MIRVAC GROUP — Capital/Financing Update 2004

Dec 21, 2004

December 22, 2004

Media and Stock Exchange Announcement

MIRVAC TO DEVELOP \$42.5 MILLION RETAIL CENTRE IN BALLINA

Mirvac Group has exchanged a conditional contract for the purchase of a 4.5 hectare retail development site in Ballina in northern NSW. The property has development consent for a 13,000 square metre retail centre.

The vendor is Ballina Central Properties Pty Ltd, headed by local developer Mr Chris Condon.

Mirvac aims to begin site works in January to develop a sub regional retail centre. with a 6,600 square metre Big W discount department store, a 3,900 square metre Action Supermarket, 25 specialties and 650 car spaces. Also planned for the site are two pad sites to accommodate a Hungry Jacks restaurant and a Plus Petrol service station. On completion the project is expected to be valued at approximately \$42.5 million delivering an initial yield of 7.5 per cent on cost.

"The development is expected to take 12 months, will deliver Mirvac a quality retail asset in an established retail precinct on the former Tinkerbell Caravan Park site, and will benefit from the strong population and economic growth being experienced in Ballina," Chief Executive of Mirvac Retail Projects Mr Chris Langford said.

"We expect the development to generate 200 jobs during the construction phase, while the completed centre will create full time employment for more than 300 people."

Mirvac will work with the Condon Group to deliver some project works including the upgrade of traffic facilities around the site.

Chief Executive of Mirvac Investments, Mr Nick Collishaw, said the retail centre would form part of the Group's long term retail investment portfolio.

"We continue to be focused on increasing our exposure to the retail sector through acquisition and development," Mr Collishaw said.

"This deal will allow the Mirvac Investment Division to acquire a sub-regional retail centre at cost and draw on the in-house resources of the Group to deliver a superior product for the Ballina region."

The deal was introduced by Simon Rooney of JLLS.

Further Information Peter Kermode GM Corporate Affairs
(02) 9080 8474