MIRVAC GROUP — Regulatory Filings 2004

Feb 9, 2004

Stock Exchange and Media Announcement

Mirvac Receives Green Light for Magenta Shores

The Mirvac Group today announced the Minister for Infrastructure Planning and Natural Resources, Craig Knowles, approved its residential, tourist and golf development on a 100 hectare beach-front site at The Entrance North on the NSW Central Coast.

The former sand mine site was acquired from the Darkinjung Local Aboriginal Land Council, which worked closely with Mirvac in achieving a high quality project that respects the sensitive environmental characteristics of the site.

Magenta Shores, as the development will be known will comprise 500 houses and resort villas, a 5 star all-suite Quay West Resort with associated conference and recreational facilities, and an 18-hole resort golf course. Work on the site will commence shortly.

Darkinjung Local Aboriginal Land Council Chairman Mr Jeffrey Bradford welcomed the news that the State Government had approved the development, allowing the deal struck with Mirvac to proceed.

"The \$42 million deal we have made with Mirvac is the largest of its kind and historic in the sense that it has been achieved without government assistance," Mr Bradford said.

"We have been dealing with this site since 1995 and there has been a tremendous amount of work done by many dedicated members and previous office bearers to bring us to this point.

"The deal really symbolises what the NSW Aboriginal Land Rights Act is all about giving Aboriginal organisations the ability to achieve economic self sustainability and self determination.

"We look forward to the project beginning in earnest and continuing to work with Mirvac to achieve a result that benefits the whole Central Coast community."

Mirvac managing director Mr Robert Hamilton said Magenta Shores, just 4.5 kilometres north of The Entrance town centre and less than two hours from Sydney, would set a new benchmark for quality accommodation in the area and generate substantial economic benefits for the region.

"With its proximity to Sydney and all the attractions of the Central Coast and its spectacular beach-front location between the coast and Tuggerah Lake, combined with very high quality residential and hotel development, we believe Magenta Shores will be very well received," Mr Hamilton said.

As a masterplanned community, Mirvac will design and construct each individual dwelling to ensure all homes have maximum privacy, sun control and natural ventilation. The architecture and design of the community will emphasise the relaxed nature of living that could be expected on a golf course by the sea, with buildings featuring large outdoor terraces, wide eaves and open plan interiors with an abundance of natural light.

"We have been working with the Darkinjung community and the State Government for the past 12 months to ensure the final result sets a benchmark in terms of environmental and sustainable development considerations, while providing a development in keeping with the natural surroundings," Mr Hamilton said.

Mirvac's well recognised environmental credentials, which include a number of awards, has assisted the Group in achieving consent for the Magenta Shores proposal.

The proposal includes the significant rehabilitation of a degraded site, whilst retaining and rehabilitating a number of existing vegetation communities as well as the creation of up to 650 jobs during construction and 130 on-going jobs in the operation of the facility.

Ends

Further Information Peter Kermode Group Manager Corporate Affairs $(02)$ 9080 8474 0411 209 459