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MIRVAC GROUP Investor Presentation 2017

Feb 15, 2017

65328_rns_2017-02-15_911338c2-bdfa-4f64-8f8b-8d2ebb465e0c.pdf

Investor Presentation

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1H17 property compendium

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016
INVESTMENT
OVERVIEW
200 George Street, NSW
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Mirvac manages a diverse portfolio of investment assets across the office, retail and industrial 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.

2

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

INVESTMENT OVERVIEW

PROPERTY PORTFOLIO

AS AT 31 DECEMBER 2016

TYPE OF PROPERTY
NO. OF
PROPERTIES
BOOK VALUE
($M)
GLA/NLA
(SQM)
WALE
(YEARS)
OCCUPANCY
(%)
CAP RATE
(%)		 TYPE OF PROPERTY
NO. OF
PROPERTIES
BOOK VALUE
($M)
GLA/NLA
(SQM)
WALE
(YEARS)
OCCUPANCY
(%)
CAP RATE
(%)		 TYPE OF PROPERTY
NO. OF
PROPERTIES
BOOK VALUE
($M)
GLA/NLA
(SQM)
WALE
(YEARS)
OCCUPANCY
(%)
CAP RATE
(%)		 TYPE OF PROPERTY
NO. OF
PROPERTIES
BOOK VALUE
($M)
GLA/NLA
(SQM)
WALE
(YEARS)
OCCUPANCY
(%)
CAP RATE
(%)		 TYPE OF PROPERTY
NO. OF
PROPERTIES
BOOK VALUE
($M)
GLA/NLA
(SQM)
WALE
(YEARS)
OCCUPANCY
(%)
CAP RATE
(%)		 TYPE OF PROPERTY
NO. OF
PROPERTIES
BOOK VALUE
($M)
GLA/NLA
(SQM)
WALE
(YEARS)
OCCUPANCY
(%)
CAP RATE
(%)
OFFICE
28		 4,709.9 624,158 6.9 97.2 5.96
INDUSTRIAL
18		 814.9 479,277 7.7 99.7 6.37
RETAIL
17		 2,926.6 419,270 4.3 99.7 5.95
Subtotal
631		 8,451.41 1,522,705 6.1 98.6 6.00
OTHER INVESTMENTS
n/a		 223.4 n/a n/a n/a n/a
Total Portfolio
63		 8,674.8 1,522,705 6.1 98.6 6.00

PROPERTY PORTFOLIO DIVERSIFICATION

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SECTOR DIVERSIFICATION [2] GEOGRAPHIC DIVERSIFICATION [3]
OFFICE 55% NSW 62%
INDUSTRIAL 10% VIC 15%
RETAIL 35% QLD 13%
WA 5%
ACT 4%
USA 1%
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LEASE EXPIRY PROFILE[4]

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TOTAL PORTFOLIO OFFICE PORTFOLIO
1,522,705 sqm 624,158 sqm
WALE 6.1 YEARS WALE 6.9 YEARS
60% 60%
57%
52% 50% 50%
40% 40%
30% 30%
20% 20%
6% 11% 8% 9% 12% 10% 11% 6% 8% 12% 10%
2% 0% 3% 3% 0%
VACANT 2H17 FY18 FY19 FY20 FY21 FY22 + VACANT 2H17 FY18 FY19 FY20 FY21 FY22 +
INDUSTRIAL PORTFOLIO RETAIL PORTFOLIO
479,277 sqm 419,270 sqm
WALE 7.7 YEARS WALE 4.3 YEARS
64%
60% 60%
50% 50%
40% 41% 40%
30% 30%
20% 20%
18%
9% 10% 11% 12% 12% 12% 12% 10%
5%
1% 1% 2% 0% <1% 0%
VACANT 2H17 FY18 FY19 FY20 FY21 FY22 + VACANT 2H17 FY18 FY19 FY20 FY21 FY22 +
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  • 1 PORTFOLIO NUMBER AND VALUE INCLUDES INVESTMENT PROPERTIES UNDER CONSTRUCTION (IPUC). 2 BY BOOK VALUE, EXCLUDES OTHER INVESTMENTS.

  • 3 BY BOOK VALUE, EXCLUDES OTHER INVESTMENTS, IPUC AND 55 COONARA AVENUE, WEST PENNANT HILLS, HELD FOR DEVELOPMENT. 4 BY INCOME, EXCLUDING IPUC AND OTHER INVESTMENTS.

3

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016
OFFICE
David Malcolm Justice Centre, WA
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Comprising 55% 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 6.9 years.

4

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Office

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GRADE DIVERSIFICATION [1 ] GEOGRAPHIC DIVERSIFICATION [1 ]
PREMIUM 35% SYDNEY 57%
A GRADE 60% MELBOURNE 24%
B GRADE 2% BRISBANE 3%
C GRADE 3% CANBERRA 6%
PERTH 10%
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PROPERTY
LOCATION
NLA
% OF OFFICE
PORTFOLIO
BOOK VALUE2
GROSS
OFFICE RENT
VALUATION
AT 31
DECEMBER
20163		 PROPERTY
LOCATION
NLA
% OF OFFICE
PORTFOLIO
BOOK VALUE2
GROSS
OFFICE RENT
VALUATION
AT 31
DECEMBER
20163		 PROPERTY
LOCATION
NLA
% OF OFFICE
PORTFOLIO
BOOK VALUE2
GROSS
OFFICE RENT
VALUATION
AT 31
DECEMBER
20163		 PROPERTY
LOCATION
NLA
% OF OFFICE
PORTFOLIO
BOOK VALUE2
GROSS
OFFICE RENT
VALUATION
AT 31
DECEMBER
20163


NABERS
RATING
1
101-103 MILLER STREET
NORTH SYDNEY, NSW
37,455 SQM		 4.8% $930/SQM $222.9m 5.0 Star
2
40 MILLER STREET
NORTH SYDNEY, NSW
12,611 SQM		 3.0% $798/SQM $135.9m 5.0 Star
3
10-20 BOND STREET
SYDNEY, NSW
38,271 SQM		 5.6% $948/SQM $258.5m 5.5 Star
4
200 GEORGE STREET
SYDNEY, NSW
38,993 SQM		 9.2% $1,220/SQM $423.0m
5
275 KENT STREET
SYDNEY, NSW
76,452 SQM		 10.6% $958/SQM $486.8m 5.0 Star
6
60 MARGARET STREET
SYDNEY, NSW
40,770 SQM		 5.1% $874/SQM $236.5m 4.0 Star
7
37 PITT STREET
SYDNEY, NSW
12,138 SQM		 1.6% $604/SQM $72.5m 3.0 Star
8
51 PITT STREET
SYDNEY, NSW
4,986 SQM		 0.6% $662/SQM $26.3m 2.5 Star
9
6-8 UNDERWOOD STREET
SYDNEY, NSW
3,234 SQM		 0.2% $477/SQM $9.7m 3.5 Star
10
QUAY WEST CAR PARK, 109-111 HARRINGTON
STREET
SYDNEY, NSW
399 SQM		 0.7% $33.5m
11
1 DARLING ISLAND
PYRMONT, NSW
22,197 SQM		 5.1% $684/SQM $233.0m 5.5 Star
12
65 PIRRAMA ROAD
PYRMONT, NSW
15,931 SQM		 3.1% $714/SQM $141.0m 6.0 Star
13
AUSTRALIAN TECHNOLOGY PARK
(LOCOMOTIVE SHEDS),LOCOMOTIVE STREET
REDFERN, NSW
15,392 SQM		 1.8% $511/SQM $82.3m
14
699 BOURKE STREET
MELBOURNE, VIC
19,303 SQM		 1.9% $631/SQM $89.5m 5.0 Star
15
90 COLLINS STREET
MELBOURNE, VIC
21,302 SQM		 4.8% $661/SQM $220.0m 4.0 Star
16
367 COLLINS STREET
MELBOURNE, VIC
37,260 SQM		 5.9% $622/SQM $272.8m 2.5 Star
17
380 ST KILDA ROAD
MELBOURNE, VIC
24,561 SQM		 3.6% $474/SQM $165.8m 4.5 Star
18
RIVERSIDE QUAY
SOUTHBANK, VIC
30,912 SQM		 5.1% $567/SQM $232.9m 4.5 Star
19
2 RIVERSIDE QUAY
SOUTHBANK, VIC
21,239 SQM		 2.4% $620/SQM $112.5m
20
23 FURZER STREET
PHILLIP, ACT
46,167 SQM		 5.7% $479/SQM $264.0m 6.0 Star
21
340 ADELAIDE STREET
BRISBANE, QLD
12,964 SQM		 1.3% $597/SQM $60.0m 2.5 Star
22
189 GREY STREET
SOUTHBANK, QLD
12,729 SQM		 1.9% $510/SQM $87.5m 4.5 Star
23
ALLENDALE SQUARE, 77 ST GEORGES TERRACE
PERTH, WA
27,515 SQM		 5.0% $893/SQM $230.5m 4.0 Star
OFFICE INVESTMENT PROPERTIES TOTAL
572,782 SQM		 90.7%4 $4,173.9m4
24
AUSTRALIAN TECHNOLOGY PARK, LOCOMOTIVE
STREET
REDFERN, NSW		 $37.2m
25
477 COLLINS STREET
MELBOURNE, VIC		 $45.2m
26
664 COLLINS STREET
MELBOURNE, VIC		 $23.6m
OFFICE INVESTMENT PROPERTIES UNDER CONSTRUCTION TOTAL $106.0m
OFFICE INVESTMENT PROPERTIES AND INVESTMENT PROPERTIES
UNDER CONSTRUCTION TOTAL
572,782 SQM		 $4,279.9m4
27
8 CHIFLEY SQUARE
SYDNEY, NSW
19,349 SQM		 4.8% $1,442/SQM $222.5m 5.0 Star
28
DAVID MALCOLM JUSTICE CENTRE,
28 BARRACK STREET
PERTH, WA
32,027 SQM		 4.5% $885/SQM $207.5m
INVESTMENTS IN JOINT VENTURES TOTAL
51,376 SQM		 $430.0m
OFFICE TOTAL
624,158 SQM		 100.0%4 $4,709.9m4
WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME)
OCCUPANCY % (BY AREA)2
6.9 YEARS
97.2%

  1. BY BOOK VALUE EXCLUDING IPUC AND 55 COONARA AVENUE, HELD FOR DEVELOPMENT.

  2. EXCLUDES OFFICE PROPERTIES UNDER DEVELOPMENT.

  3. BOOK VALUES REPRESENT MPT’S OWNERSHIP.

  4. THIS TOTAL VALUE INCLUDES 55 COONARA AVENUE WEST PENNANT HILLS, VALUED AT $76.5M, WHICH IS BEING HELD FOR DEVELOPMENT. THIS ASSET IS EXCLUDED FROM ALL OTHER METRICS.

5

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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 a major refurbishment in 2008. The only premium grade office tower in North Sydney, it has achieved a 5 Star Green Star rating and a 5 Star NABERS Energy rating.

Summary Information
GRADE PREMIUM
NABERS Rating 5.0 Star
OWNERSHIP 50% MPT, 50% TIAA Henderson Real Estate
NLA 37,455 SQM
CAR SPACES 231
ACQUISITION DATE Jun-94
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $222.9m1
VALUER Directors Valuation
CAPITALISATION RATE 6.00%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $930/SQM
Major Tenants
NLA SQM		 Lease Expiry
Commonwealth of Australia
10,270		 Nov-26
Genworth Financial Mortgage Insurance
5,898		 Jul-18
Lease Expiry Profile % Income
VACANCY
15.4%
2H17
3.7%
FY18
14.4%
FY19
19.8%
FY20
0.1%
FY21
3.3%
BEYOND
43.3%
WALE
4.3 YEARS
  1. Book value represents MPT's ownership

6

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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.

Summary Information
GRADE A
NABERS Rating 5.0 Star
OWNERSHIP 100% MPT
NLA 12,611 SQM
CAR SPACES 100
ACQUISITION DATE Mar-98
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $135.9m
VALUER Directors Valuation
CAPITALISATION RATE 6.25%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $798/SQM
Major Tenants
NLA SQM		 Lease Expiry
UGL Limited
7,703		 Nov-20
InvoCare Australia Pty Ltd
1,658		 May-21
Lease Expiry Profile % Income
VACANCY
0.1%
2H17
1.2%
FY18
0.8%
FY19
1.0%
FY20
0.0%
FY21
75.7%
BEYOND
21.2%
WALE
4.3 YEARS

7

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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 rating, a 5.5 Star NABERS Energy rating and a 4 Star NABERS Water rating.

Summary Information
GRADE A
NABERS Rating 5.5 Star
OWNERSHIP 50% MPT, 50% Investa
NLA 38,271 SQM
CAR SPACES 150
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $258.5m1
VALUER Knight Frank
CAPITALISATION RATE 5.50%
DISCOUNT RATE 7.13%
GROSS OFFICE RENT $948/SQM
Major Tenants
NLA SQM		 Lease Expiry
Fitness First Australia
4,445		 Mar-24
Origin Energy Services Limited
3,746		 Nov-19
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
2.8%
FY18
13.6%
FY19
19.1%
FY20
9.4%
FY21
29.7%
BEYOND
25.4%
WALE
3.6 YEARS
  1. Book value represents MPT's ownership

8

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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 FrancisJones Moreen Throp. The distinctive appearance of a closed-cavity facade with timber blinds are 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. Mirvac's headquarters at 200 George Street will also become one of Australiaʼs first WELL-certified tenancies, with the building targeting a 6 Star Green Star As-Built rating, a 5 Star NABERS Energy rating and 4 Star NABERS Water rating.

Summary Information
GRADE PREMIUM
NABERS RATING -
OWNERSHIP 50% MPT, 50% AMP
NLA 38,993 SQM
CAR SPACES 63
ACQUISITION DATE Jun-16
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $423.0m1
VALUER JLL
CAPITALISATION RATE 5.00%
DISCOUNT RATE 6.75%
GROSS OFFICE RENT $1,220/SQM
Major Tenants2
NLA SQM		 Lease Expiry
Ernst & Young
25,850		 Dec-26
AGL Energy
3,457		 Jun-29
Lease Expiry Profile % Income
VACANCY
1.3%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
98.7%
WALE
9.7 YEARS

  1. Book value represents MPT's ownership

  2. Excludes Mirvac tenancy

9

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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 sunfilled urban park available for public use, a 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
GRADE PREMIUM
NABERS Rating 5.0 Star
OWNERSHIP 50% MPT, 50% Blackstone
NLA 76,452 SQM
CAR SPACES 214
ACQUISITION DATE Aug-10
LAST EXTERNAL VALUATION DATE 31-Dec-15
VALUATION AT 31 DEC 16 $486.8m1
VALUER Directors Valuation
CAPITALISATION RATE 5.25%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $958/SQM
Major Tenants
NLA SQM		 Lease Expiry
Westpac (L1-23)
58,462		 Oct-30
Westpac (L24-32)
15,714		 Jun-18
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.5%
FY18
22.5%
FY19
1.3%
FY20
0.0%
FY21
0.2%
BEYOND
75.5%
WALE
10.8 YEARS
  1. Book value represents MPT's ownership

10

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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.

Summary Information
GRADE A
NABERS rating 4.0 Star
OWNERSHIP 50% MPT, 50% PAG
NLA 40,770 SQM
CAR SPACES 155
ACQUISITION DATE Aug-98
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $236.5m1
VALUER CBRE
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.13%
GROSS OFFICE RENT $874/SQM
Major Tenants
NLA SQM		 Lease Expiry
ING2
10,031		 May-27
Suncorp
5,289		 Sep-17
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
3.2%
FY18
28.4%
FY19
10.2%
FY20
13.0%
FY21
12.1%
BEYOND
33.1%
WALE
4.5 YEARS

  1. Book value represents MPT's ownership

  2. Lease commencement Jun-17

11

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Office

37 PITT STREET

SYDNEY, NSW

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37 Pitt Street is a high quality C-grade office building located in a convenient position in the harbour end of town. It lies within a few minutesʼ walk of Circular Quay, Martin Place, the Australian Stock Exchange, Wynyard station and more. The building underwent substantial upgrades in 1994, and features a new façade and lobby, upgraded lifts and air conditioning and refurbished floors.

Summary Information
GRADE C
NABERS Rating 3.0 Star
OWNERSHIP 100% MPT
NLA 12,138 SQM
CAR SPACES 93
ACQUISITION DATE May-13
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $72.5m
VALUER Directors Valuation
CAPITALISATION RATE 7.00%
DISCOUNT RATE 7.75%
GROSS OFFICE RENT $604/SQM
Major Tenants
NLA SQM		 Lease Expiry
Government Property NSW
1,113		 Apr-17
Auscred Pty Limited
1,108		 Mar-18
Lease Expiry Profile % Income
VACANCY
4.2%
2H17
20.7%
FY18
55.8%
FY19
9.8%
FY20
8.1%
FY21
1.4%
BEYOND
0.0%
WALE
1.1 YEARS

12

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Office

51 PITT STREET

SYDNEY, NSW

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51 Pitt Street is a high quality office building, enjoying a prime corner position at the harbour end of town. It lies within a few minutes walk of Circular Quay, Martin Place, the Australian Securities Exchange, Wynyard Station and more. The building was refurbished in 1993, with further renovation of level one in 2004.

Summary Information
GRADE C
NABERS Rating 2.5 Star
OWNERSHIP 100% MPT
NLA 4,986 SQM
CAR SPACES 21
ACQUISITION DATE May-13
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $26.3m
VALUER Directors Valuation
CAPITALISATION RATE 7.00%
DISCOUNT RATE 7.75%
GROSS OFFICE RENT $662/SQM
Major Tenants
NLA SQM		 Lease Expiry
Mainstream Bpo Pty Limited
846		 Dec-17
MP Travel Pty Ltd
619		 Sep-17
Lease Expiry Profile % Income
VACANCY
1.0%
2H17
10.0%
FY18
83.1%
FY19
3.7%
FY20
2.2%
FY21
0.0%
BEYOND
0.0%
WALE
1.0 YEARS

13

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Office

6-8 UNDERWOOD STREET

SYDNEY, NSW

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6-8 Underwood Street was originally purpose built for Telstra's technical operations and features floors of approximately 350 square metres. The property is located on the southern side of Underwood Street between Pitt and Dalley Streets, and lies within 200 metres of Circular Quay, George Street and Wynyard Station. It has achieved a 4 Star NABERS Energy rating.

Summary Information
GRADE C
NABERS Rating 3.5 Star
OWNERSHIP 100% MPT
NLA 3,234 SQM
CAR SPACES -
ACQUISITION DATE May-13
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $9.7m
VALUER Directors Valuation
CAPITALISATION RATE 7.25%
DISCOUNT RATE 7.75%
GROSS OFFICE RENT $477/SQM
Major Tenants
NLA SQM		 Lease Expiry
Nearmap Australia Pty Ltd
1,381		 Jul-17
Grocon Constructors Pty Ltd
345		 Mar-17
Lease Expiry Profile % Income
VACANCY
10.0%
2H17
7.7%
FY18
60.3%
FY19
11.3%
FY20
0.0%
FY21
10.7%
BEYOND
0.0%
WALE
1.1 YEARS

14

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

QUAY WEST CAR PARK, 109-111 HARRINGTON STREET

SYDNEY, NSW

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Located under Quay West Suites in The Rocks area, 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.

Summary Information
GRADE N/A
OWNERSHIP 100% MPT
NLA 399 SQM
CAR SPACES 598
ACQUISITION DATE Nov-89
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $33.5m
VALUER JLL
CAPITALISATION RATE 6.75%
DISCOUNT RATE 8.50%
Major Tenants
NLA SQM		 Lease Expiry
Wilson Parking Australia
-		 Jun-17
S&S (NSW) Pty Ltd
268		 Feb-18
Lease Expiry Profile % Income
VACANCY
2.7%
2H17
90.2%
FY18
7.1%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
0.0%
WALE
0.5 YEARS

15

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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 5.5 Star NABERS Energy rating.

Summary Information
GRADE A
NABERS Rating 5.5 Star
OWNERSHIP 100% MPT
NLA 22,197 SQM
CAR SPACES 160
ACQUISITION DATE Apr-04
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $233.0m
VALUER JLL
CAPITALISATION RATE 6.00%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $684/SQM
Major Tenants
NLA SQM		 Lease Expiry
Fairfax Media Limited
22,197		 Jun-27
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
10.5 YEARS

16

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

65 PIRRAMA ROAD

PYRMONT, NSW

==> picture [187 x 119] intentionally omitted <==

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 5.5 Star NABERS Energy rating.

Summary Information
GRADE A
NABERS Rating 6.0 Star
OWNERSHIP 100% MPT
NLA 15,931 SQM
CAR SPACES 123
ACQUISITION DATE Jun-01
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $141.0m
VALUER CBRE
CAPITALISATION RATE 6.25%
DISCOUNT RATE 7.50%
GROSS OFFICE RENT $714/SQM
Major Tenants
NLA SQM		 Lease Expiry
John Holland
6,243		 Dec-19
Aust Communications & Media Authority
3,289		 Feb-21
Lease Expiry Profile % Income
VACANCY
1.8%
2H17
0.7%
FY18
25.3%
FY19
0.0%
FY20
50.9%
FY21
21.3%
BEYOND
0.0%
WALE
2.6 YEARS

17

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Office

AUSTRALIAN TECHNOLOGY PARK (LOCOMOTIVE SHEDS), LOCOMOTIVE STREET REDFERN, NSW

==> picture [187 x 119] intentionally omitted <==

The Locomotive Workshops is a heritage-listed building constructed in 1887, to be redeveloped as part of the Australian Technology Park (ATP) project. The Locomotive Workshops will deliver high-quality, multi-purpose A-grade workspaces for major technology and innovation users and start-up businesses. Media City Car Park provides 350 car bays.

Summary Information
GRADE B
NABERS rating -
OWNERSHIP 100% MPT
NLA 15,392 SQM
CAR SPACES 350
ACQUISITION DATE Apr-16
LAST EXTERNAL VALUATION DATE -
VALUATION AT 31 DEC 16 $82.3m
VALUER Directors Valuation
CAPITALISATION RATE 7.50%
DISCOUNT RATE 8.25%
GROSS OFFICE RENT $511/SQM
Major Tenants
NLA SQM		 Lease Expiry
Fuji Xerox Australia Pty Limited
4,675		 Dec-17
Post Op Group Pty Ltd
2,240		 Oct-19
Lease Expiry Profile % Income
VACANCY
4.9%
2H17
4.9%
FY18
34.0%
FY19
15.6%
FY20
27.6%
FY21
10.8%
BEYOND
2.2%
WALE
3.5 YEARS

18

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

699 BOURKE STREET

MELBOURNE, VIC

==> picture [187 x 119] intentionally omitted <==

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 is targeting a 5 Star NABERS Energy rating.

Summary Information
GRADE A
NABERS Rating 5.0 Star
OWNERSHIP 50% MPT, 50% TIAA Henderson Real Estate
NLA 19,303 SQM
CAR SPACES 86
ACQUISITION DATE Jun-15
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $89.5m1
VALUER CBRE
CAPITALISATION RATE 5.50%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $631/SQM
Major Tenants
NLA SQM		 Lease Expiry
AGL Energy
19,303		 May-25
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
3.3%
BEYOND
96.7%
WALE
8.3 YEARS
  1. Book value represents MPT's ownership

19

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

90 COLLINS STREET

MELBOURNE, VIC

==> picture [187 x 119] intentionally omitted <==

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 recently undergone a multi-million dollar refurbishment to provide state-of-the-art building services, contemporary finishes and modern end-of-trip facilities.

Summary Information
GRADE A
NABERS Rating 4.0 Star
OWNERSHIP 100% MPT
NLA 21,302 SQM
CAR SPACES 110
ACQUISITION DATE May-13
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $220.0m
VALUER JLL
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $661/SQM
Major Tenants
NLA SQM		 Lease Expiry
Whitbread Associates Pty Ltd
1,461		 Dec-24
Commonwealth of Australia
1,420		 Aug-17
Lease Expiry Profile % Income
VACANCY
5.4%
2H17
3.0%
FY18
9.0%
FY19
4.5%
FY20
21.7%
FY21
14.0%
BEYOND
42.4%
WALE
4.0 YEARS

20

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

367 COLLINS STREET

MELBOURNE, VIC

==> picture [187 x 119] intentionally omitted <==

367 Collins Street is ideally located in the centre of the Melbourne CBD, close to public transport, retail, the theatre and arts and is a short tram ride to the MCG and Etihad Stadium. Located within the heart of Melbourne's financial precinct and close to the legal and government sectors, the tower offers spectacular views of the Yarra River and is five minutes walk to Flinders Street Station.

Summary Information
GRADE A
NABERS Rating 2.5 Star
OWNERSHIP 100% MPT
NLA 37,260 SQM
CAR SPACES 209
ACQUISITION DATE Nov-13
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $272.8m
VALUER CBRE
CAPITALISATION RATE 5.88%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $622/SQM
Major Tenants
NLA SQM		 Lease Expiry
Sportsbet Pty Ltd
12,105		 Jun-23
Optus Administration Pty Ltd
8,922		 Jul-23
Lease Expiry Profile % Income
VACANCY
1.5%
2H17
3.9%
FY18
3.1%
FY19
6.2%
FY20
0.0%
FY21
4.1%
BEYOND
81.2%
WALE
5.7 YEARS

21

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

380 ST KILDA ROAD

MELBOURNE, VIC

==> picture [187 x 119] intentionally omitted <==

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.

Summary Information
GRADE A
NABERS Rating 4.5 Star
OWNERSHIP 100% MPT
NLA 24,561 SQM
CAR SPACES 481
ACQUISITION DATE Oct 95 (50%) Apr 01 (50%)
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $165.8m
VALUER Urbis
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.50%
GROSS OFFICE RENT $474/SQM
Major Tenants
NLA SQM		 Lease Expiry
Toll Transport Pty Ltd
6,865		 Nov-20
WPP AUNZ
3,813		 Jun-22
Lease Expiry Profile % Income
VACANCY
1.3%
2H17
3.0%
FY18
0.0%
FY19
1.1%
FY20
12.3%
FY21
42.6%
BEYOND
39.7%
WALE
4.5 YEARS

22

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

RIVERSIDE QUAY

SOUTHBANK, VIC

==> picture [187 x 119] intentionally omitted <==

Riverside Quay is a modern A-grade office complex comprising three individual buildings, ideally 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.

Summary Information
GRADE A
NABERS Rating 4.5 Star
OWNERSHIP 100% MPT
NLA 30,912 SQM
CAR SPACES 105
ACQUISITION DATE Apr 02 (1 & 3) Jul 03 (2)
LAST EXTERNAL VALUATION DATE 31-Dec-15
VALUATION AT 31 DEC 16 $232.9m
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.50%
GROSS OFFICE RENT $567/SQM
Major Tenants
NLA SQM		 Lease Expiry
Walker Group Holdings
4,662		 Dec-22
STA Travel
1,566		 Oct-19
Lease Expiry Profile % Income
VACANCY
5.9%
2H17
5.2%
FY18
13.8%
FY19
16.9%
FY20
17.6%
FY21
6.6%
BEYOND
34.0%
WALE
3.6 YEARS

23

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Office

2 RIVERSIDE QUAY

SOUTHBANK, VIC

==> picture [187 x 119] intentionally omitted <==

Developed by Mirvac and completed in 2016, 2 Riverside Quay is an A-grade office building 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 facade systems to reduce solar loads. The building is targeting a 5 Star Green Star As-Built rating and a 5 Star NABERS Energy rating.

Summary Information
GRADE A
NABERS rating -
OWNERSHIP 50% MPT, 50% ISPT
NLA 21,239 SQM
CAR SPACES 571
ACQUISITION DATE Dec-16
LAST EXTERNAL VALUATION DATE -
VALUATION AT 31 DEC 16 $112.5m
VALUER Directors Valuation
CAPITALISATION RATE 5.50%
DISCOUNT RATE 7.25%
GROSS OFFICE RENT $620/SQM
Major Tenants
NLA SQM		 Lease Expiry
PwC
19,237		 Jan-29
Fender Katsalidis
1,874		 Mar-27
Lease Expiry Profile % Income
VACANCY
0.6%
2H17
0.0%
FY18
0.3%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
99.1%
WALE
11.8 YEARS

24

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

23 FURZER STREET

PHILLIP, ACT

==> picture [187 x 119] intentionally omitted <==

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.

Summary Information
GRADE A
NABERS Rating 6.0 Star
OWNERSHIP 100% MPT
NLA 46,167 SQM
CAR SPACES 374
ACQUISITION DATE Feb-10
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $264.0m
VALUER Knight Frank
CAPITALISATION RATE 7.00%
DISCOUNT RATE 7.75%
GROSS OFFICE RENT $479/SQM
Major Tenants
NLA SQM		 Lease Expiry
Department of Health and Ageing
45,967		 Feb-25
Blue Fez Pty Ltd
200		 Feb-21
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.5%
BEYOND
99.5%
WALE
8.1 YEARS

25

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

340 ADELAIDE STREET

BRISBANE, QLD

==> picture [187 x 119] intentionally omitted <==

Located in the heart of the Brisbane CBD within a short walk to Central Station, 340 Adelaide Street is a modern 16level, A-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. It has achieved a 5 Star NABERS Energy rating.

Summary Information
GRADE A
NABERS Rating 2.5 Star
OWNERSHIP 100% MPT
NLA 12,964 SQM
CAR SPACES 94
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $60.0m
VALUER M3 Property
CAPITALISATION RATE 8.25%
DISCOUNT RATE 8.50%
GROSS OFFICE RENT $597/SQM
Major Tenants
NLA SQM		 Lease Expiry
Medibank Private Limited
1,628		 Feb-17
Cerebral Palsy League of Queensland
1,269		 Aug-23
Lease Expiry Profile % Income
VACANCY
31.3%
2H17
21.7%
FY18
1.3%
FY19
8.8%
FY20
1.1%
FY21
11.6%
BEYOND
24.2%
WALE
2.4 YEARS

26

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

189 GREY STREET

SOUTHBANK, QLD

==> picture [187 x 119] intentionally omitted <==

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
GRADE A
NABERS Rating 4.5 Star
OWNERSHIP 100% MPT
NLA 12,729 SQM
CAR SPACES 146
ACQUISITION DATE Apr-04
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $87.5m
VALUER CBRE
CAPITALISATION RATE 7.25%
DISCOUNT RATE 7.75%
GROSS OFFICE RENT $510/SQM
Major Tenants
NLA SQM		 Lease Expiry
Insurance Australia
7,281		 Mar-20
Thiess
4,659		 Dec-20
Lease Expiry Profile % Income
VACANCY
0.4%
2H17
1.9%
FY18
2.7%
FY19
2.3%
FY20
46.0%
FY21
45.7%
BEYOND
1.0%
WALE
3.5 YEARS

27

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

ALLENDALE SQUARE, 77 ST GEORGES TERRACE

PERTH, WA

==> picture [187 x 119] intentionally omitted <==

Allendale Square is an iconic and well-regarded 31-level, A-grade office tower, prominently located in the heart of Perth CBD. It sits above a retail arcade which acts as a pedestrian link to Perth's central shopping mall, train station and the new Elizabeth Quay development, which, once complete, will provide water-front amenities such as restaurants, hotels, a marina and shops. The building enjoys a column-free floor plate, conference facilities and views of the Swan River from the upper levels. It has achieved a 4 Star NABERS Energy rating.

Summary Information
GRADE A
NABERS Rating 4.0 Star
OWNERSHIP 100% MPT
NLA 27,515 SQM
CAR SPACES 83
ACQUISITION DATE May-13
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $230.5m
VALUER Directors Valuation
CAPITALISATION RATE 7.25%
DISCOUNT RATE 8.00%
GROSS OFFICE RENT $893/SQM
Major Tenants
NLA SQM		 Lease Expiry
ANZ Banking Group
6,422		 Sep-20
WA Bar Chambers
6,037		 Jan-31
Lease Expiry Profile % Income
VACANCY
5.6%
2H17
0.6%
FY18
0.0%
FY19
17.3%
FY20
15.9%
FY21
29.9%
BEYOND
30.7%
WALE
6.8 YEARS

28

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

AUSTRALIAN TECHNOLOGY PARK (PROPERTY UNDER CONSTRUCTION)

REDFERN, NSW

==> picture [187 x 119] intentionally omitted <==

In November 2015, Mirvac entered into an agreement with AMP Capital Wholesale Office Fund and AMP Capital separate account client, SunSuper, for the purchase of a third interest each in the development of a 93,000 square metre office building within the Australian Technology Park, via a fund through arrangement. Mirvac has secured the Commonwealth Bank as the major tenant for the office space. Settlement of the site acquisition occurred in April 2016, with practical completion targeted for FY20/21.

Project Update:

Mirvac received development approval in late December 2016 and is currently tendering civil, structure, services and facade trade packages, with construction on Building 1 commencing in January 2017.

VALUATION AS AT 31 DEC 16 $37.2m1
EXPECTED DEVELOPMENT VALUE ON
COMPLETION		 $1,015m2
ACQUISITION DATE Apr-16
TARGET COMPLETION FY20/21
OWNERSHIP 33.3% MPT, 33.3% AMP, 33.3% SUNSUPER

  1. Book value represents MPT's ownership

  2. Represents 100% value

29

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

477 COLLINS STREET (PROPERTY UNDER CONSTRUCTION)

MELBOURNE, VIC

==> picture [187 x 119] intentionally omitted <==

477 Collins Street will be redeveloped into a ~55,000 square metre, 40-storey, premium office tower offering innovative, contemporary and engaging work spaces. The development will incorporate the unique 1880s facade of the Olderfleet buildings, which will undergo an extensive refurbishment and modernisation of the interiors to create boutique office and retail space. Deloitte has committed to 22,000 square metres of office space across 12 floors, with practical completion targeted for FY20.

Project Update:

Demolition of the existing car park has commenced. A revised building design has been submitted to the Department of Planning for approval, which is expected in early 2017. Negotiations to sell down a share of the asset are continuing with potential capital partners. There has been strong interest from prospective tenants in both the sky rise and terrace rise.

Summary Information
VALUATION AT 31 DEC 16 $45.2m1
EXPECTED DEVELOPMENT VALUE ON
COMPLETION		 $772m2
ACQUISITION DATE Nov-13
TARGET COMPLETION FY20
OWNERSHIP 100%

  1. Represents 50% of value, expect to retain 50% in MPT

  2. Represents 100% value

30

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

664 COLLINS STREET (PROPERTY UNDER CONSTRUCTION)

MELBOURNE, VIC

==> picture [187 x 119] intentionally omitted <==

The 664 Collins Street development is located above the western edge of Southern Cross Station, on an air rights development site that also includes the recently completed 699 Bourke Street. The total proposed building area is approximately 26,500 square metres. A 5 Star NABERS Energy rating and a 5 Star Green Star Office Design rating are being targeted. Mirvac secured Pitcher Partners for over 8,600 square metres of office space in December 2015.

Project Update:

Through the construction of the adjoining 699 Bourke Street building, enabling works for 664 Collins Street have been completed. The second tower crane has been erected and the jumpform shutters are installed. Formwork to the first office level is underway. Partitions, carpentry, tiling and stone work are currently being vetted and are scheduled to be awarded in early 2017. Practical completion is targeted for FY18.

VALUATION AS AT 31 DEC 16 $23.6m[1] EXPECTED DEVELOPMENT VALUE ON $255m[2] COMPLETION ACQUISITION DATE Sep-07 TARGET COMPLETION FY18 OWNERSHIP 100%

  1. Represents 50% of value, expect to retain 50% in MPT

  2. Represents 100% value

31

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

8 CHIFLEY SQUARE (INVESTMENT IN JOINT VENTURE)

SYDNEY, NSW

==> picture [187 x 119] intentionally omitted <==

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
GRADE PREMIUM
NABERS Rating 5.0 Star
OWNERSHIP 50% MPT, 50% Keppel REIT
NLA 19,349 SQM
CAR SPACES 31
ACQUISITION DATE Dec-13
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $222.5m1
VALUER Colliers International
CAPITALISATION RATE 5.00%
DISCOUNT RATE 7.00%
GROSS OFFICE RENT $1,442/SQM
Major Tenants
NLA SQM		 Lease Expiry
Corrs
8,080		 Sep-25
Quantium Group Pty Ltd
5,346		 Sep-21
Lease Expiry Profile % Income
VACANCY
0.2%
2H17
0.0%
FY18
0.0%
FY19
0.7%
FY20
2.6%
FY21
0.0%
BEYOND
96.5%
WALE
7.1 YEARS
  1. Book value represents MPT's ownership

32

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Office

DMJC, 28 BARRACK STREET (INVESTMENT IN JOINT VENTURE)

PERTH, WA

==> picture [187 x 119] intentionally omitted <==

Developed by Mirvac and completed in late-2015, the David Malcom 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 and is targeting a 4.5 star NABERS Energy rating.

Summary Information
GRADE PREMIUM
NABERS rating -
OWNERSHIP 50% MPT, 50% Keppel REIT
NLA 32,027 SQM
CAR SPACES 195
ACQUISITION DATE Sep-15
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $207.5m1
VALUER Colliers International
CAPITALISATION RATE 5.50%
DISCOUNT RATE 7.50%
GROSS OFFICE RENT $885/SQM
Major Tenants
NLA SQM		 Lease Expiry
Minister for Works
30,734		 Nov-40
Lease Expiry Profile % Income
VACANCY
0.1%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.4%
BEYOND
99.5%
WALE
24.4 YEARS
  1. Book value represents MPT's ownership

33

==> picture [539 x 516] intentionally omitted <==

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

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016
INDUSTRIAL
Calibre, NSW
----- End of picture text -----

Comprising 10% of Mirvac’s property portfolio, the industrial portfolio is 99.7% occupied with a weighted average lease expiry of 7.7 years.

34

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Industrial

GEOGRAPHIC DIVERSIFICATION[1]

==> picture [74 x 41] intentionally omitted <==

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

SYDNEY 85%
MELBOURNE 8%
USA 7%
----- End of picture text -----

==> picture [75 x 75] intentionally omitted <==

PROPERTY
LOCATION
NLA
% OF
INDUSTRIAL
PORTFOLIO
BOOK VALUE
VALUATION
AT 31
DECEMBER
20162		 PROPERTY
LOCATION
NLA
% OF
INDUSTRIAL
PORTFOLIO
BOOK VALUE
VALUATION
AT 31
DECEMBER
20162		 PROPERTY
LOCATION
NLA
% OF
INDUSTRIAL
PORTFOLIO
BOOK VALUE
VALUATION
AT 31
DECEMBER
20162
1
CALIBRE BUILDING 1
EASTERN CREEK, NSW
18,970 SQM		 1.5% $11.6m
2
HOXTON DISTRIBUTION PARK
HOXTON PARK, NSW
139,607 SQM		 19.9% $156.0m
3
39 HERBERT STREET
ST LEONARDS, NSW
36,846 SQM		 21.6% $168.9m
4
NEXUS INDUSTRY PARK (BUILDING 1), LYN PARADE
PRESTONS, NSW
13,120 SQM		 2.9% $23.0m
5
NEXUS INDUSTRY PARK (BUILDING 2), LYN PARADE
PRESTONS, NSW
9,709 SQM		 2.1% $16.1m
6
NEXUS INDUSTRY PARK (BUILDING 3), LYN PARADE
PRESTONS, NSW
17,250 SQM		 3.7% $29.2m
7
NEXUS INDUSTRY PARK (BUILDING 4), LYN PARADE
PRESTONS, NSW
23,356 SQM		 5.5% $43.5m
8
NEXUS INDUSTRY PARK (BUILDING 5), LYN PARADE
PRESTONS, NSW
12,339 SQM		 2.8% $22.1m
9
1-47 PERCIVAL ROAD
SMITHFIELD, NSW
22,545 SQM		 5.3% $41.5m
10
39 BRITTON STREET
SMITHFIELD, NSW
13,390 SQM		 2.9% $22.6m
11
8 BRABHAM DRIVE
HUNTINGWOOD, NSW
6,249 SQM		 2.7% $21.3m
12
34-39 ANZAC AVENUE
SMEATON GRANGE, NSW
22,062 SQM		 3.4% $26.5m
13
271 LANE COVE ROAD
NORTH RYDE, NSW
11,473 SQM		 4.3% $34.1m
14
274 VICTORIA ROAD
RYDALMERE NSW
22,734 SQM		 6.1% $48.2m
15
26-38 HARCOURT ROAD
ALTONA NORTH, VIC
32,712 SQM		 4.7% $36.6m
16
47-67 WESTGATE DRIVE
ALTONA NORTH, VIC
26,911 SQM		 3.6% $27.8m
17
1900-2060 PRATT BOULEVARD
CHICAGO ILLINOIS, USA
50,004 SQM		 7.0% $54.6m
INDUSTRIAL INVESTMENT PROPERTIES TOTAL
479,277 SQM		 100.0% $783.6m
18
CALIBRE, 60 WALLGROVE ROAD
EASTERN CREEK, NSW		 $31.3m
INDUSTRIAL INVESTMENT PROPERTIES UNDER CONSTRUCTION TOTAL $31.3m
INDUSTRIAL TOTAL
479,277 SQM		 100.0% $814.9m
WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME)
OCCUPANCY % (BY AREA)
7.7 YEARS
99.7%

  1. BY BOOK VALUE EXCLUDING IPUC.

  2. BOOK VALUES REPRESENT MPT’S OWNERSHIP.

35

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

CALIBRE BUILDING 1

EASTERN CREEK, NSW

==> picture [187 x 119] intentionally omitted <==

Calibre Building 1 is the first completed logistics facility in the Calibre industrial estate. Practical completion was achieved in late 2016 with a lease executed with CEVA Logistics for 100 percent of the building in January 2017.

OWNERSHIP 50% MPT, 50% MIRVAC LTD
NLA 18,970 SQM
CAR SPACES 73
ACQUISITION DATE Dec-16
LAST EXTERNAL VALUATION DATE -
VALUATION AT 31 DEC 16 $11.6m1
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.25%
NLA SQM LEASE EXPIRY
CEVA Logistics
18,970 SQM		 Feb-21
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
100.0%
BEYOND
0.0%
WALE
4.0 YEARS
  1. Reflects cost to date. Property to be revalued 2H17.

36

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

HOXTON DISTRIBUTION PARK

HOXTON PARK, NSW

==> picture [187 x 119] intentionally omitted <==

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 a close proximity to the M7 Westlink Motorway and a major interchange, facilitating north and south bound access to Sydney's orbital network. Both facilities are 100 per cent leased to Woolworths Limited.

Summary Information
OWNERSHIP 50% MPT, 50% Aviva Australia
NLA 139,607 SQM
CAR SPACES 787
ACQUISITION DATE Jul-10
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $156.0m1
VALUER Savills
CAPITALISATION RATE 5.25%
DISCOUNT RATE 7.25%
Major Tenants
NLA SQM		 Lease Expiry
Woolworths (Big W)
84,910		 Feb-37
Woolworths
50,693		 Jan-32
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
18.3 YEARS
  1. Book value represents MPT's ownership

37

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

39 HERBERT STREET

ST LEONARDS, NSW

==> picture [187 x 119] intentionally omitted <==

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 and in proximity to St Leonards train station. It comprises two commercial buildings, 22 industrial/warehouse/office units as well as a childcare centre and a multistorey carpark.

Summary Information
OWNERSHIP 100% MPT
NLA 36,846 SQM
CAR SPACES 548
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $168.9m
VALUER Directors Valuation
CAPITALISATION RATE 6.39%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Interactive Pty Ltd
12,414		 Nov-30
Westcon Group Pty Ltd
4,731		 Jun-19
Lease Expiry Profile % Income
VACANCY
0.9%
2H17
2.4%
FY18
6.9%
FY19
25.0%
FY20
5.6%
FY21
13.8%
BEYOND
45.4%
WALE
7.3 YEARS

38

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

NEXUS INDUSTRY PARK (BUILDING 1), LYN PARADE

PRESTONS, NSW

==> picture [187 x 119] intentionally omitted <==

Developed by Mirvac, this building was purpose built for Atlas Steel in 2006. It adjoins four other industrial facilities on the former Liverpool Showground site, with excellent exposure and access to the M5 and M7 Motorways.

Summary Information
OWNERSHIP 100% MPT
NLA 13,120 SQM
CAR SPACES 125
ACQUISITION DATE Aug-04
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $23.0m
VALUER CBRE
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Atlas Steel (Australia)
13,120		 Apr-21
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
100.0%
BEYOND
0.0%
WALE
4.3 YEARS

39

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

NEXUS INDUSTRY PARK (BUILDING 2), LYN PARADE

PRESTONS, NSW

==> picture [187 x 119] intentionally omitted <==

Developed by Mirvac in 2006, this building adjoins four other industrial facilities developed on the former Liverpool Showground site, with excellent exposure and access to the M5 and M7 Motorways.

Summary Information
OWNERSHIP 100% MPT
NLA 9,709 SQM
CAR SPACES 70
ACQUISITION DATE Aug-04
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $16.1m
VALUER CBRE
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Best Bar (NSW) Pty Ltd
9,709		 Nov-21
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
4.9 YEARS

40

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

NEXUS INDUSTRY PARK (BUILDING 3), LYN PARADE

PRESTONS, NSW

==> picture [187 x 119] intentionally omitted <==

Developed and built by Mirvac in 2007, this building adjoins four other industrial facilities developed on the former Liverpool Showground site, with excellent exposure and access to the M5 and M7 Motorways.

Summary Information
OWNERSHIP 100% MPT
NLA 17,250 SQM
CAR SPACES 163
ACQUISITION DATE Aug-04
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $29.2m
VALUER CBRE
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
De'Longhi Australia Pty Ltd
17,250		 Feb-18
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
100.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
0.0%
WALE
1.2 YEARS

41

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

NEXUS INDUSTRY PARK (BUILDING 4), LYN PARADE

PRESTONS, NSW

==> picture [187 x 119] intentionally omitted <==

Developed by Mirvac, this building was purpose built for HPM Legrand Australia in 2011. It adjoins four other industrial facilities developed on the former Liverpool Showground site, with excellent exposure and access to the M5 and M7 Motorways.

Summary Information
OWNERSHIP 100% MPT
NLA 23,356 SQM
CAR SPACES 212
ACQUISITION DATE Aug-04
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $43.5m
VALUER CBRE
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.50%
Major Tenants
NLA SQM		 Lease Expiry
Legrand Australia Pty Ltd
23,356		 Oct-21
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
4.8 YEARS

42

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

NEXUS INDUSTRY PARK (BUILDING 5), LYN PARADE

PRESTONS, NSW

==> picture [187 x 119] intentionally omitted <==

Developed by Mirvac in 2008, this building adjoins four other industrial facilities developed on the former Liverpool Showground site, with excellent exposure and access to the M5 and M7 Motorways.

Summary Information
OWNERSHIP 100% MPT
NLA 12,339 SQM
CAR SPACES 103
ACQUISITION DATE Aug-04
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $22.1m
VALUER CBRE
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Australian Brushware Corporation Pty Ltd
12,339		 Mar-22
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
5.2 YEARS

43

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

1-47 PERCIVAL ROAD

SMITHFIELD, NSW

==> picture [187 x 119] intentionally omitted <==

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

Summary Information
OWNERSHIP 100% MPT
NLA 22,545 SQM
CAR SPACES 207
ACQUISITION DATE Nov-02
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $41.5m
VALUER Knight Frank
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Vulcan Steel Pty Ltd
12,115		 Jun-22
Clarke Equipment Sales Pty Ltd
5,437		 Feb-24
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
6.4 YEARS

44

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

39 BRITTON STREET

SMITHFIELD, NSW

==> picture [187 x 119] intentionally omitted <==

Developed in 1998, 39 Britton Street is a high-clearance warehouse with six loading docks and an adjoining twostorey office and amenities block.

Summary Information
OWNERSHIP 100% MPT
NLA 13,390 SQM
CAR SPACES 53
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $22.6m
VALUER Directors Valuation
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Snack Brands Industries Pty Ltd
13,390		 Jul-20
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
100.0%
BEYOND
0.0%
WALE
3.6 YEARS

45

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

8 BRABHAM DRIVE

HUNTINGWOOD, NSW

==> picture [187 x 119] intentionally omitted <==

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
OWNERSHIP 100% MPT
NLA 6,249 SQM
CAR SPACES 81
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $21.3m
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Bagtrans Pty Ltd
6,249		 Apr-24
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
7.3 YEARS

46

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

34-39 ANZAC AVENUE

SMEATON GRANGE, NSW

==> picture [187 x 119] intentionally omitted <==

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.

Summary Information
OWNERSHIP 100% MPT
NLA 22,062 SQM
CAR SPACES 181
ACQUISITION DATE Jan-15
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $26.5m
VALUER Savills
CAPITALISATION RATE 7.25%
DISCOUNT RATE 8.25%
Major Tenants
NLA SQM		 Lease Expiry
Schneider Electric Australia Pty Ltd
11,009		 Nov-17
Hurford Wholesale Pty Ltd
3,698		 Jul-20
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
17.6%
FY18
47.9%
FY19
0.0%
FY20
18.1%
FY21
16.4%
BEYOND
0.0%
WALE
1.6 YEARS

47

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

271 LANE COVE ROAD

NORTH RYDE, NSW

==> picture [187 x 119] intentionally omitted <==

271 Lane Cove Road is located approximately 12 kilometres from the Sydney CBD and comprises two office/warehouse buildings with ample onsite parking. It is situated adjacent to the Macquarie Park railway station on the corner of Lane Cove and Waterloo Roads, and has development approval for future commercial development in place.

Summary Information
OWNERSHIP 100% MPT
NLA 11,473 SQM
CAR SPACES 282
ACQUISITION DATE Apr-00
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $34.1m
VALUER Directors Valuation
CAPITALISATION RATE 7.75%
DISCOUNT RATE 8.00%
Major Tenants
NLA SQM		 Lease Expiry
Foxtel Management
6,718		 Mar-18
Lease Expiry Profile % Income
VACANCY
9.4%
2H17
0.0%
FY18
21.9%
FY19
0.0%
FY20
0.0%
FY21
66.5%
BEYOND
2.2%
WALE
3.3 YEARS

48

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

274 VICTORIA ROAD

RYDALMERE NSW

==> picture [187 x 119] intentionally omitted <==

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

Summary Information
OWNERSHIP 100% MPT
NLA 22,734 SQM
CAR SPACES 350
ACQUISITION DATE Jul-16
LAST EXTERNAL VALUATION DATE -
VALUATION AT 31 DEC 16 $48.2m
VALUER Directors Valuation
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Thales Australia Limited
22,734		 Nov-22
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
5.9 YEARS

49

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

26-38 HARCOURT ROAD

ALTONA NORTH, VIC

==> picture [187 x 119] intentionally omitted <==

26-38 Harcourt Road is a high quality industrial facility located in West Melbourne's Industrial precinct of Altona, 1.5 kilometres south of the Princess Freeway/Westgate Freeway.

Summary Information
OWNERSHIP 100% MPT
NLA 32,712 SQM
CAR SPACES 95
ACQUISITION DATE Jun-16
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $36.6m
VALUER CBRE
CAPITALISATION RATE 6.25%
DISCOUNT RATE 7.50%
Major Tenants
NLA SQM		 Lease Expiry
DHL
32,712		 Sep-26
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
9.8 YEARS

50

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

47-67 WESTGATE DRIVE

ALTONA NORTH, VIC

==> picture [187 x 119] intentionally omitted <==

Purpose built for Pacific Brands in 1996, this property is located in Melbourne's western industrial precinct and is strategically serviced by the major transport routes of the Westgate Freeway, Western Ring Road and the Princes Freeway.

Summary Information
OWNERSHIP 100% MPT
NLA 26,911 SQM
CAR SPACES 183
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $27.8m
VALUER CBRE
CAPITALISATION RATE 6.75%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Brand Collective Pty Ltd
26,911		 Jun-23
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
0.0%
BEYOND
100.0%
WALE
7.5 YEARS

51

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Industrial

1900-2060 PRATT BOULEVARD

CHICAGO ILLINOIS, USA

==> picture [187 x 119] intentionally omitted <==

This versatile industrial facility is located in the Chicago metropolitan area, the largest industrial market in the USA, and lies adjacent to the O'Hare International Airport. The property is currently leased and provides a medium-term redevelopment opportunity.

Summary Information
OWNERSHIP 100% MPT
NLA 50,004 SQM
CAR SPACES 1,638
ACQUISITION DATE Dec-07
LAST EXTERNAL VALUATION DATE 31-Dec-15
VALUATION AT 31 DEC 16 $54.6m
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.75%
Major Tenants
NLA SQM		 Lease Expiry
Clear Lam
39,660		 Aug-28
D&W Fine Pack
10,344		 Apr-21
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.0%
FY21
20.8%
BEYOND
79.2%
WALE
10.1 YEARS

52

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Industrial

CALIBRE, 60 WALLGROVE ROAD (PROPERTY UNDER CONSTRUCTION)

EASTERN CREEK, NSW

==> picture [187 x 119] intentionally omitted <==

Calibre Eastern Creek is a 21.8 hectare industrial development site located at the junction of Sydneyʼs M4 and M7 Motorways. Acquired by Mirvac in January 2014, the site benefits from State Significant Development approval for over 120,000 square metres of prime grade industrial, logistics and warehousing facilities. Serviced by a dedicated multidirectional signalised intersection, the site provides unparalleled exposure and connectivity to Sydneyʼs major transport routes and local roads.

Project Update:

The signalised intersection, earthworks and infrastructure works are now complete. Practical completion of the first logistics facility was achieved in late 2016 with a lease executed with CEVA Logistics for 100% of the building. Tenant enquiries for the remainder of the site are ongoing.

Summary Information

VALUATION AS AT 31 DEC 16 $31.3m[1] EXPECTED DEVELOPMENT VALUE ON $178m[2] COMPLETION ACQUISITION DATE Jan-14 TARGET COMPLETION Staged OWNERSHIP 50% MPT, 50% MIRVAC LIMITED

  1. Book value represents MPT's ownership of potential buildings 2 to 5 (50% held in Mirvac Limited)

  2. Represents 100% value of potential buildings 2 to 5 only

53

==> picture [539 x 516] intentionally omitted <==

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

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016
RETAIL
Tramsheds, NSW
----- End of picture text -----

Comprising 35% of Mirvac’s property portfolio, the retail portfolio is 99.7% occupied with 64% of the portfolio located in metropolitan Sydney.

54

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Retail

GRADE DIVERSIFICATION[1 ]

==> picture [76 x 62] intentionally omitted <==

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

SUB REGIONAL 26%
REGIONAL 40%
CBD RETAIL 15%
NEIGHBOURHOOD 7%
OUTLET 12%
----- End of picture text -----

==> picture [75 x 75] intentionally omitted <==

GEOGRAPHIC DIVERSIFICATION[1 ]

==> picture [58 x 51] intentionally omitted <==

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

NSW 64%
VIC 3%
QLD 31%
ACT 2%
----- End of picture text -----

==> picture [75 x 74] intentionally omitted <==

PROPERTY
LOCATION
GLA		 % OF RETAIL
PORTFOLIO
BOOK VALUE		 CENTRE MAT2 VALUATION
AT 31
DECEMBER
20163
1
BIRKENHEAD POINT OUTLET CENTRE
DRUMMOYNE, NSW
33,090 SQM		 12.0% $267.6m $348.0m
2
BROADWAY SYDNEY
GLEBE, NSW
52,715 SQM		 14.1% $580.4m $407.9m
3
CHERRYBROOK VILLAGE
CHERRYBROOK, NSW
9,592 SQM		 3.4% $127.4m $98.0m
4
GREENWOOD PLAZA
NORTH SYDNEY, NSW
8,826 SQM		 3.7% $93.4m $108.5m
5
HARBOURSIDE
SYDNEY, NSW
20,707 SQM		 9.0% $153.8m $261.5m
6
METCENTRE
SYDNEY, NSW
6,563 SQM		 2.6% $78.6m $75.4m
7
RHODES WATERSIDE
RHODES, NSW
32,887 SQM		 6.1% $212.0m $177.0m
8
ST MARYS VILLAGE
ST MARYS, NSW
15,956 SQM		 1.8% $96.5m $52.4m
9
STANHOPE VILLAGE
STANHOPE GARDENS, NSW
18,083 SQM		 4.7% $165.8m $135.0m
10
TRAMSHEDS
HAROLD PARK, NSW
5,952 SQM		 1.5% n/a $44.0m
11
KAWANA SHOPPINGWORLD
BUDDINA, QLD
38,415 SQM		 11.3% $327.9m $328.0m
12
ORION SPRINGFIELD CENTRAL
SPRINGFIELD, QLD
70,052 SQM		 11.6% $350.2m $335.0m
13
TOOMBUL SHOPPING CENTRE
NUNDAH, QLD
44,120 SQM		 8.2% $227.6m $239.0m
14
MOONEE PONDS CENTRAL
MOONEE PONDS, VIC
18,842 SQM		 2.6% $135.4m $75.0m
15
COOLEMAN COURT
WESTON, ACT
10,688 SQM		 2.0% $124.7m $58.0m
RETAIL INVESTMENT PROPERTIES TOTAL
386,488 SQM		 94.6% $2,742.7m
16
SOUTH VILLAGE
KIRRAWEE, NSW		 $15.0m
RETAIL INVESTMENT PROPERTIES UNDER CONSTRUCTION TOTAL $29.2m4
RETAIL INVESTMENT PROPERTIES AND INVESTMENT PROPERTIES UNDER
CONSTRUCTION
386,488 SQM		 $2,771.9m4
17
EAST VILLAGE
ZETLAND, NSW
32,782 SQM		 5.4% $158.8m $154.7m
INVESTMENTS IN JOINT VENTURES TOTAL
32,782 SQM		 $154.7m
RETAIL TOTAL
419,270 SQM		 100.0% $2,926.6m4
WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME)
OCCUPANCY % (BY AREA)		 4.3 YEARS
99.7%

  1. BY BOOK VALUE EXCLUDING IPUC.

  2. 12 MONTHS TO 31 DECEMBER 2016, IN ACCORDANCE WITH SCCA GUIDELINES.

  3. BOOK VALUES REPRESENT MPT’S OWNERSHIP.

  4. THIS TOTAL VALUE INCLUDES LAND AT ORION SPRINGFIELD, VALUED AT $14.2M, WHICH IS BEING HELD FOR DEVELOPMENT. THIS ASSET IS EXCLUDED FROM ALL OTHER METRICS.

55

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

BIRKENHEAD POINT OUTLET CENTRE

DRUMMOYNE, NSW

==> picture [187 x 119] intentionally omitted <==

Birkenhead Point Outlet Centre 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, and is anchored by Coles and Aldi, with over 150 specialty tenancies. It also incorporates 3,500 square metres of commercial office suites and a marina comprising 201 berths. The centre was extensively refurbished in 2010 and 2011, and has DA approval for the introduction of a premium apparel laneway in 2017.

Summary Information
GRADE OUTLET CENTRE
OWNERSHIP 100% MPT1
GLA 33,090 SQM
CAR SPACES 1,395
ACQUISITION DATE Dec-14
LAST EXTERNAL VALUATION DATE 30-Jun-15
VALUATION AT 31 DEC 16 $348.0m2
VALUER Directors Valuation
CAPITALISATION RATE 6.00%3
DISCOUNT RATE 8.00%3
CENTRE MAT $267.6m
SPECIALTY OCCUPANCY COST 10.2%
SPECIALTY SALES $9,383/SQM
Major Tenants
GLA SQM		 Lease Expiry
Coles
2,692		 Nov-26
Aldi
1,448		 Nov-25
Lease Expiry Profile % Income
VACANCY
0.3%
2H17
16.9%
FY18
16.8%
FY19
18.3%
FY20
9.6%
FY21
13.5%
BEYOND
24.6%
WALE
3.0 YEARS

1.[Marina operating business owned by Mirvac Limited.]

2.[Includes Marina and nearby property 64 Roseby St, Drummoyne.]

  1. Relates to retail component only.

56

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

BROADWAY SYDNEY

GLEBE, NSW

==> picture [187 x 119] intentionally omitted <==

This dominant regional centre is located on the fringe of the Sydney CBD and services the growing catchment of Sydney's inner city and inner west. The centre is anchored by Coles, Kmart, Target, Hoyts, Aldi, Apple, H&M, Sephora and features approximately 140 specialty stores as well as a recently completed urban casual dining precinct. Broadway Sydney ranked "Number 1" in Australia in Shopping Centre News Big Guns Awards for annual turnover per square metre in 2013, 2014, 2015 and 2016.

Summary Information
GRADE REGIONAL
OWNERSHIP 50% MPT, 50% Perron
GLA 52,715 SQM
CAR SPACES 1,665
ACQUISITION DATE Jan-07
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $407.9m1
VALUER Directors Valuation
CAPITALISATION RATE 5.25%2
DISCOUNT RATE 7.75%2
CENTRE MAT $580.4m
SPECIALTY OCCUPANCY COST 15.1%
SPECIALTY SALES $13,665/SQM
Major Tenants
GLA SQM		 Lease Expiry
Kmart
7,394		 Mar-23
Hoyts
4,857		 Jul-18
Target
4,721		 Apr-27
Coles
4,122		 Jul-24
H&M
2,475		 Aug-31
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
7.5%
FY18
11.9%
FY19
18.4%
FY20
9.0%
FY21
8.5%
BEYOND
44.7%
WALE
4.6 YEARS

  1. Book value represents MPT's ownership. Also includes nearby properties 52-60 Francis St, Glebe; 80 Bay Street, Ultimo and 1-3 Smail Street, Ultimo.

  2. Relates to retail component only.

57

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

CHERRYBROOK VILLAGE

CHERRYBROOK, NSW

==> picture [187 x 119] intentionally omitted <==

Located in north-west Sydney, Cherrybrook Village was constructed in 1989 and was extensively refurbished and expanded in 2004. This single level neighbourhood centre is anchored by a Woolworths supermarket and approximately 55 specialty tenancies, including a strong fresh food precinct.

Summary Information
GRADE NEIGHBOURHOOD
OWNERSHIP 100% MPT
GLA 9,592 SQM
CAR SPACES 474
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $98.0m
VALUER JLL
CAPITALISATION RATE 6.25%
DISCOUNT RATE 7.75%
CENTRE MAT $127.4m
SPECIALTY OCCUPANCY COST 15.1%
SPECIALTY SALES $9,763/SQM
Major Tenants
GLA SQM		 Lease Expiry
Woolworths
3,832		 Mar-25
Martelli's Fruit Market
682		 Aug-22
Lease Expiry Profile % Income
VACANCY
2.4%
2H17
14.4%
FY18
22.6%
FY19
8.4%
FY20
16.9%
FY21
6.3%
BEYOND
29.0%
WALE
3.1 YEARS

58

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

GREENWOOD PLAZA

NORTH SYDNEY, NSW

==> picture [187 x 119] intentionally omitted <==

Greenwood Plaza is a three-level centre at the base of North Sydney's iconic 101-103 Miller Street, providing a major pedestrian thoroughfare to the busy North Sydney train station, with approximately 18 million visitations per annum. It comprises over 90 specialty retail and service outlets, including Romeo's IGA.

Summary Information
GRADE CBD RETAIL
OWNERSHIP 50% MPT, 50% TIAA Henderson Real Estate
GLA 8,826 SQM
CAR SPACES 273
ACQUISITION DATE Jun-94
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $108.5m1
VALUER Directors Valuation
CAPITALISATION RATE 6.00%
DISCOUNT RATE 8.00%
CENTRE MAT $93.4m
SPECIALTY OCCUPANCY COST 15.4%
SPECIALTY SALES $12,459/SQM
Major Tenants
GLA SQM		 Lease Expiry
Greenwood Hotel
856		 Jan-26
IGA Romeo's
713		 Dec-30
Lease Expiry Profile % Income
VACANCY
1.4%
2H17
13.3%
FY18
25.7%
FY19
11.1%
FY20
8.1%
FY21
13.9%
BEYOND
26.5%
WALE
3.3 YEARS

1.[Book value represents MPT's ownership.]

59

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

HARBOURSIDE

SYDNEY, NSW

==> picture [187 x 119] intentionally omitted <==

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 $3 billion urban regeneration of the Darling Harbour precinct that is expected to complete in 2017.

Summary Information
GRADE CBD RETAIL
OWNERSHIP 100%
GLA 20,707 SQM
CAR SPACES Nil
ACQUISITION DATE Jan-14
LAST EXTERNAL VALUATION DATE 31-Aug-16
VALUATION AT 31 DEC 16 $261.5m
VALUER Savills
CAPITALISATION RATE 6.00%
DISCOUNT RATE 8.00%
CENTRE MAT $153.8m
SPECIALTY OCCUPANCY COST 17.8%
SPECIALTY SALES $9,449/SQM
Major Tenants
GLA SQM		 Lease Expiry
Kingpin
2,708		 Sep-22
Hard Rock Cafe
1,365		 Oct-21
Cyren
1,250		 Sep-27
Lease Expiry Profile % Income
VACANCY
0.6%
2H17
9.2%
FY18
13.5%
FY19
11.4%
FY20
11.4%
FY21
5.7%
BEYOND
48.2%
WALE
4.0 YEARS

60

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

METCENTRE

SYDNEY, NSW

==> picture [187 x 119] intentionally omitted <==

The Metcentre is located at the base of 60 Margaret Street in Sydney and adjoins Wynyard train station. It has excellent exposure to George Street drawing approximately 12 million visitations per annum. The centre is anchored by a Woolworths supermarket and comprises over 80 specialty stores.

Summary Information
GRADE CBD RETAIL
OWNERSHIP 50% MPT, 50% One Managed Investment Funds Ltd
GLA 6,563 SQM
CAR SPACES Nil
ACQUISITION DATE Aug-98
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $75.4m
VALUER CBRE
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.75%
CENTRE MAT $78.6m
SPECIALTY OCCUPANCY COST 24.3%
SPECIALTY SALES $10,093/SQM
Major Tenants
GLA SQM		 Lease Expiry
Woolworths
1,486		 Aug-29
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
14.5%
FY18
17.5%
FY19
13.8%
FY20
13.3%
FY21
16.8%
BEYOND
24.1%
WALE
3.6 YEARS
  1. Book value represents MPT's ownership.

61

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

RHODES WATERSIDE

RHODES, NSW

==> picture [187 x 119] intentionally omitted <==

Rhodes Waterside is co-located with IKEA in the vibrant Rhodes residential and office precinct. Major retailers include Coles, Target, Bing Lee and Reading Cinemas in addition to over 100 specialty stores. The centre features a recently introduced outdoor dining and restaurant precinct.

Summary Information
GRADE REGIONAL
OWNERSHIP 50% MPT, 50% Perron
GLA 32,887 SQM
CAR SPACES 2,460
ACQUISITION DATE Jan-07
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $177.0m1
VALUER Urbis
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.75%
CENTRE MAT $212.0m
SPECIALTY OCCUPANCY COST 16.2%
SPECIALTY SALES $9,407/SQM
Major Tenants
GLA SQM		 Lease Expiry
Target
3,795		 Nov-24
Coles
3,497		 Dec-19
Reading Cinemas
2,841		 Dec-19
Bing Lee
2,005		 Dec-16
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
19.8%
FY18
7.9%
FY19
9.6%
FY20
19.0%
FY21
6.6%
BEYOND
37.1%
WALE
3.5 YEARS
  1. Book value represents MPT's ownership.

62

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Retail

ST MARYS VILLAGE

ST MARYS, NSW

==> picture [187 x 119] intentionally omitted <==

Located in the western Sydney suburb of St Marys, this sub-regional centre comprises Woolworths, Target and over 40 specialty stores. The centre provides convenient shopping over a single level with easily accessible ground level parking.

Summary Information
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 15,956 SQM
CAR SPACES 551
ACQUISITION DATE Jan-03
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $52.4m
VALUER Colliers International
CAPITALISATION RATE 6.50%
DISCOUNT RATE 7.75%
CENTRE MAT $96.5m
SPECIALTY OCCUPANCY COST 12.9%
SPECIALTY SALES $8,477/SQM
Major Tenants
GLA SQM		 Lease Expiry
Target
8,109		 Jul-21
Woolworths
4,046		 Nov-25
Lease Expiry Profile % Income
VACANCY
0.5%
2H17
11.8%
FY18
6.7%
FY19
12.9%
FY20
23.4%
FY21
5.8%
BEYOND
38.9%
WALE
3.7 YEARS

63

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

STANHOPE VILLAGE

STANHOPE GARDENS, NSW

==> picture [187 x 119] intentionally omitted <==

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. The centre, which has undergone extensive refurbishment in the last two years, is anchored by Coles, Kmart and Aldi and features more than 70 specialty stores, including a vibrant dining precinct.

Summary Information
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 18,083 SQM
CAR SPACES 760
ACQUISITION DATE Nov-03
LAST EXTERNAL VALUATION DATE 31-Dec-16
VALUATION AT 31 DEC 16 $135.0m
VALUER Knight Frank
CAPITALISATION RATE 6.00%
DISCOUNT RATE 7.75%
CENTRE MAT $165.8m
SPECIALTY OCCUPANCY COST 11.3%
SPECIALTY SALES $9,048/SQM
Major Tenants
GLA SQM		 Lease Expiry
Kmart
5,060		 Mar-22
Coles
3,500		 Nov-18
Aldi
1,329		 Aug-28
Lease Expiry Profile % Income
VACANCY
1.4%
2H17
1.6%
FY18
2.3%
FY19
28.1%
FY20
16.2%
FY21
5.9%
BEYOND
44.5%
WALE
4.2 YEARS

64

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Retail

TRAMSHEDS

HAROLD PARK, NSW

==> picture [187 x 119] intentionally omitted <==

The recently completed Tramsheds development was an iconic restoration and reimagining of the historic ~6,000 square metre former tram depot at Harold Park in Sydneyʼs inner-west. Supported by an affluent urban catchment, including residents of the 1,300 new dwellings within Mirvacʼs Harold Park residential development, Tramsheds offers an eclectic mix of reputed Sydney eateries in addition to a local supermarket and services in a bespoke heritage setting.

Summary Information
GRADE NEIGHBOURHOOD
OWNERSHIP 100% MPT
GLA 5,952 SQM
CAR SPACES 147
ACQUISITION DATE Oct-15
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $44.0m
VALUER Directors Valuation
CAPITALISATION RATE 5.75%
DISCOUNT RATE 7.75%
CENTRE MAT n.a.
SPECIALTY OCCUPANCY COST n.a.
SPECIALTY SALES n.a.
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%
2H17
0.0%
FY18
0.0%
FY19
0.0%
FY20
0.3%
FY21
0.0%
BEYOND
99.7%
WALE
9.1 YEARS

65

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Retail

KAWANA SHOPPINGWORLD

BUDDINA, QLD

==> picture [187 x 119] intentionally omitted <==

Located in the growing region of Queensland's Sunshine Coast, the centre was redeveloped and expanded in 2014, repositioning Kawana as a dominant convenience and lifestyle centre. The centre incorporates Woolworths, Coles, Aldi, Big W, six mini-majors and approximately 150 specialty stores and includes recently introduced youth fashion, lifestyle retailers and a casual dining precinct.

Summary Information
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 38,415 SQM
CAR SPACES 1,720
ACQUISITION DATE Dec 93 (50%) Jun 98 (50%)
LAST EXTERNAL VALUATION DATE 31-Dec-15
VALUATION AT 31 DEC 16 $328.0m
VALUER Directors Valuation
CAPITALISATION RATE 6.00%
DISCOUNT RATE 8.00%
CENTRE MAT $327.9m
SPECIALTY OCCUPANCY COST 13.8%
SPECIALTY SALES $8,722/SQM
Major Tenants
GLA SQM		 Lease Expiry
Big W
8,383		 Jun-21
Woolworths
3,648		 Nov-19
Coles
3,351		 Oct-17
Aldi
1,430		 Jul-24
JB Hi-Fi
1,336		 May-21
Lease Expiry Profile % Income
VACANCY
0.2%
2H17
7.1%
FY18
7.8%
FY19
14.5%
FY20
19.9%
FY21
32.3%
BEYOND
18.2%
WALE
3.4 YEARS

66

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

ORION SPRINGFIELD CENTRAL

SPRINGFIELD, QLD

==> picture [187 x 119] intentionally omitted <==

Located in Brisbane's rapidly growing south-western corridor, the centre was developed by Mirvac in March 2007 and recently undertook a major expansion that 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 180 specialty stores and nine pad sites to form a regional centre of approximately 70,000 square metres.

Summary Information
GRADE REGIONAL
OWNERSHIP 100% MPT
GLA 70,052 SQM
CAR SPACES 3,200
ACQUISITION DATE Aug-02
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $335.0m1
VALUER Directors Valuation
CAPITALISATION RATE 6.00%
DISCOUNT RATE 8.00%
CENTRE MAT $350.2m
SPECIALTY OCCUPANCY COST 10.7%
SPECIALTY SALES n.a. (development impacted)
Major Tenants
GLA SQM		 Lease Expiry
Big W
7,988		 Mar-27
Target
6,021		 Nov-30
Event Cinemas
5,801		 Oct-21
Coles
5,618		 Oct-30
Woolworths
4,471		 Mar-27
Lease Expiry Profile % Income
VACANCY
0.4%
2H17
11.7%
FY18
4.1%
FY19
3.7%
FY20
5.8%
FY21
12.6%
BEYOND
61.7%
WALE
6.0 YEARS

1.[Excludes sundry vacant land.]

67

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

TOOMBUL SHOPPING CENTRE

NUNDAH, QLD

==> picture [187 x 119] intentionally omitted <==

Toombul Shopping Centre is located in a growing inner urban area of Brisbane just seven kilometres from the 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 44,000 square metres of gross lettable area comprising Coles, Aldi, Kmart, Target, BCC Cinemas, a new Bunnings Warehouse and approximately 130 specialty stores.

Summary Information
GRADE REGIONAL
OWNERSHIP 100% MPT
GLA 44,120 SQM
CAR SPACES 1,941
ACQUISITION DATE Jun-16
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $239.0m1
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.50%
CENTRE MAT $227.6m
SPECIALTY OCCUPANCY COST 14.5%
SPECIALTY SALES $8,434/SQM
Major Tenants
GLA SQM		 Lease Expiry
Kmart
6,725		 Feb-27
Target
6,582		 Oct-26
Coles
3,589		 May-32
Bunnings Warehouse
3,033		 Jul-21
BCC Cinemas
2,664		 Apr-27
Lease Expiry Profile % Income
VACANCY2
0.0%
2H17
12.7%
FY18
16.1%
FY19
11.4%
FY20
9.9%
FY21
9.8%
BEYOND
40.1%
WALE
5.0 YEARS

1.[Excludes sundry vacant land.]

  1. Occupancy includes income guarantee.

68

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

MOONEE PONDS CENTRAL

MOONEE PONDS, VIC

==> picture [187 x 119] intentionally omitted <==

Moonee Ponds Central is a sub-regional centre located seven kilometres north of the Melbourne CBD, and connected to the busy Puckle Street retail strip. The centre was expanded in 2009 and comprises Kmart, Coles and an Aldi Supermarket as well as over 60 specialty stores.

Summary Information
GRADE SUB REGIONAL
OWNERSHIP 100% MPT
GLA 18,842 SQM
CAR SPACES 380
ACQUISITION DATE May 03 & Feb 08
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $75.0m
VALUER Directors Valuation
CAPITALISATION RATE 6.50%
DISCOUNT RATE 8.00%
CENTRE MAT $135.4m
SPECIALTY OCCUPANCY COST 15.6%
SPECIALTY SALES $6,021/SQM
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
1.0%
2H17
9.6%
FY18
10.1%
FY19
8.2%
FY20
7.2%
FY21
6.3%
BEYOND
57.6%
WALE
4.3 YEARS

69

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

COOLEMAN COURT

WESTON, ACT

==> picture [187 x 119] intentionally omitted <==

Cooleman Court is a neighbourhood centre located in the Canberra suburb of Weston. The centre comprises two supermarkets, Woolworths and Aldi, a Target Country, Best & Less and over 40 specialty stores. The new residential area of Molonglo Valley is currently being developed a few kilometres from Cooleman Court and is having a positive impact on the centre.

Summary Information
GRADE NEIGHBOURHOOD
OWNERSHIP 100% MPT
GLA 10,688 SQM
CAR SPACES 500
ACQUISITION DATE Dec-09
LAST EXTERNAL VALUATION DATE 31-Dec-15
VALUATION AT 31 DEC 16 $58.0m
VALUER Directors Valuation
CAPITALISATION RATE 7.00%
DISCOUNT RATE 8.50%
CENTRE MAT $124.7m
SPECIALTY OCCUPANCY COST 13.5%
SPECIALTY SALES $7,534/SQM
Major Tenants
GLA SQM		 Lease Expiry
Woolworths
3,102		 Jul-23
Aldi
1,396		 Jan-19
Lease Expiry Profile % Income
VACANCY
0.0%
2H17
8.9%
FY18
22.2%
FY19
18.8%
FY20
11.5%
FY21
2.6%
BEYOND
36.0%
WALE
3.4 YEARS

70

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property

Retail

SOUTH VILLAGE (PROPERTY UNDER CONSTRUCTION)

KIRRAWEE, NSW

==> picture [187 x 96] intentionally omitted <==

In late 2016 Mirvac entered into an agreement with PAYCE to acquire a 50 per cent interest in a future retail asset in Kirrawee, NSW. Located 25 kilometres south of Sydney in the heart of Kirrawee and serviced by nearby public transport and the Princes Highway, the proposed South Village Shopping Centre development of approximately 25,000 square metres will form part of a mixed-use development site that will also include approximately 750 residential lots.

Mirvac will provide development leasing services, including tenancy co-ordination and retail design management prior to practical completion, and will retain management rights and leasing services following practical completion. PAYCE will undertake development of the project with Mirvac to pay an amount based on a 6.0 per cent capitalisation rate of the leased net income on completion.

Construction works have commenced on site, with staged completion expected from late 2018.

VALUATION AS AT 31 DEC 16

$15.0m[1]

  1. Represents MPTʼs ownership interest.

71

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Investment Property Retail

EAST VILLAGE (INVESTMENT IN JOINT VENTURE)

ZETLAND, NSW

==> picture [187 x 119] intentionally omitted <==

East Village is an award winning mixed-use retail centre opened in October 2014, located 3 kilometres south of the Sydney CBD in the rapidly densifying urban renewal area of Zetland. The centre is anchored by Coles, an Audi Service Centre and Virgin Active Health Club with over 50 specialties. The centre ranked “Number 1” in Australia in Shopping Centre News Little Guns Awards for annual turnover per square metre in 2016, and is set to benefit from strong forecast population growth in its catchment.

Summary Information
GRADE SUB REGIONAL
OWNERSHIP 50% MPT, 50% PAYCE Consolidated
GLA 32,782 SQM
CAR SPACES 680
ACQUISITION DATE Jul-16
LAST EXTERNAL VALUATION DATE 30-Jun-16
VALUATION AT 31 DEC 16 $154.7m1
VALUER Directors Valuation
CAPITALISATION RATE 5.25%
DISCOUNT RATE 8.00%
CENTRE MAT $158.8m
SPECIALTY OCCUPANCY COST 12.2%
SPECIALTY SALES $10,775/SQM
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
Lease Expiry Profile % Income
VACANCY
1.9%
2H17
2.6%
FY18
2.3%
FY19
2.7%
FY20
12.9%
FY21
5.5%
BEYOND
72.1%
WALE
8.7 YEARS
  1. Book value represents MPT's ownership in Joynton North Property Trust.

72

==> picture [539 x 516] intentionally omitted <==

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

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016
OTHER
INVESTMENTS
Travelodge, Tucker Box Hotel Group
----- End of picture text -----

73

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Other Investments

JV & FUNDS UNDER MANAGEMENT

TUCKER BOX HOTEL GROUP

FOCUS
FUM ($M)
NO. OF INVESTORS
Wholesale
590
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 and New Zealand. The portfolio comprises 12 hotels and 2,023 rooms with a value of $569.7m all
of which are leased to Value Lodging Pty Limited, a subsidiary of Toga Hospitality.

JF INFRASTRUCTURE YIELD FUND

FOCUS FUM ($M) NO. OF INVESTORS
Wholesale 5 40
The principal activity of the Fund is investment in unlisted Australian public infrastructure assets.
LAT PORTFOLIO
FOCUS FUM ($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.

74

==> picture [539 x 516] intentionally omitted <==

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

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016
RESIDENTIAL
OVERVIEW
Tullamore, VIC
----- End of picture text -----

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.

75

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Overview

==> picture [364 x 266] intentionally omitted <==

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

EXPECTED REVENUE LOTS UNDER CONTROL
$13.2 BILLION 31,353 LOTS
NSW 42% NSW 31%
QLD 16% QLD 20%
VIC 34% VIC 41%
WA 8% WA 8%
MIRVAC SHARE EXPECTED REVENUE MASTERPLANNED COMMUNITIES
$10.1 BILLION $4.8 BILLION
NSW 36% NSW 30%
QLD 18% QLD 12%
VIC 38% VIC 50%
WA 8% WA 8%
----- End of picture text -----

==> picture [180 x 87] intentionally omitted <==

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

APARTMENTS
$5.3 BILLION
NSW 42%
QLD 23%
VIC 27%
WA 8%
----- End of picture text -----

JV & FUNDS UNDER MANAGEMENT

FUND FUM ($M) NO. OF INVESTORS
Mirvac Wholesale Residential Development Partnership 94 4
Mirvac Development Fund Meadow Springs 2 285
Mirvac Ping An Waterloo Development Trust 78 2
Mirvac SLS Development Trust 171 2

76

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development New South Wales

PROPERTY LOCATION
THE AVENUE, ALEX AVENUE SCHOFIELDS, NSW
BONDI MORETON, WELLINGTON STREET BONDI, NSW
BRIGHTON LAKES, BRICKMAKERS DRIVE MOOREBANK, NSW
ELIZABETH POINT, CORNER OF AVIATION ROAD & AIRFIELD DRIVE ELIZABETH HILLS, NSW
GILLIESTON, SADDLER DRIVE (OFF CESSNOCK ROAD) GILLIESTON HEIGHTS, NSW
GLEDSWOOD HILLS, RABY ROAD GLEDSWOOD HILLS, NSW
GOOGONG, GOOGONG DAM ROAD GOOGONG, NSW
GREEN SQUARE, BOTANY ROAD ZETLAND, NSW
HAROLD PARK, ROSS STREET GLEBE, NSW
PANORAMA, 23 BODDINGTONS ROAD GLENFIELD, NSW
ST LEONARDS SQUARE, PACIFIC HIGHWAY ST LEONARDS, NSW
THE FINERY, LACHLAN STREET WATERLOO NSW

77

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development New South Wales

==> picture [255 x 81] intentionally omitted <==

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

MIRVAC SHARE EXPECTED REVENUE LOTS UNDER CONTROL
$3.7 BILLION 9,832
MasterplannedCommunities 38% MasterplannedCommunities 67%
Apartments 62% Apartments 33%
----- End of picture text -----

IN PROGRESS

ACQUISITION PROJECT VALUE TOTAL SETTLEMENT DATE1
 CURRENT PRICE RANGE
 CONSTRUCTION
PROPERTY DATE LOCATION (INC GST) LOTS RELEASED EXCHANGED SETTLED
 FROM TO
 FROM TO PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
Alex Avenue (the Avenue) Schofields $243.5m 483 377 377 377 FY14 FY21 $295,000 $731,533 MPC – Mix of land & housing 100% Mirvac Limited
Precinct 1 Jul 12 $111.5m 260 250 250 250 FY14 FY21 $295,000 $731,533 95%
Precinct 2 Jan 13 $14.6m 41 35 35 35 FY15 FY21 $312,900 $669,900 85%
Precinct 3 Jul 14 $68.0m 92 92 92 92 FY16 FY17 $374,900 $529,900 100%
Precinct 4 Sep 16 $49.5m 90 0 0 0 FY18 FY21 $395,000 $689,000 0%
Bondi, Moreton Dec 13 Bondi $259.7m 191 191 191 0 FY17 FY18 $725,000 $9,000,000 80% Apartments & Heritage House 100% Mirvac Limited
Brighton Lakes Dec 10 Moorebank $249.8m 306 218 196 68 FY16 FY18 $530,000 $1,245,900 50% MPC – Housing PDA with New Brighton Golf Club
Elizabeth Point Elizabeth Hills $152.2m 249 247 247 247 FY12 FY18 $245,000 $4,664,000 MPC – Mix of land & housing 100% Mirvac Limited
Completed Stages Dec 10 $120.7m 191 191 191 191 FY12 FY17 $245,000 $4,664,000 100%
Stage 2 Dec 10 $31.5m 58 56 56 56 FY13 FY18 $245,000 $315,000 100%
Gillieston Jul 06 Gillieston $104.4m 444 444 444 444 FY08 FY17 $135,000 $446,000 100% MPC – Mix of land & housing 100% Mirvac Limited
Gledswood Hills Sep 14 Gledswood Hills $253.0m 577 176 167 0 FY17 FY21 $364,900 $520,000 30% MPC – Mix of land & housing 100% Mirvac Limited
Googong Googong $1,835.6m 6,079 1,458 1,386 1,170 FY14 FY33 $112,000 $785,000 MPC – Mix of land & housing JV with CIC Australia Ltd
Stage 1 Dec 11 $63.2m 238 236 236 236 FY14 FY17 $175,000 $785,000 100%
Stage 2 Dec 11 $22.9m 99 99 97 97 FY14 FY17 $172,000 $304,000 100%
Stage 3 Dec 11 $55.0m 260 260 260 260 FY15 FY17 $112,000 $383,000 100%
Stage 4 Dec 11 $50.6m 192 139 139 139 FY15 FY19 $179,000 $374,000 100%
Stage 5 Dec 11 $37.6m 152 142 142 142 FY16 FY17 $126,000 $347,000 100%
Stage 6 Dec 11 $47.4m 297 162 143 140 FY16 FY19 $112,000 $285,000 85%

  1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  2. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

78

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development New South Wales

ACQUISITION PROJECT VALUE TOTAL SETTLEMENT DATE1
 CURRENT PRICE RANGE
 CONSTRUCTION
PROPERTY DATE LOCATION (INC GST) LOTS RELEASED EXCHANGED SETTLED
 FROM TO
 FROM TO PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
Stage 1B Dec 11 $187.4m 615 420 369 156 FY16 FY19 $188,000 $450,000 60%
Future Stages Dec 11 $1,371.5m 4,226 0 0 0 FY19 FY33 $140,000 $783,273 0%
Green Square Zetland $1,314.4m 1,210 476 466 0 FY17 FY22 $498,000 $1,555,000 Apartments with mixed use PDA with Urban Growth NSW
Ebsworth Mar 12 $166.8m 174 174 174 0 FY17 FY17 $498,000 $1,280,000 95%
No.8 Ebsworth, Ovo &
Ovo Portman Place Mar 12 $322.1m 302 302 292 0 FY18 FY18 $520,000 $1,555,000 15%
Future Stages Mar 12 $825.5m 734 0 0 0 FY20 FY22 $600,000 $1,400,000 0%
Harold Park Glebe $1,331.1m 1,303 1,303 1,291 1,070 FY15 FY18 $499,000 $6,000,000 Apartments (and terraces) 100% Mirvac Limited
Completed Stages Dec 10 $776.4m 828 828 828 828 FY15 FY16 $499,000 $6,000,000 100%
Precinct 4A Dec 10 $57.4m 49 49 49 49 FY17 FY17 $610,000 $1,930,000 100%
Precinct 4B Dec 10 $135.0m 111 111 111 111 FY16 FY17 $675,000 $2,161,500 100%
Precinct 5 Dec 10 $282.6m 233 233 221 0 FY18 FY18 $545,000 $2,100,000 20%
Precinct 6B Dec 10 $79.6m 82 82 82 82 FY16 FY17 $650,000 $1,545,000 100%
Panorama Glenfield $291.8m 751 750 750 750 FY06 FY17 $254,000 $1,664,000 MPC – Mix of land & housing 100% Mirvac Limited
Completed Stages Jun 01 $265.6m 673 673 673 673 FY06 FY16 $254,000 $1,664,000 100%
Stage 3D Jun 01 $14.7m 57 57 57 57 FY15 FY17 $619,900 $711,790 100%
Balance Sep 12 $11.5m 21 20 20 20 FY15 FY17 $310,000 $707,223 99%
St Leonards St Leonards $750.0m 526 526 469 0 FY20 FY21 $610,000 $5,485,000 Apartments JV with Ping An Real Estate
Tower 1 Jun 15 $304.1m 216 216 203 0 FY20 FY20 $630,000 $2,725,000 5%
Tower 2 Jun 15 $445.9m 310 310 266 0 FY20 FY21 $610,000 $5,485,000 5%
The Finery Jun 14 Waterloo $253.3m 227 227 151 1 FY17 FY18 $620,000 $1,950,000 15% Apartments and terraces with mixed use JV with Ping An Real Estate

PROPOSED

SETTLEMENT DATE1
PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INC GST) TOTAL LOTS
 FROM TO DESCRIPTION OWNERSHIP STRUCTURE
Marrickville Hospital Oct 15 Marrickville $221.5m 216 FY19 FY19 Apartments PDA with Marrickville Council
Marsden Park North Nov 14 Marsden Park $200.5m 525 FY19 FY22 MPC – Mix of land & housing PDA with MAC 1 MP Pty Ltd
Moorebank Dec 14 Moorebank $112.8m 179 FY19 FY20 MPC – Medium density housing PDA with Benedict Industries
Sydney Olympic Park Nov 14 Sydney Olympic Park $616.6m 693 FY20 FY22 Apartments PDA with Sydney Olympic Park Authority

1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  1. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

79

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

THE AVENUE, ALEX AVENUE

SCHOFIELDS, NSW

==> picture [187 x 119] intentionally omitted <==

Located approximately 45 kilometres from the Sydney CBD, this land and housing project sits in the north-west growth corridor of Sydney in the Blacktown City Council LGA. The masterplanned community is expected to deliver over 480 residential lots as well as a public park.

Summary Information - In Progress
ACQUISITION DATE Jul-12 - Sept-16
LOCATION Schofields
PROJECT VALUE (INCL. GST) $243.5m
TOTAL LOTS 483
PROJECT PERIOD FY14 - FY21
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

The project consists of four precincts: Precincts 1 and 2 (totalling 301 lots with a mix of Ready Homes, land lots and package homes) have been substantially completed, while all 92 land lots in Precinct 3 have settled. A Development Application for Precinct 4 (consisting of 90 lots) is currently being considered by Council. Civil works for Precinct 4 are expected to commence in July 2017.

80

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

BONDI, WELLINGTON ST

BONDI, NSW

==> picture [187 x 119] intentionally omitted <==

The Moreton is located in the inner-eastern suburb of Bondi and benefits from its close proximity to Sydneyʼs iconic Bondi Beach. The completed development will comprise 190 apartments over five buildings along with the restored heritage-listed Moreton Manor.

Summary Information - In Progress
ACQUISITION DATE Dec-13
LOCATION Bondi
PROJECT VALUE (INCL. GST) $259.7m
TOTAL LOTS 191
PROJECT PERIOD FY17 - FY18
OWNERSHIP STRUCTURE 100% Mirvac Limited
Project Update

The project was launched in early 2015, with construction commencing soon after. The project is 100 per cent pre-sold. Completion is anticipated in late FY17, with settlements completing in FY18.

81

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

BRIGHTON LAKES, BRICKMAKERS DRIVE MOOREBANK, NSW

==> picture [187 x 119] intentionally omitted <==

Brighton Lakes is a residential subdivision located in Sydney's south-west. It is being delivered under a project delivery agreement with New Brighton Golf Club, with plans for approximately 300 homes.

Summary Information - In Progress
ACQUISITION DATE Dec-10
LOCATION Moorebank
PROJECT VALUE (INCL. GST) $249.8m
TOTAL LOTS 306
PROJECT PERIOD FY16 - FY18
OWNERSHIP STRUCTURE PDA with New Brighton Golf Club

Project Update

Sales are tracking well with the next release expected for second half FY17. All current approvals have now been received and construction of homes expected to settle in FY17 is underway.

82

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

ELIZABETH POINT, CNR OF AVIATION ROAD & AIRFIELD DRIVE

ELIZABETH HILLS, NSW

==> picture [187 x 119] intentionally omitted <==

Elizabeth Point is a 249 lot masterplanned community located on the eastern side of Sydney's M7 Motorway, to the south of Mirvac's Elizabeth Hills residential development and north of Mirvac's Hoxton Park large-scale industrial development. The project sits within the Liverpool City Council LGA.

Summary Information - In Progress
ACQUISITION DATE Dec-10
LOCATION Elizabeth Hills
PROJECT VALUE (INCL. GST) $152.2m
TOTAL LOTS 249
PROJECT PERIOD FY12 - FY18
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

All released stages have now settled, with a few package homes remaining.

83

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

GILLIESTON, SADDLER DRIVE (OFF CESSNOCK ROAD)

GILLIESTON HEIGHTS, NSW

==> picture [187 x 119] intentionally omitted <==

Saddler's Ridge is a 70 hectare site located within the Maitland City Council LGA in Gillieston Heights, three kilometres south of Maitland and approximately 1.5 hours north of Sydney. The project consists of residential land lots developed over nine stages.

Summary Information - In Progress
ACQUISITION DATE Jul-06
LOCATION Gillieston
PROJECT VALUE (INCL. GST) $104.4m
TOTAL LOTS 444
PROJECT PERIOD FY08 - FY17
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Delivered over nine stages, the project is fully sold and all stages have now settled.

84

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

GLEDSWOOD HILLS, RABY ROAD

GLEDSWOOD HILLS, NSW

==> picture [187 x 119] intentionally omitted <==

Crest at Gledswood Hills is a residential masterplanned subdivision located in Sydneyʼs south west in the Camden Council area. The project consists of approximately 580 residential land lots integrated with over 40 hectares of recreational open space.

Summary Information - In Progress
ACQUISITION DATE Sep-14
LOCATION Gledswood Hills
PROJECT VALUE (INCL. GST) $253.0m
TOTAL LOTS 577
PROJECT PERIOD FY17 - FY21
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Stage 1 civil works are now complete and the registration of land parcels is imminent. Stage 2 civil works have commenced and are due for completion in the second half of FY17. A Development Application for Stage 3 was lodged in late 2016 and approval is expected in the second half FY17. Sales are tracking well with majority of all Stage 1 and Stage 2 lots sold out. The next release is anticipated for early 2017.

85

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

GOOGONG, GOOGONG DAM ROAD

GOOGONG, NSW

==> picture [187 x 119] intentionally omitted <==

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, which sits within the Queanbeyan City Council LGA, is being developed on a 780 hectare site over 20 to 25 years and will eventually be home to approximately 16,000 people. As a new, self-contained township, Googong will provide housing, community and recreational facilities, shops, schools and employment opportunities. Over 20 per cent of the site will be dedicated to Council as open space for parklands and playing fields.

Summary Information - In Progress
ACQUISITION DATE Dec-11
LOCATION Googong
PROJECT VALUE (INCL. GST) $1,835.6m
TOTAL LOTS 6,079
PROJECT PERIOD FY14 - FY33
OWNERSHIP STRUCTURE JV with CIC Australia Ltd
Project Update

Googong continues to achieve strong sales with released stages nearing completion. The focus for 2017 remains on structural planning of future stages as well as the Town Centre.

86

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

GREEN SQUARE, BOTANY ROAD

ZETLAND, NSW

==> picture [187 x 119] intentionally omitted <==

Mirvac and Urban Growth NSWʼs Green Square is a mixed-use development located approximately 3.5 kilometres from Sydneyʼs Central Business District, approximately four kilometres from Sydney airport and is conveniently located in close proximity to Green Square Railway Station. The Green Square region is one of the largest urban redevelopment projects in Australia, and when complete, Mirvac and Urban Growth NSW will have delivered approximately 1,210 apartments, along with office and retail space and a substantial public domain within the Green Square Town Centre.

Summary Information - In Progress
ACQUISITION DATE Mar-12
LOCATION Zetland
PROJECT VALUE (INCL. GST) $1,314.4m
TOTAL LOTS 1,210
PROJECT PERIOD FY17 - FY22
OWNERSHIP STRUCTURE PDA with Urban Growth NSW
Project Update

Mirvacʼs first apartment tower at Green Square, Ebsworth (174 lots), was launched in November 2014 and is 100 per cent pre-sold. Construction commenced in early 2015 with completion expected in FY17. Ovo and No.8 Ebsworth (290 lots) was released in late 2014 and early 2015 and is now 100 per cent pre sold. Construction on Ovo commenced in early 2016 with completion expected in FY18.

87

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

HAROLD PARK, ROSS STREET

GLEBE, NSW

==> picture [187 x 119] intentionally omitted <==

Harold Park is located in the inner-city suburb of Glebe, approximately 2.5 kilometers from Sydneyʼs Central Business District and lies within close proximity to the light rail, major bus routes, Sydney harbour and two of Sydney's largest universities. The project includes approximately 1,300 apartments and terraces, the adaptive re-use of the former Rozelle Tram Depot and 3.8 hectares of public open space.

Summary Information - In Progress
ACQUISITION DATE Dec-10
LOCATION Glebe
PROJECT VALUE (INCL. GST) $1,331.1m
TOTAL LOTS 1,303
PROJECT PERIOD FY15 - FY18
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Construction and settlement of all 1,070 lots within Precincts 1, 2, 3, 4A, 4B and 6B is complete. The final precinct, Precinct 5 (233 lots), is 95 per cent pre-sold. Construction of Precinct 5 commenced in mid-2016 with completion forecast for 2018.

88

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

PANORAMA, 23 BODDINGTONS ROAD

GLENFIELD, NSW

==> picture [187 x 119] intentionally omitted <==

The project is located in the south-west corridor of Sydney in Glenfield and is within minutesʼ drive of the M7/M5 intersection and Glenfield railway station. The site is bordered by Hurlstone Agricultural High School, Campbelltown Road and Glenfield Road and sits within the Campbelltown City Council Glenfield Road Area DCP. The project is being developed over three stages: Panorama, Vista and Parkside.

Summary Information - In Progress
ACQUISITION DATE Jun-01 & Sep-12
LOCATION Glenfield
PROJECT VALUE (INCL. GST) $291.8m
TOTAL LOTS 751
PROJECT PERIOD FY06 - FY17
OWNERSHIP STRUCTURE 100% Mirvac Limited
Project Update

All exchanged lots have settled. There is one remaining lot, to be released 2H17.

89

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

ST LEONARDS SQUARE

ST LEONARDS, NSW

==> picture [187 x 116] intentionally omitted <==

St Leonards Square occupies a convenient location in the heart of St Leonards, North Sydney, just a few hundred metres from St Leonards train station and diagonally opposite the proposed new Crows Nest Metro station. St Leonards Square is located approximately 4.5 kilometres from Sydneyʼs Central Business District and once complete, will deliver over 520 high-quality residential dwellings in two striking towers, with iconic CBD and Sydney Harbour views. The project will also offer commercial office space and vibrant ground-floor retail premises, which will complement the residential amenity on offer to residents.

Summary Information - In Progress
ACQUISITION DATE Jun-15
LOCATION St Leonards
PROJECT VALUE (INCL. GST) $750.0m
TOTAL LOTS 526
PROJECT PERIOD FY20 - FY21
OWNERSHIP STRUCTURE JV with Ping An Real Estate
Project Update

St Leonards Square received development approval in May 2016. Tower 1 (216 lots) was launched in March 2016 and is 94 per cent pre-sold to date. Tower 2 (310 lots) launched in July 2016 and is 86 per cent pre-sold to date. Demolition works commenced in October 2016 with expected completion in late 2019.

90

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential New South Wales

THE FINERY, LACHLAN ST

WATERLOO NSW

==> picture [187 x 119] intentionally omitted <==

The Finery will offer a refined living experience for the emerging Lachlan Precinct in Waterloo, just 3.5 kilometres from Sydneyʼs Central Business District. The project consists of over 220 apartments, with 1,200 square metres of retail space, generous green areas and a residentsʼ private entertaining rooftop terrace. Public domain and infrastructure works will also be completed to improve the wider precinct.

Summary Information - In Progress
ACQUISITION DATE Jun-14
LOCATION Waterloo
PROJECT VALUE (INCL. GST) $253.3m
TOTAL LOTS 227
PROJECT PERIOD FY17 - FY18
OWNERSHIP STRUCTURE JV with Ping An Real Estate

Project Update

All stages have now been released and the project is over 65 per cent pre-sold. Construction commenced onsite in April 2016 and is forecast for completion in FY18.

91

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Queensland

PROPERTY LOCATION
ASCOT GREEN, LANCASTER ROAD ASCOT, QLD
ASTON GROVE, DARIEN STREET BRIDGEMAN DOWNS, QLD
GAINSBOROUGH GREENS PIMPAMA, QLD
GREYSTONE TERRACES, RUSSELL STREET EVERTON PARK, QLD
HOPE STREET, HOPE STREET SOUTH BRISBANE, QLD
MARINER'S PENINSULA, MARINER'S DRIVE, NORTH WARD TOWNSVILLE, QLD
WATERFRONT, PIER PRECINCT, NEWSTEAD TERRACE NEWSTEAD, QLD
WATERFRONT, PARK PRECINCT, UNISON & SKYRING TERRACES, CUNNINGHAM STREET NEWSTEAD, QLD

92

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Queensland

==> picture [255 x 81] intentionally omitted <==

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

MIRVAC SHARE EXPECTED REVENUE LOTS UNDER CONTROL
$1.8 BILLION 6,257
MasterplannedCommunities 32% MasterplannedCommunities 69%
Apartments 68% Apartments 31%
----- End of picture text -----

IN PROGRESS

ACQUISITION PROJECT VALUE TOTAL SETTLEMENT DATE1 CURRENT PRICE RANGE CONSTRUCTION
PROPERTY DATE LOCATION (INC GST) LOTS RELEASED EXCHANGED SETTLED
 FROM TO
 FROM TO PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
Ascot Green Ascot $1,009.4m 1,176 223 70 0 FY19 FY27 $460,000 $3,200,000 Apartments PDA with Brisbane Racing Club
Tower A Sep 15 $86.6m 91 91 57 0 FY19 FY19 $460,000 $3,200,000 5%
Tower B Sep 15 $116.8m 132 132 13 0 FY19 FY19 $460,000 $3,200,000 0%
Future Stages Sep 15 $806.0m 953 0 0 0 FY20 FY27 $460,000 $3,200,000 0%
Aston Grove Aug 14 Bridgeman Downs $48.1m 125 125 125 125 FY16 FY17 $340,000 $500,000 100% MPC – Land lots 100% Mirvac Limited
Gainsborough Greens Pimpama $500.4m 1,896 1,091 1,055 869 FY11 FY20 $143,000 $351,000 MPC – Mix of land & housing 100% Mirvac Limited
Completed Stages Oct 06 $83.9m 431 431 431 431 FY11 FY16 $143,000 $350,000 100%
Precinct 1 – Forest Green Oct 06 $71.0m 242 157 152 78 FY16 FY19 $200,000 $340,000 100%
Precinct 5.1 – Green Park Oct 06 $41.5m 139 139 134 130 FY15 FY17 $195,000 $330,000 100%
Precinct 5.2 – 5.4 – Green Park Oct 06 $58.6m 229 117 93 0 FY17 FY19 $187,000 $330,000 90%
Precinct 6.1 – Green Park Oct 06 $31.8m 134 131 131 131 FY12 FY16 $188,000 $350,000 100%
Precinct 7.1 – Green Park Oct 06 $24.7m 103 103 101 99 FY16 FY17 $215,000 $351,000 100%
Future Stages Oct 06 $188.8m 618 1 3 13 0 FY18 FY20 $195,000 $350,000 19%

  1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  2. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

93

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Queensland

ACQUISITION PROJECT VALUE TOTAL SETTLEMENT DATE1 CURRENT PRICE RANGE CONSTRUCTION
PROPERTY DATE LOCATION (INC GST) LOTS RELEASED EXCHANGED SETTLED
 FROM TO
 FROM TO PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
Greystone Terraces Oct 14 Everton Park $32.9m 56 56 56 55 FY16 FY17 $475,000 $645,000 100% MPC – Medium density housing 100% Mirvac Limited
Hope Street South Brisbane $218.3m 354 354 348 0 FY17 FY19 $409,000 $1,675,000 Apartments 100% Mirvac Limited
Art House Jul 14 $115.1m 187 187 187 0 FY17 FY18 $409,000 $1,545,000 61%
Lucid Jul 15 $103.2m 167 167 161 0 FY19 FY19 $410,000 $1,675,000 8%
Mariner's Peninsula Townsville $21.8m 19 19 19 19 FY09 FY17 $547,000 $2,625,000 MPC – Land, Housing 100% Mirvac Limited
Completed Stages Jun 06 $10.1m 4 4 4 4 FY09 FY10 $2,330,000 $2,625,000 100%
The Point – Land Jun 06 $11.8m 15 15 15 15 FY12 FY17 $547,000 $1,165,000 100%
Waterfront MWRDP, Pier Precinct Jun 08 Newstead $321.2m 99 99 94 93 FY11 FY18 $1,850,000 $14,250,000 100% Apartments 100% MWRDP (Mirvac Limited 20% equity interest)
Waterfront, Park Precinct Newstead $532.3m 675 392 351 282 FY12 FY22 $415,000 $1,895,000 Apartments 100% Mirvac Limited
Completed Stages Apr 08 $91.8m 102 102 102 102 FY12 FY14 $450,000 $1,485,000 100%
Unison Stage 1 Apr 08 $108.9m 144 144 129 127 FY17 FY17 $415,000 $1,895,000 100%
Unison Stage 2 Apr 08 $104.4m 146 146 120 53 FY17 FY18 $415,000 $1,895,000 100%
Evelyn Stage 1 Apr 08 $171.3m 219 0 0 0 FY21 FY22 $450,000 $1,690,000 0%
Evelyn Stage 2 Apr 08 $55.8m 64 0 0 0 FY21 FY22 $450,000 $1,690,000 0%

PROPOSED

SETTLEMENT DATE1
PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INC GST) TOTAL LOTS
 FROM TO DESCRIPTION OWNERSHIP STRUCTURE
Greenbank Feb 16 Greenbank $625.3m 3,300 FY19 FY34 MPC – Land lots 100% Mirvac Limited

  1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  2. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

94

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

ASCOT GREEN, LANCASTER ROAD

ASCOT, QLD

==> picture [187 x 119] intentionally omitted <==

Located in the blue chip suburb of Ascot in Brisbane, Ascot Green is a 10-year masterplan project which, on completion, will comprise in excess of 1,000 apartments along the iconic Eagle Farm Racecourse. Stage 1 will comprise 223 apartments across two towers, of nine and 12 storeys respectively. The project is a project delivery agreement with the Brisbane Racing Club.

Summary Information - In Progress
ACQUISITION DATE Sep-15
LOCATION Ascot
PROJECT VALUE (INCL. GST) $1,009.4m
TOTAL LOTS 1,176
PROJECT PERIOD FY19 - FY27
OWNERSHIP STRUCTURE PDA with Brisbane Racing Club

Project Update

Development Approval for Stage 1 was received in mid- 2016, and Tower A was launched to the market in mid-2016. Construction has now commenced.

95

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

ASTON GROVE, DARIEN STREET

BRIDGEMAN DOWNS, QLD

==> picture [187 x 119] intentionally omitted <==

Located in the northern Brisbane suburb of Bridgeman Downs, Aston Grove is a land-only development comprising 125 lots constructed over two stages.

Summary Information - In Progress
ACQUISITION DATE Aug-14
LOCATION Bridgeman Downs
PROJECT VALUE (INCL. GST) $48.1m
TOTAL LOTS 125
PROJECT PERIOD FY16 - FY17
OWNERSHIP STRUCTURE 100% Mirvac Limited
Project Update
All lots have now settled. Project is complete.

96

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

GAINSBOROUGH GREENS

PIMPAMA, QLD

==> picture [187 x 119] intentionally omitted <==

Gainsborough Greens is a large-scale masterplanned community located at Pimpama in the northern Gold Coast area and 50 kilometres south of the Brisbane CBD. The project consists of approximately 1,800 lots, along with recreational and retail facilities. The project incorporates the existing Gainsborough Greens Golf Course and part of the site is subject to a body corporate structure.

Summary Information - In Progress
ACQUISITION DATE Oct-06
LOCATION Pimpama
PROJECT VALUE (INCL. GST) $500.4m
TOTAL LOTS 1,896
PROJECT PERIOD FY11 - FY20
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Lots were first released in 2010 and to date 1,091 lots have been released with over 90% being sold. All major approvals are in place for completion of the project.

97

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

GREYSTONE TERRACES, RUSSELL STREET

EVERTON PARK, QLD

==> picture [187 x 119] intentionally omitted <==

Located in Everton Park, eight kilometres north of the Brisbane CBD, Greystone is a boutique development of 56 townhouses and a residentʼs recreation area.

Summary Information - In Progress
ACQUISITION DATE Oct-14
LOCATION Everton Park
PROJECT VALUE (INCL. GST) $32.9m
TOTAL LOTS 56
PROJECT PERIOD FY16 - FY17
OWNERSHIP STRUCTURE 100% Mirvac Limited
Project Update

Stage 1 is complete with all lots settled. Construction on Stage 2 is complete with one lot left to settle.

98

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

HOPE STREET, HOPE STREET

SOUTH BRISBANE, QLD

==> picture [187 x 119] intentionally omitted <==

The site is located in South Brisbane, a short walk from the Southbank parklands and arts precinct and across the river from the Brisbane CBD. The site was acquired from mid-2014 with planning approval for two apartment towers and ground floor retail.

Summary Information - In Progress
ACQUISITION DATE Jul-14 - Jul-15
LOCATION South Brisbane
PROJECT VALUE (INCL. GST) $218.3m
TOTAL LOTS 354
PROJECT PERIOD FY17 - FY19
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

The first tower, Art House, was released to market in mid-2014 and is now sold out. Construction commenced in mid-2015 with completion anticipated for FY17. The second tower, Lucid, was launched in October 2015, with early works commencing in late April 2016 and completion expected in FY19.

99

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

MARINER'S PENINSULA, MARINER'S DRIVE, NORTH WARD

TOWNSVILLE, QLD

==> picture [187 x 119] intentionally omitted <==

The site is located on "The Strand" in Townsville, North Queensland and currently enjoys 270 degree views across the adjacent marina and Cleveland Bay. The development comprises beachfront houses and land.

Summary Information - In Progress
ACQUISITION DATE Jun-06
LOCATION Townsville
PROJECT VALUE (INCL. GST) $21.84m
TOTAL LOTS 19
PROJECT PERIOD FY09 - FY17
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Construction of the final stage was completed in mid-2009. The final two land lots settled in October 2016.

100

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

WATERFRONT, PIER PRECINCT, NEWSTEAD TERRACE

NEWSTEAD, QLD

==> picture [187 x 119] intentionally omitted <==

The ʻPierʼ Precinct is part of the 10.5 hectare Waterfront development located in the inner-city suburb of Newstead. Pier comprises luxury three and four bedroom and penthouse apartments across two buildings. This development is part of the Mirvac Wholesale Residential Development Partnership (MWRDP).

Summary Information - In Progress
ACQUISITION DATE Jun-08
LOCATION Newstead
PROJECT VALUE (INCL. GST) $321.2m
TOTAL LOTS 99
PROJECT PERIOD FY11 - FY18
OWNERSHIP STRUCTURE 100% MWRDP (Mirvac Limited 20% equity interest)
Project Update

Construction was completed in early 2011 and five apartments remain available.

101

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Queensland

WATERFRONT, PARK PRECINCT, UNISON & SKYRING TERRACES, CUNNINGHAM STREET

NEWSTEAD, QLD

==> picture [187 x 119] intentionally omitted <==

Waterfront is a premium residential, retail and parkland development, located on a prime 10.5 hectare north-east facing riverfront site. The site is located in the inner-city suburb of Newstead which is two kilometres from the Brisbane CBD and eight kilometres from Brisbane airport.

Summary Information - In Progress
ACQUISITION DATE Apr-08
LOCATION Newstead
PROJECT VALUE (INCL. GST) $532.3m
TOTAL LOTS 675
PROJECT PERIOD FY12 - FY22
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Construction on Unison was completed in December 2016. Approximately 40 apartments remain available for sale.

102

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Victoria

PROPERTY LOCATION
ENCLAVE, NEWSOM STREET ASCOT VALE, VIC
HARCREST MWRDP, CORNER OF HARCREST BOULEVARD & APPLEDALE WAY WANTIRNA SOUTH, VIC
JACK ROAD, JACK ROAD CHELTENHAM, VIC
THE EASTBOURNE, ALBERT STREET EAST MELBOURNE, VIC
TULLAMORE, DONCASTER ROAD DONCASTER, VIC
WAVERLEY PARK, GOODISON COURT MULGRAVE, VIC
WOODLEA, LEAKES ROAD ROCKBANK, VIC
YARRA'S EDGE, LORIMER STREET DOCKLANDS, VIC

103

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development

Victoria

MIRVAC SHARE EXPECTED REVENUE
$3.8 BILLION
Masterplanned
Communities
62%
Apartments
38%
IN PROGRESS		 LOTS UNDER CONTROL
12,647
Masterplanned
Communities
88%
Apartments
12%
PROPERTY
ACQUISITIO
DAT		 N
E
LOCATION
PROJECT VALUE
(INC GST)
TOTAL
LOTS
RELEASED
EXCHANGED
SETTLED
SETTLEMENT DATE1
FROM TO
CURRENT PRICE RANGE
FROM TO
CONSTRUCTION
PROGRESS2 DESCRIPTION
OWNERSHIP STRUCTURE
Enclave Ascot Vale
$164.5m
246
246
246
185
FY14
FY18
$445,000
$975,000
MPC – Mix of land & housing
50% Mirvac Limited 50% Gresham Partners
Completed Stages
Mar 1		 3
$101.4m
163
163
163
163
FY14
FY16
$445,000
$894,000
100%
Stage 5 – Built Form
Mar 1		 3
$49.4m
61
61
61
0
FY17
FY18
$610,000
$975,000
60%
Stage 5 – Land
Mar 1		 3
$13.7m
22
22
22
22
FY16
FY17
$520,000
$730,000
100%
Harcrest MWRDP Wantirna South
$449.3m
900
899
898
692
FY11
FY18
$310,000
$1,376,000
MPC – Mix of land & housing
100% MWRDP
(Mirvac Limited 20% equity interest)
Completed Stages
Feb 0		 8
$131.3m
286
286
286
286
FY12
FY16
$310,000
$615,000
100%
Stage 1
Feb 0		 8
$53.9m
104
104
104
104
FY11
FY17
$325,000
$1,376,000
100%
Stage 5
Feb 0		 8
$49.8m
100
100
100
100
FY15
FY17
$310,000
$810,000
100%
Stage 6
Feb 0		 8
$50.2m
100
100
99
82
FY16
FY17
$345,000
$730,000
80%
Stage 7
Feb 0		 8
$40.6m
81
81
81
62
FY16
FY17
$365,000
$690,000
80%
Stage 9
Feb 0		 8
$66.2m
119
119
119
0
FY17
FY18
$420,000
$740,000
20%
Stage 10
Feb 0		 8
$57.3m
110
109
109
58
FY16
FY17
$335,000
$725,000
80%
Jack Road
Oct 1		 4
Cheltenham
$140.7m
183
183
173
70
FY16
FY19
$510,000
$1,290,000
60% MPC – Housing
100% Mirvac Limited
The Eastbourne
Dec 1		 2
East Melbourne
$448.1m
258
258
195
0
FY20
FY20
$500,000
$13,625,000
0% Apartments
PDA with Freemasons
Tullamore Doncaster
$725.3m
807
355
354
62
FY16
FY20
$475,000
$3,690,000
MPC – Mix of land,
housing & medium density housing
100% Mirvac Limited
Stage 1
Jul 1		 5
$107.3m
133
133
133
62
FY16
FY18
$540,000
$1,350,000
65%
Stage 2
Jul 1		 5
$120.9m
122
114
114
0
FY17
FY18
$625,000
$1,880,000
40%
Stage 3
Jul 1		 5
$109.8m
100
91
91
0
FY17
FY19
$615,000
$1,400,000
25%
Stage 4
Jul 1		 5
$72.2m
85
17
16
0
FY18
FY19
$710,000
$1,800,000
0%
Future Stages
Jul 1		 5
$315.1m
367
0
0
0
FY18
FY20
$475,000
$3,690,000
0%
Waverley Park Mulgrave
$753.4m
1,317
1,143
1,143
1,143
FY04
FY20
$225,000
$1,075,000
MPC – Housing
100% Mirvac Limited
Completed Stages
Dec 0		 1
$468.6m
895
895
895
895
FY04
FY14
$225,000
$1,075,000
100%
Stage 5
Dec 0		 1
$81.8m
118
114
114
114
FY10
FY19
$475,000
$1,050,000
100%
Stage 6
Dec 0		 1
$41.8m
55
25
25
25
FY11
FY20
$495,000
$935,000
50%
Stage 7
Dec 0		 1
$52.7m
93
54
54
54
FY08
FY20
$407,000
$935,000
60%
Stage 9
Dec 0		 1
$108.5m
156
55
55
55
FY14
FY20
$515,000
$940,000
35%

  1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  2. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

104

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Victoria

ACQUISITION PROJECT VALUE
TOTAL		 SETTLEMENT DATE1 SETTLEMENT DATE1 CURRENT PRICE RANGE CURRENT PRICE RANGE CONSTRUCTION
PROPERTY DATE LOCATION (INC GST) LOTS RELEASED EXCHANGED SETTLED FROM TO FROM TO PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
50% Mirvac Limited
Woodlea Rockbank $1,489.3m 6,201 1,630 1,602 641
FY16		 FY33 $135,500 $420,000 MPC – Land lots 50% Jayaland Corporation
Completed Stages Nov 06 $115.1m 591 591 591 591
FY16		 FY17 $149,000 $253,000 100%
Stage 1 Nov 06 $10.1m 52 50 50 50
FY16		 FY20 $160,000 $420,000 100%
Stage 11–26 Nov 06 $247.5m 1,101 989 961 0
FY17		 FY18 $135,500 $339,800 Various
Balance of Project Nov 06 $1,116.6m 4,457 0 0 0
FY18		 FY33 $160,000 $340,000 0%
Yarra's Edge Docklands $1,515.7m 1,618 1,126 844 532
FY05		 FY22 $120,000 $6,000,000 Apartments (and townhouses) 100% Mirvac Limited
Completed Stages Apr 11 $191.9m 201 201 201 201
FY13		 FY15 $500,000 $2,400,000 100%
Marina Berths Mar 04 $18.1m 149 149 116 116
FY05		 FY22 $120,000 $225,000 100%
Array – Tower 6 Jul 13 $217.7m 199 199 199 199 FY15 FY17 $500,000 $6,000,000 100%
Wharfs Entrance – Tower 10 (Forge) Nov 15 $197.4m 228 228 173 0 FY17 FY18 $490,000 $1,550,000 80%
Wharfs Entrance – Tower 11 (Voyager) Oct 16 $303.7m 315 314 127 0 FY20 FY21 $490,000 $1,500,000 0%
Wharfs Entrance – Townhouse Stage 1 Nov 15 $50.5m 18 18 18 16 FY17 FY17 $1,850,000 $4,100,000 100%
Wharfs Entrance – Townhouse Stage 2 Dec 15 $55.8m 18 17 10 0 FY18 FY19 $1,600,000 $4,000,000 15%
Future Stages – $480.7m 490 0 0 0 FY21 FY22 $490,000 $6,000,000 0%
PROPOSED
SETTLEMENT DATE1
PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INC GST) TOTAL LOTS FROM TO
 DESCRIPTION OWNERSHIP STRUCTURE
Donnybrook Road Jun 12 Donnybrook $452.6m 2,145 FY18 FY31 MPC – Land lots Combination of balance sheet and PDA
Smith's Lane Nov 11 Clyde North $606.5m 2,297 FY19 FY29 MPC – Land lots 100% Mirvac Limited

  1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  2. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

105

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Victoria

ENCLAVE, NEWSOM STREET

ASCOT VALE, VIC

==> picture [187 x 119] intentionally omitted <==

Enclave is a 10 hectare infill development, comprising vacant land and terrace housing. Located seven kilometres from Melbourne's Central Business District and adjacent to the Maribyrnong River, the project offers a rare combination of inner-city living as well as direct access to parkland, sporting clubs and river trails, along with a wetland centrepiece and expansive views of the CBD.

Summary Information - In Progress
ACQUISITION DATE Mar-13
LOCATION Ascot Vale
PROJECT VALUE (INCL. GST) $164.5m
TOTAL LOTS 246
PROJECT PERIOD FY14 - FY18
OWNERSHIP STRUCTURE 50% Mirvac Limited 50% Gresham Partners
Project Update

The project is sold out with over 70 per cent of the site settled. The wetlands and park were opened in 2015 and civil construction is now complete. Construction of the final stage of homes is underway.

106

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential

Victoria

HARCREST MWRDP, CNR OF HARCREST BLVD & APPLEDALE WAY

WANTIRNA SOUTH, VIC

==> picture [187 x 119] intentionally omitted <==

Harcrest is a 56 hectare infill development, comprising vacant land and integrated housing. Nestled amongst wellestablished suburbs, Harcrest offers buyers a unique opportunity to buy or build a brand new home at the foothills of the Dandenong Ranges on what used to be the Austral Bricks Quarry.

Summary Information - In Progress
ACQUISITION DATE Feb-08
LOCATION Wantirna South
PROJECT VALUE (INCL. GST) $449.3m
TOTAL LOTS 900
PROJECT PERIOD FY11 - FY18
OWNERSHIP STRUCTURE 100% MWRDP (Mirvac Limited 20% equity interest)

Project Update

The project has one released lot available for sale and one lot left to release. Majority of the land stages are complete or nearing completion, with the final stages currently under construction, and completion is expected in early FY17. The final few stages of Mirvac built-form are under construction with all homes forecast for completion by early FY18.

107

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Victoria

JACK ROAD , JACK ROAD

CHELTENHAM, VIC

==> picture [187 x 118] intentionally omitted <==

Jack Road is a 4.2 hectare site located in the Bayside suburb of Cheltenham, approximately 20 kilometres south of the Melbourne Central Business District. The development comprises approximately 180 dwellings, consisting of boutique style apartments and two, three and four bedroom townhouses. The project offers a unique opportunity to live in a masterplanned community within close proximity to the beach and established amenity.

Summary Information - In Progress
ACQUISITION DATE Oct-14
LOCATION Cheltenham
PROJECT VALUE (INCL. GST) $140.7m
TOTAL LOTS 183
PROJECT PERIOD FY16 - FY19
OWNERSHIP STRUCTURE 100% Mirvac Limited
Project Update

Over 90% of the project is now pre-sold, with stage 2 currently under construction.

108

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Victoria

THE EASTBOURNE, ALBERT ST

EAST MELBOURNE, VIC

==> picture [187 x 119] intentionally omitted <==

The Eastbourne site is approximately 8,200 square metres and is positioned on the footstep of the Fitzroy Gardens in East Melbourne. The building features approximately 250 apartments across 14 levels and is serviced by a four-level basement car park. This unique building will be a distinct addition to East Melbourne and seeks to raise the bar in luxury residential apartment living.

Summary Information - In Progress
ACQUISITION DATE Dec-12
LOCATION East Melbourne
PROJECT VALUE (INCL. GST) $448.1m
TOTAL LOTS 258
PROJECT PERIOD FY20 - FY20
OWNERSHIP STRUCTURE PDA with Freemasons
Project Update

The Eastbourne was launched to the market in May 2016, with 76 per cent of apartments sold to date. Demolition is well underway, enabling construction to commence in early 2017.

109

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Victoria

TULLAMORE, DONCASTER ROAD

DONCASTER, VIC

==> picture [187 x 119] intentionally omitted <==

Tullamore is a 42 hectare infill development, comprising vacant land and integrated housing. Located 13 kilometres from Melbourne's Central Business District, 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.

Summary Information - In Progress
ACQUISITION DATE Jul-15
LOCATION Doncaster
PROJECT VALUE (INCL. GST) $725.3m
TOTAL LOTS 807
PROJECT PERIOD FY16 - FY20
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Since launching in May 2015, over 350 contracts have been exchanged, with significant price growth achieved across five releases completed to date. Civil construction on Stage 1 has completed, with vacant land settlements received in FY16. Housing construction has commenced within Stage 1 and civil construction is well underway on Stages 2 and 3.

110

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Victoria

WAVERLEY PARK, GOODISON COURT

MULGRAVE, VIC

==> picture [187 x 119] intentionally omitted <==

Waverley Park is a masterplanned community located in the south-eastern suburb of Mulgrave, approximately 23 kilometres from the Melbourne Central Business District. 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.

Summary Information - In Progress
ACQUISITION DATE Dec-01
LOCATION Mulgrave
PROJECT VALUE (INCL. GST) $753.4m
TOTAL LOTS 1,317
PROJECT PERIOD FY04 - FY20
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

There have been 1,143 settled lots. The amendment to the permit to allow the powerlines to remain above ground was granted in November 2016. The amendment provides approval for Mirvac to recommence works and complete the balance of the site (approximately 174 lots).

111

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Victoria

WOODLEA, LEAKES ROAD

ROCKBANK, VIC

==> picture [187 x 119] intentionally omitted <==

Woodlea is a 711 hectare Greenfield masterplanned community situated 29 kilometres west of the Melbourne Central Business District. The community will accommodate over 6,000 residential lots, four schools, community and childcare facilities, a local Town Centre, a Major Town Centre and 30 hectares of sporting facilities linked by 200 hectares of open space. The project is being developed in joint venture with Jayaland Corporation and is expected to house approximately 20,000 residents upon completion.

Summary Information - In Progress
ACQUISITION DATE Nov-06
LOCATION Rockbank
PROJECT VALUE (INCL. GST) $1,489.3m
TOTAL LOTS 6,201
PROJECT PERIOD FY16 - FY33
OWNERSHIP STRUCTURE 50% Mirvac Limited 50% Jayaland Corporation
Project Update

Since launching in March 2015, approximately 1,600 contracts have been exchanged at Woodlea across twenty-six stages. Settlements commenced in October 2015 with over 630 lots settled as at December 2016. Demand for product at Woodlea remains strong.

112

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Victoria

YARRA'S EDGE, LORIMER STREET

DOCKLANDS, VIC

==> picture [187 x 119] intentionally omitted <==

Yarra's Edge is a 14 hectare site located on the southern 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
ACQUISITION DATE Various (from 2004)
LOCATION Docklands
PROJECT VALUE (INCL. GST) $1,515.7m
TOTAL LOTS 1,618
PROJECT PERIOD FY05 - FY22
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

The ʻPark Precinctʼ comprises 604 apartments across Yarra Point, Array and Tower 9. Yarra Point and Array are now fully sold and settled with both Array penthouses settled in December 2016. A re-design for Tower 9 was lodged in October 2016 and is currently being assessed by Department of Environment, Land, Water and Planning. The ʻWharf's Entranceʼ precinct comprises 730 apartments across Towers 10, 11 and 12; approximately 80 mid-rise apartments; and 36 townhouses. The first release of Forge (Tower 10) and Stage 1 of the townhouses occurred in late 2014, with construction having commenced in early 2015. The Stage 1 terraces are 100 per cent sold and 83 per cent settled, with Forge completion anticipated in 2H17. Stage 2 townhouses and Voyager (Tower 11) were released in late 2015. Construction has commenced on the Stage 2 townhouses, with construction on Voyager anticipated to commence in 2017.

113

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Western Australia

PROPERTY LOCATION
BALDIVIS, BALDIVIS ROAD BALDIVIS, WA
BEACHSIDE LEIGHTON, 1 FREEMAN LOOP NORTH FREMANTLE, WA
CLAREMONT, CORNER GRAYLANDS ROAD & SHENTON ROAD CLAREMONT, WA
MANDURAH SYNDICATES MIRVAC FUNDS MANAGEMENT MANDURAH, WA
MANDURAH SYNDICATES, MWRDP MANDURAH, WA
OSPREY WATERS, BRIDGEWATER BOULEVARD MANDURAH, WA
THE PENINSULA, THE CIRCUS BURSWOOD, WA

114

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Western Australia

==> picture [255 x 81] intentionally omitted <==

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

MIRVAC SHARE EXPECTED REVENUE LOTS UNDER CONTROL
$0.8 BILLION 2,617
MasterplannedCommunities 47% MasterplannedCommunities 77%
Apartments 53% Apartments 23%
----- End of picture text -----

IN PROGRESS

ACQUISITION PROJECT VALUE TOTAL SETTLEMENT DATE1 CURRENT PRICE RANGE CONSTRUCTION
PROPERTY DATE LOCATION (INC GST) LOTS RELEASED EXCHANGED SETTLED
 FROM TO
 FROM TO PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
Baldivis Baldivis $85.5m 433 126 55 54 FY16 FY20 $139,000 $268,000 MPC – Land lots 100% Mirvac Limited
Stage 1 Dec 13 $14.0m 70 70 31 30 FY16 FY18 $169,000 $268,000 100%
Stage 2 Dec 13 $11.5m 56 56 24 24 FY16 FY18 $175,000 $246,000 100%
Future Stages Dec 13 $60.0m 307 0 0 0 FY18 FY20 $139,000 $258,000 0%
Beachside Leighton Leighton $352.9m 290 182 141 69 FY11 FY20 $420,000 $8,950,000 Apartments with mixed use 100% Mirvac Limited
Completed Stages Aug 06 $170.0m 69 69 69 69 FY11 FY16 $840,000 $8,950,000 100%
Meridian, Prima & Future Stages Aug 06 $182.9m 221 113 72 0 FY18 FY20 $420,000 $1,860,000 16%
Claremont Claremont $176.5m 234 226 94 0 FY19 FY20 $450,000 $1,495,000 Apartments 100% Mirvac Limited
Grandstand Jan 15 $104.5m 142 142 71 0 FY19 FY20 $450,000 $1,165,000 1%
Reserve Jan 15 $72.1m 92 84 23 0 FY19 FY20 $460,000 $1,495,000 1%
Mandurah Syndicates – Meadow Springs Jun 06 Mandurah $124.6m 648 648 648 648 FY07 FY17 $127,917 $3,080,131 MPC – Land lots 100% Mirvac Development Fund
Mandurah Syndicates MWRDP Mandurah $88.9m 479 479 440 437 FY09 FY17 $120,000 $239,500 MPC – Land with mixed use 100% MWRDP (Mirvac Limited 20% equity interest)
Meadow Springs MWRDP Syndicate Jun 07 $88.9m 479 479 440 437 FY09 FY17 $120,000 $239,500 100%

  1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  2. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

115

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Western Australia

ACQUISITION PROJECT VALUE TOTAL SETTLEMENT DATE1 CURRENT PRICE RANGE CONSTRUCTION
PROPERTY DATE LOCATION (INC GST) LOTS RELEASED EXCHANGED SETTLED
 FROM TO
 FROM TO PROGRESS2 DESCRIPTION OWNERSHIP STRUCTURE
Osprey Waters Mandurah $86.4m 474 264 237 235 FY14 FY19 $109,000 $261,820 MPC – Land lots 100% Mirvac Limited
Completed Stages Dec 13 $14.5m 81 81 81 81 FY14 FY17 $109,000 $239,000 100%
Stage 2 Dec 13 $11.7m 68 68 67 67 FY15 FY17 $122,000 $239,000 100%
Stage 3 Dec 13 $12.4m 63 63 62 61 FY16 FY17 $130,000 $239,000 100%
Stage 5 Dec 13 $8.9m 50 41 21 21 FY16 FY17 $150,000 $227,000 100%
Stage 9 Dec 13 $12.2m 63 11 6 5 FY17 FY19 $147,000 $215,000 23%
Future stages Dec 13 $26.6m 149 0 0 0 FY16 FY19 $147,000 $261,820 0%
The Peninsula Burswood $666.7m 587 410 409 408 FY07 FY21 $385,000 $13,395,000 Apartments, Medium Density & Land Lots 50% Mirvac Limited 50% AustralianSuper Fund
Completed Stages Feb 03 $322.9m 277 277 277 277 FY07 FY16 $385,000 $13,395,000 100%
Tower 4 Feb 03 $149.9m 133 133 132 131 FY10 FY17 $550,000 $4,200,000 100%
Future Stages Feb 03 $193.9m 177 0 0 0 FY18 FY21 $480,000 $480,000 0%

PROPOSED

SETTLEMENT DATE1
PROPERTY ACQUISITION DATE LOCATION PROJECT VALUE (INC GST) TOTAL LOTS
 FROM TO DESCRIPTION OWNERSHIP STRUCTURE
Kennedy Bay Oct 06 Port Kennedy $126.2m 390 FY18 FY22 MPC – Land lots PDA with WABGR
Piara Waters Feb 16 Piara Waters $128.9m 420 FY18 FY21 MPC – Land lots 100% Mirvac Limited
West Swan Dec 14 West Swan $139.9m 513 FY18 FY21 MPC – Land lots 100% Mirvac Limited

1. SETTLEMENT DATE MAY VARY AS CIRCUMSTANCES CHANGE.

  1. CONSTRUCTION PROGRESS AS A PERCENTAGE OF COST, WHICH INCLUDES LAND SUBDIVISION BUT NOT LAND ACQUISITION.

116

MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Western Australia

BALDIVIS, BALDIVIS RD

BALDIVIS, WA

==> picture [187 x 119] intentionally omitted <==

One71 Baldivis is a masterplanned community development of approximately 30 hectares located in Perthʼs southwest corridor, 20 minutes from the Central Business District.

Summary Information - In Progress
ACQUISITION DATE Dec-13
LOCATION Baldivis
PROJECT VALUE (INCL. GST) $85.5m
TOTAL LOTS 433
PROJECT PERIOD FY16 - FY20
OWNERSHIP STRUCTURE 100% Mirvac Limited
Project Update

Stages 1 and 2 were released to market in FY16, with settlements commencing in May 2016. Construction of the central park is close to complete, establishing a focal point for the local community, with other initiatives such as ʻgreen streetsʼ to be delivered across the site.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Western Australia

BEACHSIDE LEIGHTON, 1 FREEMAN LOOP

NORTH FREMANTLE, WA

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Beachside Leighton is a mixed-use development approximately 20 kilometres south-west of the Perth Central Business District in a coastal location, comprising apartments, terraces, retail and a future hotel.

Summary Information - In Progress
ACQUISITION DATE Aug-06
LOCATION Leighton
PROJECT VALUE (INCL. GST) $352.9m
TOTAL LOTS 290
PROJECT PERIOD FY11 - FY20
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Stage 1 (69 lots) is complete and settled. Construction has commenced on Stage 2 (113 lots) spanning two buildings, Meridian and Prima, with over 60 per cent of the project pre-sold. Concept designs for the final stage release have been prepared with a market launch date to be determined.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Western Australia

CLAREMONT, CNR GRAYLANDS RD & SHENTON RD CLAREMONT, WA

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The site was acquired in 2015 as part of LandCorpʼs (WA State Government) redevelopment of the former Claremont Football Club facilities and adjacent land. The site is approximately 10 kilometres south-west of the Perth Central Business District.

Summary Information - In Progress
ACQUISITION DATE Jan-15
LOCATION Claremont
PROJECT VALUE (INCL. GST) $176.5m
TOTAL LOTS 234
PROJECT PERIOD FY19 - FY20
OWNERSHIP STRUCTURE 100% Mirvac Limited
Project Update

The project comprises 234 apartments set directly adjacent to Claremont Oval. Stage 1, the ʻGrandstandʼ (142 lots) was released in March 2015 while Stage 2, the ʻReserveʼ (92 lots) was launched in May 2016. Presales for both stages are ongoing. Early works have commenced on site.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Western Australia

MANDURAH SYNDICATES MIRVAC FUNDS MANAGEMENT

MANDURAH, WA

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The Mandurah Syndicates Mirvac Funds Management comprises the masterplanned community of Meadow Springs. The communities are all located within the Mandurah metropolitan area, with Meadow Springs offering a golf course lifestyle and Seascapes offering coastal living.

Summary Information - In Progress
ACQUISITION DATE Jun-06
LOCATION Mandurah
PROJECT VALUE (INCL. GST) $124.6m
TOTAL LOTS 648
PROJECT PERIOD FY07 - FY17
OWNERSHIP STRUCTURE 100% Mirvac Development Fund

Project Update

Construction of the Mandurah Syndicate precinct is now complete with the final lots settling in 1H17.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Western Australia

MANDURAH SYNDICATES, MWRDP

MANDURAH, WA

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The Mandurah Syndicates MWRDP comprises the masterplanned communities of Meadow Springs and The Village at Seascapes. Mirvac Limited has a 20 per cent interest in the MWRDP. The communities are all located within the Mandurah metropolitan area, with Meadow Springs offering a golf course lifestyle and The Village at Seascapes offering coastal living.

Summary Information - In Progress
ACQUISITION DATE Jun-07
LOCATION Mandurah
PROJECT VALUE (INCL. GST) $88.9m
TOTAL LOTS 479
PROJECT PERIOD FY09 - FY17
OWNERSHIP STRUCTURE 100% MWRDP (Mirvac Limited 20% equity interest)
Project Update

Construction of the Meadow Springs Syndicate is complete. The final lots are due to settle in 2H17.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Western Australia

OSPREY WATERS, BRIDGEWATER BLVD MANDURAH, WA

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Osprey Waters is a masterplanned community located 45 minutes from Perth. The site will contain 15 hectares of high-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
ACQUISITION DATE Dec-13
LOCATION Mandurah
PROJECT VALUE (INCL. GST) $86.4m
TOTAL LOTS 474
PROJECT PERIOD FY14 - FY19
OWNERSHIP STRUCTURE 100% Mirvac Limited

Project Update

Over half of the project lots have been released to market, with approximately 50 per cent completed. The first tranche of Stage 9 lots have titled, with the balance of the stage yet to commence. The total foreshore reserve landscaping construction was completed in early FY17.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

Residential Development Residential Western Australia

THE PENINSULA, THE CIRCUS

BURSWOOD, WA

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The 17 hectare site is located within the town of Victoria Park, approximately five kilometres east of the Perth Central Business District and adjacent to the Burswood Casino and entertainment complex.

Summary Information - In Progress
ACQUISITION DATE Feb-03
LOCATION Burswood
PROJECT VALUE (INCL. GST) $666.7m
TOTAL LOTS 587
PROJECT PERIOD FY07 - FY21
OWNERSHIP STRUCTURE 50% Mirvac Limited 50% AustralianSuper Fund

Project Update

Construction of the current released stages, which comprise a total 410 lots, is complete with only two lots left to settle. Planning for the remaining stages is currently in progress.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016

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 do they 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 31 December 2016, unless otherwise stated.

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MIRVAC PROPERTY COMPENDIUM 31 DECEMBER 2016
CONTACT
Unison, QLD
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Phone

+61 2 9080 8000

Email

[email protected]

Twitter

@mirvac

Website

www.mirvac.com

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