FY11 FY16 $840,000 $8,950,000 100%
Prima & Meridian $114.0m 113 113 113 113 FY18 FY20 $495,000 $1,860,000 100%
Compass $66.5m 104 104 73 0 FY21 FY22 $420,000 $1,145,000 87%
Hotel Site $1.1m 1 1 1 0 FY20 FY20 $1,000,000 $1,000,000 100%
Claremont, Corner Graylands Road & KYLE WAY Jan 15 Claremont $152.4m 233 233 214 139 FY19 FY24 $465,000 $1,495,000 Apartments 100% Mirvac
Grandstand $91.0m 142 142 131 89 FY19 FY22 $465,000 $1,165,000 100%
Reserve $61.4m 91 91 83 50 FY19 FY24 $495,000 $1,495,000 100%
Henley Brook, PARK STREET Nov 18 Henley Brook $148.9m 602 0 0 0 FY21 FY26 $180,000 $319,000 0% MPC - Land lots 100% Mirvac
Iluma Private Estate, Marshall Road Dec 14 Bennett Springs $163.0m 623 354 224 210 FY18 FY24 $125,000 $349,000 MPC - Land lots 100% Mirvac
Released Stages $98.2m 376 354 224 210 FY18 FY24 $125,000 $349,000 100%
Future Stages $64.8m 247 0 0 0 FY22 FY24 $225,000 $340,000 3%
Madox, Nicholson Road Feb 16 Piara Waters $113.0m 396 202 144 142 FY18 FY24 $122,500 $385,000 MPC - Land lots 100% Mirvac
Released Stages $77.5m 271 202 144 142 FY18 FY24 $165,000 $385,000 79%
Future Stages $35.5m 125 0 0 0 FY23 FY24 $122,500 $372,000 14%
ONE71 Baldivis, Baldivis Road Dec 13 Baldivis $74.8m 413 222 168 159 FY16 FY28 $131,000 $268,000 MPC - Land lots 100% Mirvac
Released Stages $52.7m 287 222 168 159 FY16 FY28 $152,000 $268,000 74%
Future Stages $22.1m 126 0 0 0 FY24 FY28 $131,000 $240,000 10%
Osprey Waters, Bridgewater Boulevard Dec 13 Mandurah $83.6m 458 412 375 372 FY14 FY23 $109,000 $500,000 MPC - Land lots 100% Mirvac
Completed Stages $47.2m 262 262 262 262 FY14 FY19 $109,000 $239,000 100%
Released Stages $31.1m 121 150 113 110 FY14 FY23 $147,000 $270,000 100%
Future Stages $5.3m 75 0 0 0 FY22 FY23 $174,000 $500,000 22%
The Peninsula, The Circus Feb 03 Burswood $685.0m 633 443 436 436 FY07 FY25 $385,000 $13,395,000 Apartments, Medium Density & Land Lots 100% Mirvac
Completed Stages $476.9m 419 419 419 419 FY07 FY17 $385,000 $13,395,000 100%
Lot 16 $5.9m 7 7 6 6 FY18 FY22 $670,000 $1,785,000 65%
Lot 3 $8.0m 17 17 11 11 FY18 FY21 $440,000 $562,000 100%
Future Stages $194.2m 190 0 0 0 FY22 FY25 $399,000 $11,990,000 0%
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Settlement date may vary as circumstances change.
Construction progress as a percentage of cost, which includes land subdivision but not land acquisition.

102

Residential Development

Western Australia

BEACHSIDE LEIGHTON, FREEMAN LOOP

NORTH FREMANTLE, WA

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Beachside Leighton is a mixed-use development, approximately 20 kilometres south west of the Perth CBD in a coastal location, comprising apartments, terraces, retail and a future hotel site. Construction of the last stage of the project, the Compass apartment building, is underway.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Aug-06
LOCATION North Fremantle
PROJECT VALUE (INCL. GST) $351.6m
TOTAL LOTS 287
PROJECT PERIOD FY11-FY22
OWNERSHIP STRUCTURE 100% Mirvac
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103

Residential Development Western Australia

CLAREMONT, CORNER GRAYLANDS ROAD & KYLE WAY

CLAREMONT, WA

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Acquired in 2015 as part of the WA State Government’s redevelopment of the Claremont North East Precinct, the Claremont project is located 9 kilometres south-west of the Perth CBD. Claremont by Mirvac comprises 233 unique apartments across two stages (Grandstand and Reserve) set around the periphery of the iconic Claremont Oval. In 2019 the project won the UDIA Award for Excellence in Marketing, for the Rent to Buy Campaign.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Jan-15
LOCATION Claremont
PROJECT VALUE (INCL. GST) $152.4m
TOTAL LOTS 233
PROJECT PERIOD FY19-FY24
OWNERSHIP STRUCTURE 100% Mirvac
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104

Residential Development Western Australia

HENLEY BROOK, PARK STREET

HENLEY BROOK, WA

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Henley Brook is a future masterplanned community located 22 kilometres north-east of the Perth CBD in Perth’s fastest growing corridor and within the municipality of the City of Swan. The 33.5hectare site will comprise over 600 land lots.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Nov-18
LOCATION Henley Brook
PROJECT VALUE (INCL. GST) $148.9m
TOTAL LOTS 602
PROJECT PERIOD FY21-FY26
OWNERSHIP STRUCTURE 100% Mirvac
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105

Residential Development

Western Australia

ILUMA PRIVATE ESTATE, MARSHALL ROAD

BENNETT SPRINGS, WA

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Iluma Private Estate is a masterplanned community within the City of Swan’s urban growth corridor, approximately 15 kilometres north-east of Perth’s CBD. The first five stages of the project are complete with the 44-hectare site ultimately providing over 600 residential dwellings linked by a series of central linear public open spaces.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Dec-14
LOCATION Bennett Springs
PROJECT VALUE (INCL. GST) $163.0m
TOTAL LOTS 623
PROJECT PERIOD FY18-FY24
OWNERSHIP STRUCTURE 100% Mirvac
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106

Residential Development Western Australia

MADOX, NICHOLSON ROAD

PIARA WATERS, WA

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Madox is a masterplanned community located 22 kilometres south east of the Perth CBD and is intended to deliver over 400 lots. Four stages as well as the central open space have now been completed.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Feb-16
LOCATION Piara Waters
PROJECT VALUE (INCL. GST) $113.0m
TOTAL LOTS 396
PROJECT PERIOD FY18-FY24
OWNERSHIP STRUCTURE 100% Mirvac
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107

Residential Development

Western Australia

ONE71 BALDIVIS, BALDIVIS ROAD

BALDIVIS, WA

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One71 Baldivis is a masterplanned community located 40 minutes from Perth’s CBD in the southwest corridor. The site is approximately 30 hectares and will house 413 lots at completion. Four stages have been completed and the community now has a primary school, Sheoak Grove Primary School, which opened in early 2020.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Dec-13
LOCATION Baldivis
PROJECT VALUE (INCL. GST) $74.8m
TOTAL LOTS 413
PROJECT PERIOD FY16-FY28
OWNERSHIP STRUCTURE 100% Mirvac
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108

Residential Development Western Australia

OSPREY WATERS, BRIDGEWATER BOULEVARD

MANDURAH, WA

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Osprey Waters is a masterplanned community located 50 minutes south of the Perth CBD and will deliver over 450 lots. Additionally, the site will deliver 15 hectares of quality, landscaped public open space, 2.2 hectares of spectacular foreshore reserve, retained natural bushland, boardwalks, walking trails, playgrounds and other community spaces.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Dec-13
LOCATION Mandurah
PROJECT VALUE (INCL. GST) $83.6m
TOTAL LOTS 458
PROJECT PERIOD FY14-FY23
OWNERSHIP STRUCTURE 100% Mirvac
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109

Residential Development Western Australia

THE PENINSULA, THE CIRCUS

BURSWOOD, WA

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This 17-hectare site is located within the town of Victoria Park on the Burswood Peninsula, approximately five kilometres east of Perth’s CBD. The development comprises seven apartment buildings as well as land and built form lots and is adjacent to the Crown Casino and entertainment complex and the new Perth Stadium.

Summary Information - In Progress

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ACQUISITION/AGREEMENT DATE Feb-03
LOCATION Burswood
PROJECT VALUE (INCL. GST) $685.0m
TOTAL LOTS 633
PROJECT PERIOD FY07-FY25
OWNERSHIP STRUCTURE 100% Mirvac
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110

Important Notice

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This Property Compendium has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “Mirvac Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Property Compendium has been obtained from or based on sources believed by Mirvac Group to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisors do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Property Compendium or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Property Compendium is not financial advice or a recommendation to acquire Mirvac Group stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals.

Before making an investment decision prospective investors should consider the appropriateness of the information in this Property Compendium and Mirvac Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac Group stapled securities is provided in this Property Compendium, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

This Property Compendium contains certain “forward looking” statements. The words “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, “target”, “consider” and “will” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions, valuations and estimates provided in this Property Compendium are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions.

An investment in Mirvac Group stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac Group, including possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac Group nor does it guarantee the repayment of capital from Mirvac Group or any particular tax treatment.

Past performance information given in this Property Compendium is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

This Property Compendium is not an offer or an invitation to acquire Mirvac Group stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

The information contained in this Property Compendium is dated 30 June 2020, unless otherwise stated.

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Contact
Us
Olivine, Melbourne
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Twitter Phone @mirvac

+61 2 9080 8000

Website www.mirvac.com

Email [email protected]

AI assistant

MIRVAC GROUP — Annual Report 2020

65328_rns_2020-08-19_d11343ad-52f4-4f6f-9914-018dc22d1750.pdf

FY20 Property Compendium Reimagine Urban Life

Investment Overview

Property Portfolio

Property Portfolio Diversification

Sector Diversification[4]

Geographic Diversification[4]

Lease Expiry Profile[5]

Total Portfolio

Industrial Portfolio

Office Portfolio

Retail Portfolio

Office

Office

Grade Diversification[1]

Geographic Diversification[2]

Investment Property Office

101-103 MILLER STREET

NORTH SYDNEY, NSW

Investment Property Office

40 MILLER STREET

NORTH SYDNEY, NSW

Investment Property Office

10-20 BOND STREET SYDNEY, NSW

Summary Information

Investment Property Office

200 GEORGE STREET

SYDNEY, NSW

Summary Information

Investment Property Office

275 KENT STREET

SYDNEY, NSW

Summary Information

Investment Property Office

60 MARGARET STREET

SYDNEY, NSW

Investment Property Office

QUAY WEST CAR PARK, 109-111 HARRINGTON STREET

SYDNEY, NSW

Investment Property Office

75 GEORGE STREET

PARRAMATTA, NSW

Investment Property Office

1 DARLING ISLAND

PYRMONT, NSW

Investment Property Office

65 PIRRAMA ROAD

PYRMONT, NSW

Summary Information

Investment Property Office

SOUTH EVELEIGH (BUILDINGS 1 & 3)

SOUTH EVELEIGH, NSW

Summary Information

Investment Property Office

699 BOURKE STREET

MELBOURNE, VIC

Summary Information

Investment Property Office

90 COLLINS STREET

MELBOURNE, VIC

Summary Information

Investment Property Office

367 COLLINS STREET

MELBOURNE, VIC

Summary Information

Investment Property Office

664 COLLINS STREET

MELBOURNE, VIC

Summary Information

Investment Property Office

383 LA TROBE STREET

MELBOURNE, VIC

Investment Property Office

380 ST KILDA ROAD

MELBOURNE, VIC

Summary Information

Investment Property Office

RIVERSIDE QUAY

MIRVAC GROUP Annual Report 2020