14 November 2007 MIRVACS QUEENSLAND ANALYST/INVESTOR TOUR Attached - - PDF document
14 November 2007 MIRVACS QUEENSLAND ANALYST/INVESTOR TOUR Attached is an information booklet produced for an analyst/investor tour of Mirvacs Queensland assets being conducted today. Michael Smith Group Company Secretary Mirvac is a
14 November 2007 MIRVAC’S QUEENSLAND ANALYST/INVESTOR TOUR Attached is an information booklet produced for an analyst/investor tour of Mirvac’s Queensland assets being conducted today. Michael Smith Group Company Secretary Mirvac is a leading ASX-listed, integrated real estate group with more than $26.3 billion of activities under control across the real estate funds management and development spectrum.
Showcasing commercial, industrial, retail and residential developments 14th November 2007
Analyst & Investor QLD Tour November 2007
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External Attendees 3 Mirvac Attendees 4 Map 5 Itinerary 6 Internal Funds Management 7 127 Creek Street 8 189 Grey Street 9 John Oxley Centre 10 Mojo Building 11 Logan Mega Centre 12 Orion Springfield Town Centre 13 Hinkler Central 14 Kawana Shopping Centre 15 Residential Development 16 Park Hill Village, Murarrie 17 Waterline, Bulimba 18 Mossvale on Manly, Wakerley 19 Mossvale on Manly, Wakerley(MWRDP) 20 Ephraim Island, Paradise Point 21 The Sanctuary on Moggill 22 Newstead River Park 23 Tennyson Riverside Development 24 Fairways, Brookwater 25 Mariner’s Peninsula, Townsville 26 Mariner’s Peninsula, Townsville (MWRDP) 27 Gainsborough Greens/Paddy’s Farm Pimpama 28 Hope Island Resort 29 Hope Island Resort (MWRDP) 30 Non Residental Development 31 Education City, Springfield 32 Ormeau Shopping Centre 33 Nambour Shopping Centre 34 Mirvac Industrial Land Banks 35 Location Map 36 Beaudesert Boonah Road, Bromelton 37 Lot 226, Cunningham Highway, Mutdapilly 39 133 South Pine Road, Brendale 41 525-597 Pumicestone Road, Caboolture 42 29, 31 & 61 Boundary Road, Mackay 44 Key Terms 45
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Robert Bitomsky ABN AMRO Morgans Kieran Osborne Brook Asset Management Michael Mayrseidi Burrell Stockbroking Ben Dalling Challenger Financial Services Alexandra Rogers Citi Group David Burgess Credit Suisse Equities Philip Cheetham Deutsche Asset Management Anna Chen Deutsche Bank Peter Zuk Goldman Sachs JBwere Catriona Forrester ING Investment Richard Jones J.P. Morgan Securities Paul Checchin Macquarie Securities Mario Saccoccio MacarthurCook Michael Frearson Macquarie Private Portfolio Management Winston Sammut Maxim Asset Management John Kim Merrill Lynch Equities Australia John Richmond Merrill Lynch Equities Todd McFarlane Morgan Stanley Van Morris Orchard Funds Management Jeffrey Mak Perennial Real Estate Investments Brett McNeil Portfolio Partners John Freedman UBS Guests Mark Goodman ICPS Paul McDonald ICPS
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Greg Paramor Managing Director Chris Freeman CEO QLD Justin Mitchell Chief Financial Officer Matthew Wallace Development Director Peters Gibbs Operations Manager QLD Gerald Vandermeyde Financial Controller QLD Brett Robinson Senior Development Manager Stuart Penklis National Industrial Director Ben James Trust Manager MPT Greg Chubb Director Retail MPT Adam Crowe Investor Relations Manager Deborah Robinson Investor Relations Coordinator
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Logan Mega Centre
BRISBANE CBD L O G A N M W Y G A T E W A Y H W Y M1 C E N T E N N A R Y H W Y BRISBANE AIRPORT
John Oxley Centre Mojo Building Mariner’s Peninsula, Townsville Hinkler Central 127 Creek St 189 Grey St Education City Orion Springfield The Sanctuary Moggill Tennyson Riverside Newstead Riverpark Waterline Bulimba Park Hill Village Mossvale on Manly Gainsborough Greens Pimpama Hope Island Ephraim Island Ormeau Shopping Centre Nambour Shopping Centre Fairways Brookwater Kawana Shopping Centre
LEGEND INtErNaL fuNDs maNaGEmENt rEsIDENtIaL DEvELopmENt NoN-rEsIDENtIaL DEvELopmENt
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Time Activity/Location Tour Guides
8:00am Meeting point Quay West Suites Reception 8:15am Depart Quay West Suites Matt Wallace Introduction, state overview & update Safety & site induction Drive by - Newstead River Park, Newstead Matt Wallace Update - Office portfolio Ben James 8:45am - 9:15am Site visit 133 South Pine Rd, Brendale Stuart Penklis & ICPS Update - Industrial portfolio Stuart Penklis 10:15am - 10:45am Site visit 525-597 Pumicestone Rd, Caboolture Stuart Penklis & ICPS 12:30pm - 1:45pm LUNCH Gainsborough Green Golf Club 1:45pm - 2:15pm Site visit Gainsborough Greens & Paddy’s Farm, Pimpana Brett Robinson Update - Retail portfolio Greg Chubb 3:00 - 3:30pm Site visit Orion Springfield Town Centre Greg Chubb 4:00pm - 4:30pm Site Visit Tennyson Reach Display Suite Matt Wallace 5:00pm Arrive Brisbane Airport
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127 Creek Street 8 189 Grey Street 9 John Oxley Centre 10 Mojo Building 11 Logan Mega Centre 12 Orion Springfield 13 Hinkler Central 14 Kawana Shoppingworld 15
Orion Springfjeld Town Centre, Springfjeld
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SUMMARY INFORMATION GRADe B Grade OwNeRshIp 100% MPT NLA 18,408 sqm CAR spACes 123 ACQuIsITION DATe May 1998 BOOk VALue $89.0m VALuATION $72.0m VALuATION DATe 30 June 2006 CApITALIsATION RATe 7.50% DIsCOuNT RATe 9.50% GROss OFFICe ReNT $319/sqm MAJOR TENANTS* NLA SQM LEASE EXPIRY QLD sTATe GOVeRNMeNT 3,160 Oct 08 CORpORATe exeCuTIVe OFFICes 2,370 Jun 18
127 Creek Street, Brisbane, QLD
DESCRIPTION The property comprises 26 offjce fmoors and two levels of basement car parking. The building features 790sqm fmoor plates with good natural light on all slides and is close to Central railway station, Queen Street Mall and the fjnancial heart of the CBD. LEASE EXPIRY PROFILE % AREA* VACANCy 0.0% Fy08 15.7% Fy09 27.1% Fy10 18.1% Fy11 19.5% Fy12 1.5% BeyOND 18.1% wALe 3.17 yEARS Commercial Funds Management * As at 30 september 2007
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SUMMARY INFORMATION GRADe A Grade OwNeRshIp 100% MPT NLA 12,728 sqm CAR spACes 180 ACQuIsITION DATe February 2005 BOOk VALue $65.0m VALuATION $65.0m VALuATION DATe 30 June 2007 CApITALIsATION RATe 7% DIsCOuNT RATe 8.75% GROss OFFICe ReNT $328/sqm MAJOR TENANTS* NLA SQM LEASE EXPIRY IAG 7,281 Mar 15 ThIess pTy LTD 4,659 Feb 13
189 Grey Street South Bank, Brisbane, QLD
DESCRIPTION This 12 level complex was developed by Mirvac in February 2005. The building features excellent natural light, large effjcient fmoor plates
The Southbank precinct provides the benefjts of the parklands, retail services and public transport. LEASE EXPIRY PROFILE % AREA* VACANCy 0.0% Fy08 2.2% Fy09 0.0% Fy10 3.6% Fy11 0.0% Fy12 0.4% BeyOND 93.8% wALe 6.33 yEARS Commercial Funds Management * As at 30 september 2007
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SUMMARY INFORMATION GRADe B Grade OwNeRshIp 100% MPT NLA 13,172 sqm CAR spACes 319 ACQuIsITION DATe May 2002 BOOk VALue $58.5m VALuATION $58.5m VALuATION DATe 30 June 2007 CApITALIsATION RATe 7.75% DIsCOuNT RATe 9.00% GROss OFFICe ReNT $321/sqm MAJOR TENANTS* NLA SQM LEASE EXPIRY ORIGIN eNeRGy 6,304 Jun 18 AusTRALIA pOsT CORpORATION 1,661 Jun 10
John Oxley Centre 339 Coronation Drive, Brisbane, QLD
DESCRIPTION A campus style commercial offjce building, with fjve levels of offjce accommodation and two levels of basement car parking. Large fmoor plates across two towers connect to provide 2,700sqm fmoor plates. Constructed in 1989, the building is well located on Coronation Drive with views across the river to the CBD. LEASE EXPIRY PROFILE % AREA* VACANCy 0.0% Fy08 0.0% Fy09 13.8% Fy10 12.6% Fy11 9.7% Fy12 10.7% BeyOND 53.2% wALe 6.94 yEARS Commercial Funds Management * As at 30 september 2007
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SUMMARY INFORMATION GRADe A Grade OwNeRshIp 100% MPT NLA 3,079 sqm CAR spACes 37 ACQuIsITION DATe June 2001 BOOk VALue $14.5m VALuATION $14.1m VALuATION DATe 31 December 2006 CApITALIsATION RATe 7.00% DIsCOuNT RATe 9.00% GROss OFFICe ReNT $382/sqm MAJOR TENANTS* NLA SQM LEASE EXPIRY MIRVAC QLD 1,590 May 08 MOjO pARTNeRs 1,016 August 2009
MOJO Building 164 Grey Street, South Bank, Brisbane, QLD
DESCRIPTION Developed by Mirvac in 2001, this boutique offjce building is located in the fringe offjce market of Southbank. Over three levels, the building offers sensational views across the Brisbane River to the CBD and is the head offjce to Mirvac Queensland. LEASE EXPIRY PROFILE % AREA* VACANCy 0.0% Fy08 64% Fy09 0% Fy10 36% Fy11 0.0% Fy12 0.0% BeyOND 0.0% wALe 1.09 yEARS Commercial Funds Management * As at 30 september 2007
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Retail Funds Management SUMMARY INFORMATION GRADe Bulky Goods Centre OwNeRshIp 100% MPT GLA 27,102 sqm CAR spACes 600 ACQuIsITION DATe September 2005 BOOk VALue $82.5m VALuATION $82.5m VALuATION DATe 30 June 2007 CApITALIsATION RATe 7.00% DIsCOuNT RATe 8.75% CeNTRe MAT (As AT 30 sepT 07) N/A MAJOR TENANTS* NLA SQM LEASE EXPIRY spOTLIGhT 3,509 September 17 ANACONDA 3,425 March 17 FReeDOM 2,415 March 17 DICk sMITh pOweRhOuse 1,984 March 17
Logan Mega Centre, Pacific Hwy Logan, QLD
DESCRIPTION Opened in March 2007, the centre is the premiere homemaker facility of Brisbane. Co located with IKEA, the centre includes 30 homemaker retailers. LEASE EXPIRY PROFILE % AREA* VACANCy 0.0% Fy08 0.0% Fy09 0.0% Fy10 0.0% Fy11 0.0% Fy12 17.3% BeyOND 82.7% wALe 7.96 yEARS * As at 30 september 2007
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Retail Funds Management SUMMARY INFORMATION GRADe Regional OwNeRshIp 67% MPT 33% MREIT GLA 33,366 sqm CAR spACes 2,200 ACQuIsITION DATe August 2002 BOOk VALue $103.3m (67% interest) VALuATION $103.3m (67% interest) VALuATION DATe 30 June 2007 CApITALIsATION RATe 6.25% DIsCOuNT RATe 8.75% CeNTRe MAT (As AT 30 sepT 07) N/A MAJOR TENANTS* NLA SQM LEASE EXPIRY BIG w 8,044 March 27 wOOLwORThs 4,188 March 27
Orion Springfield Town Centre, Main Street, Springfield, QLD
DESCRIPTION Located in Brisbane’s rapidly growing Southwestern corridor, the centre was opened in March 2007 including Woolworths, Big W and 100 specialty stores. This town centre breaks new ground in terms of environmentally sustainable initiatives. Planning for a second stage is underway. LEASE EXPIRY PROFILE % AREA* VACANCy 0.0% Fy08 0.1% Fy09 0.0% Fy10 0.4% Fy11 0.0% Fy12 38.1% BeyOND 61.5% wALe 10.83 yEARS * As at 30 september 2007
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Retail Funds Management SUMMARY INFORMATION GRADe Sub Regional OwNeRshIp 100% MPT GLA 21,049 sqm CAR spACes 1046 ACQuIsITION DATe August 2003 BOOk VALue $92.4m VALuATION $91.0m VALuATION DATe 30 June 2006 CApITALIsATION RATe 6.50% DIsCOuNT RATe 9.25% CeNTRe MAT (As AT 30 sepT 07) $132m MAJOR TENANTS* NLA SQM LEASE EXPIRY kMART 6,208 July 09 wOOLwORThs 3,548 March 20 COLes 3,313 December 08
Hinkler Central Maryborough Street, Bundaberg, QLD
DESCRIPTION Located in the growing town of Bundaberg, the centre is enjoying the benefjts of the redevelopment completed in June 2006. The Centre comprises Woolworths, Coles, Kmart and 70 specialty stores. LEASE EXPIRY PROFILE % AREA* VACANCy 1.3% Fy08 1.1% Fy09 17.0% Fy10 30.7% Fy11 13.9% Fy12 6.4% BeyOND 29.6% wALe 4.48 yEARS * As at 30 september 2007
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Retail Funds Management SUMMARY INFORMATION GRADe Sub Regional OwNeRshIp 100% MPT GLA 29,787 sqm CAR spACes 1,710 ACQuIsITION DATe Dec 93 (50%) June 98 (50%) BOOk VALue $176.0m VALuATION $175.0m VALuATION DATe 31 December 2005 CApITALIsATION RATe 6.75% DIsCOuNT RATe 8.75% CeNTRe MAT (As AT 30 sepT 07) $220m MAJOR TENANTS* NLA SQM LEASE EXPIRY BIG w 8,383 June 21 wOOLwORThs 3,648 November 14 BILO 3,351 October 17
Kawana Shoppingworld Nicklin Way, Buddina, QLD
DESCRIPTION Located on the Queensland Sunshine Coast, the centre comprises Woolworths, Big W, Bi-Lo and 102 specialty shops. Planning is underway for signifjcant centre expansion. LEASE EXPIRY PROFILE % AREA* VACANCy 0.1% Fy08 15.4% Fy09 8.5% Fy10 9.0% Fy11 6.2% Fy12 0.6% BeyOND 60.3% wALe 6.98 yEARS * As at 30 september 2007
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Park Hill Village 17 Waterline 18 Mossvale on Manly 19 Mossvale on Manly - MWRDP 20 Ephraim Island 21 The Sanctuary on Moggill 22 Newstead River Park 23 Tennyson Riverside Development 24 Fairways, Brookwater 25 Mariner’s Peninsula 26 Mariner’s Peninsula - MWRDP 27 Gainsborough Greens/Paddy’s Farm 28 Hope Island 29 Hope Island - MWRDP 30
Ephraim Island, Gold Coast
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 281 ReLeAseD 281 exChANGeD 281 seTTLeD 277 OwNeRshIp sTRuCTuRe Joint venture with Cannon Hill Developments COsT/ReVeNue suMMARy TOTAL pROjeCT VALue $111.0m CuRReNT pRICe RANGe $520,000 - $710,000 pROjeCT TIMING ACQuIsITION DATe Joint venture commenced late 2000, noacquisition as land was
apportioned at settlement. CONsTRuCTION peRIOD Progressive staged releases and construction. Final homes due for completion in December 2007. pROjeCT upDATe Almost complete, construction then settlements of fjnal 4 lots underway before demobilisation and fjnalisation of joint venture. CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess 99% DeVeLOpMeNT DIReCTOR Simon Norris
Park Hill Village Address: Mitchell Boulevard, Murarrie, QLD
DesCRIpTION Park Hill Village incorporates a mix of well planned homes, townhouses and land only lots surrounded by Parkland only 8kms from the Brisbane CBD.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 141 ReLeAseD 141 exChANGeD 138 seTTLeD 133 OwNeRshIp sTRuCTuRe JV with Roche Group (Roche Group owns land) COsT/ReVeNue suMMARy TOTAL TOTAL pROjeCT VALue $132.0m CuRReNT pRICe RANGe $1.3m - $1.6m pROjeCT TIMING ACQuIsITION DATe October 2000 – June 2008 CONsTRuCTION peRIOD June 2002 – February 2008 pROjeCT upDATe Construction of dwellings complete. Remaining works consist of remediation works to the parkland to be dedicated to council. CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess 99% DeVeLOpMeNT DIReCTOR Simon Norris
Waterline Address: Cnr Stuart Street and Love Street, Bulimba
DesCRIpTION Set on 9.5 hectares of prime Brisbane Riverfront land Waterline Bulimba offers buyers the lifestyle benefjts of living and working close to the Brisbane City heart and the shopping and cafe precinct
apartments as well as a range of premium waterfront home and land lots.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 323 ReLeAseD 315 exChANGeD 302 seTTLeD 266 OwNeRshIp sTRuCTuRe 100% Mirvac COsT/ReVeNue suMMARy TOTAL TOTAL pROjeCT VALue $176.0m CuRReNT pRICe RANGe $550,000 - $640,000 pROjeCT TIMING ACQuIsITION DATe Progressive acquisition, main purchase in 2001 CONsTRuCTION peRIOD Progressive staged releases and construction. Final homes due for completion mid 2008. pROjeCT upDATe Currently half way through construction of homes, with fjnal homes due for completion in mid 2008. CONsTRuCTION pROGRess esTIMATeD CONTsTRuCTION pROGRess 85% DeVeLOpMeNT DIReCTOR Simon Norris
Mossvale on Manly Address: Moss Road, Wakerley, QLD
DesCRIpTION Mossvale on Manly is located 14km from the city and minutes from Moreton Bay. The cornerstone of Mossvale’s popularity comes from its exceptional masterplanned and architecturally designed Mirvac series homes, which feature many environmental attributes along with it’s waterway corridor incorporating a wildlife habitat oasis.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 180 ReLeAseD exChANGeD seTTLeD OwNeRshIp sTRuCTuRe Land owned by MWRDP COsT/ReVeNue suMMARy TOTAL TOTAL pROjeCT VALue $112.0m CuRReNT pRICe RANGe $550,000 - $640,000 pROjeCT TIMING ACQuIsITION DATe June 2007 CONsTRuCTION peRIOD Progressive stage releases and construction. Final homes due for completion early 2012 pROjeCT upDATe CONsTRuCTION pROGRess esTIMATeD CONTsTRuCTION pROGRess 1% DeVeLOpMeNT DIReCTOR Simon Norris
Mossvale on Manly Address: Moss Road, Wakerley, QLD
DesCRIpTION Mossvale on Manly is located 14km from the city and minutes from Moreton Bay. The cornerstone of Mossvale’s popularity comes from it’s exceptional masterplanned and architecturally designed Mirvac series homes, which feature many environmental attributes along with it’s waterway corridor incorporating a wildlife habitat oasis.
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Residential Development
LOT suMMARy INFORMATION1 TOTAL LOTs 498 ReLeAseD 445 exChANGeD 358 seTTLeD 344 OwNeRshIp sTRuCTuRe Joint Venture with Lewis Land Group COsT/ReVeNue suMMARy TOTAL TOTAL pROjeCT VALue $557.0m CuRReNT pRICe RANGe $720,000-$4.8m pROjeCT TIMING ACQuIsITION DATe November 2001 CONsTRuCTION peRIOD May 2003 - June 2008 pROjeCT upDATe Construction of fjnal two apartment buildings to be completed mid
be fjnalised. CONsTRuCTION pROGRess esTIMATeD CONTsTRuCTION pROGRess 90% DeVeLOpMeNT DIReCTOR Matthew Wallace
Ephraim Island Address: Entry via bridge at corner of the esplanade and Ephraim Island Parade, QLD
DesCRIpTION Located in the middle of the beautiful Broadwater on Queensland’s Gold Coast, Ephraim Island. Features stunning apartments, waterfront villas and beach homes. Residents can enjoy 75% dedicated area to parkland, a 115 berth marina, day spa and Darcys restaurant.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 356 ReLeAseD 109 exChANGeD 85 seTTLeD 30 OwNeRshIp sTRuCTuRe Mirvac 100% COST/REvENUE SUMMARY TOTAL TOTAL pROjeCT VALue $126.1m CuRReNT pRICe RANGe $215,000 - $532,600 pROjeCT TIMING ACQuIsITION DATe September 2004 CONsTRuCTION peRIOD March 2006 - January 2014 pROjeCT upDATe sTAGe 1A AND 1B Civil works are now complete sTAGe 4 Will be the next stage to be developed Civil works will commence in early 2008. CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess 16% DeVeLOpMeNT DIReCTOR Simon Norris
The Sanctuary Moggill Address: Cnr Moggill Road and Sanctuary Way Moggill, QLD
DesCRIpTION The Sanctuary on Moggill’s masterplan is a demonstrated response to the physical environment, topography and established fmora and fauna creating a natural and enjoyable place to live.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 582 ReLeAseD exChANGeD seTTLeD OwNeRshIp sTRuCTuRe 100% Mirvac COST/REvENUE SUMMARY TOTAL TOTAL pROjeCT VALue $775.0m CuRReNT pRICe RANGe $650,000 - $5.0m pROjeCT TIMING ACQuIsITION DATe December 2007- January 2008 CONsTRuCTION peRIOD Expected commencement in April 2008. Early civil works to commence in late 2007 pROjeCT upDATe sTAGe 1 Development Approval obtained. Market launch targeted in Q1 2008 with construction to commence soon after. ReVIsION OF MAsTeRpLAN Underway for balance stages with potential 25% yield increase. sTAGe 2 Development application submission targeted for end 2007 with market launch in Q4 2008 CONsTRuCTION pROGRess Expected commencement in May 2008. Early civil works to commence in late 2007. esTIMATeD CONsTRuCTION pROGRess 5% DEvELOPMENT DIRECTOR Michael Lynch
Newstead River Park Address: Skyring Terrace, Newstead, QLD
DesCRIpTION Located 2kms from the Brisbane CBD on a premium parcel of Brisbane riverfront, Newstead Riverpark will soon be transformed into a world class residential retail and parkland precinct. Newstead Riverpark is planned for public release in early 2008 and will be Brisbane’s largest and most anticipated Urban Renewal Project.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 393 ReLeAseD 115 exChANGeD 112 seTTLeD OwNeRshIp sTRuCTuRe 100% Mirvac COST/REvENUE SUMMARY TOTAL TOTAL pROjeCT VALue $604.0m sTAGe 1 - pRICe RANGe $955,000 – $4.4m pROjeCT TIMING DeVeLOpMeNT AGReeMeNT exeCuTeD September 2005 CONsTRuCTION peRIOD July 2007 – June 2011 pROjeCT upDATe sTATe TeNNIs CeNTRe Is currently under construction and will be completed in Dec 2008. sTAGe 1 Construction commenced in August with programmed completion in March 2009. Settlements April – July 2009. sTAGe 2 (92 apartments) will be released on 8 December 2007 . Construction will commence in February 2008 with settlement occurring from September 2009. OVeRALL pROjeCT Completion is programmed for November 2011. CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess 5% DeVeLOpMeNT DIReCTOR Matthew Wallace
Tennyson Riverside Development Address: 21 Softstone St, Tennyson, QLD
DesCRIpTION Tennyson Reach comprises six premium apartment buildings along an intimate, north facing stretch of the Brisbane River. On a site of approximately 12ha the 393 apartments will be delivered along with a range of lifestyle amenities and a parkland. In association with the Queensland State Government, Mirvac will also deliver the adjoining new State Tennis Centre.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 202 ReLeAseD exChANGeD seTTLeD OwNeRshIp sTRuCTuRe Development Services Deed COST/REvENUE SUMMARY TOTAL TOTAL pROjeCT VALue $125.0m CuRReNT pRICe RANGe $400,000-$1.0m pROjeCT TIMING TIL MID 2011 ACQuIsITION DATe July 2006 CONsTRuCTION peRIOD November 2007-July 2011 pROjeCT upDATe CIVIL wORks Are due to commence late 2007 with the fjrst release to occur mid 2008. CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess 0% DeVeLOpMeNT DIReCTOR Simon Norris
Fairways Address: Melaleuca Drive, Brookwater, QLD
DesCRIpTION Fairways, Brookwater is an exceptional example of modern golf course living. This boutique, architecturally designed and integrated community will immerse with the landscape and introduce a truly innovative urban design and theme, within a natural setting. A boutique residential development surrounded by the Greg Norman designed Brookwater Golf Course.
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LOT suMMARy INFORMATION1 TOTAL LOTs 101 ReLeAseD exChANGeD seTTLeD OwNeRshIp sTRuCTuRe 100% Mirvac COsT/ReVeNue suMMARy TOTAL TOTAL pROjeCT VALue $154.0m CuRReNT pRICe RANGe $795,000-$3.0m pROjeCT TIMING ACQuIsITION DATe June 2006 CONsTRuCTION peRIOD April 2008 - November 21010 pROjeCT upDATe pLANNING Is underway with construction of fjrst 4 houses to commence in April 2008. CONsTRuCTION pROGRess esTIMATeD CONTsTRuCTION pROGRess 0% DeVeLOpMeNT DIReCTOR Michael Lynch
Mariner’s Peninsula Address: Mariner’s Peninsula, Townsville, QLD
DesCRIpTION Mixed residential comprising of 83 apartments and 18 house lots. An address that simply cannot be ignored, Mariner’s Peninsula, Townsville is a waterfront, residential address with views over the Breakwater Marina, along the Strand and out towards Magnetic
Mariner’s Peninsula represents a new standard of living in the ever- changing region of Townsville.
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LOT suMMARy INFORMATION1 TOTAL LOTs 101 ReLeAseD 101 exChANGeD 97 seTTLeD
Land owned by MWRDP COsT/ReVeNue suMMARy TOTAL TOTAL pROjeCT VALue $89.0m CuRReNT pRICe RANGe $650,000-$2.5m pROjeCT TIMING ACQuIsITION DATe June 2007 CONsTRuCTION peRIOD October 2007 - March 2009 pROjeCT upDATe CONsTRuCTION Recently commenced bulk execution underway. CONsTRuCTION pROGRess esTIMATeD CONTsTRuCTION pROGRess 5% DeVeLOpMeNT DIReCTOR Michael Lynch
Mariner’s Peninsula Address: Mariner’s Peninsula, Townsville, QLD
DesCRIpTION Mixed residential comprising of 101 apartments. Mariner’s Peninsula, Townsville is a waterfront, residential address with views over the Breakwater Marina, along the Strand and out towards Magnetic
Mariner’s Peninsula represents a new standard of living in the ever- changing region of Townsville.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 2300 ReLeAseD exChANGeD seTTLeD OwNeRshIp sTRuCTuRe 50/50 joint venture with City Pacifjc. COST/REvENUE SUMMARY TOTAL TOTAL pROjeCT VALue $950.0m CuRReNT pRICe RANGe Land $350,000 - $650,000 Homes $530,000 - $1.1m pROjeCT TIMING AQuIsITION DATe October 2006 CONsTRuCTION peRIOD Commence mid 2008 CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess 0% DeVeLOpMeNT DIReCTOR Simon Norris
Gainsborough Greens/Paddy’s Farm Address: yawalpah Road, Pimpama
DesCRIpTION Gainsborough Greens and Paddy’s Farm are located 52kms from the Brisbane CBD and 23kms from Surfers Paradise in the suburb of
Town Centre. A residential community centred around a redesigned 18 hole championship golf course, the retained vegetation and parklands within Gainsborough Greens.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 223 ReLeAseD 21 exChANGeD 20 seTTLeD 12 OwNeRshIp sTRuCTuRe 100% Mirvac COST/REvENUE SUMMARY TOTAL TOTAL pROjeCT VALue $135.0m CuRReNT pRICe RANGe $240,000 - $1.5m pROjeCT TIMING ACQuIsITION DATe January 2007 CONsTRuCTION peRIOD January 2008-March 2008 pROjeCT upDATe Remaining stock is being sold. Planning is underway for the Harbour Village site. CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess 0% DEvELOPMENT DIRECTOR Simon Norris
Hope Island Address: Hope Island Road, Hope Island, QLD
DesCRIpTION Hope Island comprises vacant land, apartments and marina berths.
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Residential Development LOT suMMARy INFORMATION1 TOTAL LOTs 59 ReLeAseD 37 exChANGeD 25 seTTLeD OwNeRshIp sTRuCTuRe 100% MWRDP COsT/ReVeNue suMMARy TOTAL TOTAL pROjeCT VALue $31.0m CuRReNT pRICe RANGe $275,000 - $890,000 pROjeCT TIMING ACQuIsITION DATe June 2007 CONsTRuCTION peRIOD June 2007-June 2008 pROjeCT upDATe Construction and marketing is underway. The project is due for completion in mid 2008. CONsTRuCTION pROGRess esTIMATeD CONsTRuCTION pROGRess The LINks 40%
Hope Island Address: Hope Island Road, Hope Island, QLD
DesCRIpTION This development comprises vacant land and walk-up apartments withing the exclusive private Hope Island Resort. 0% 50% 100% MAGNOLIA New 100% DEvELOPMENT DIRECTOR Simon Norris
0% 50% 100% 7Th FAIRwAy 95% 0% 50% 100%
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Education City 32 Ormeau Shopping Centre 33 Nambour Shopping Centre 34 Mirvac Industrial Land Banks 35 Beaudesert Boonah Road, Bromelton 37 Lot 226, Cunningham Highway, Mutdapilly 39 133 South Pine Road, Brendale 41 525-597 Pumicestone Road, Caboolture 42 29, 31 & 61 Boundary Road, Mackay 44
Non-Residential Development
Education CIty, Springfjeld
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Non-Residential Development
Education City – Stage 1 Address: Sinnathamby Boulevard, Springfield, QLD
DesCRIpTION Education City brings together education, training and learning providers in the one location and offer programs for people of all backgrounds ranging from childcare through to postgraduate studies. The current student population is 1,400 and is expected to reach 10,000 upon completion with 750 students living on campus in student accommodation. OwNeRshIp 50% Mirvac, 50% Springfjeld Land Corporation Limited COST / REvENUE SUMMARY STAgE 1 (100%) LAND (INCL. COsTs) $5.7m
TOTAL DeVeLOpMeNT COsTs $78.9m FOReCAsT NeT INCOMe ON COMpLeTION $7.1m CApITALIsATION RATe 7.43% FOReCAsT VALue ON COMpLeTION $95.2m pROjeCT TIMING LAND ACQuIsITION – DesIGN COMMeNCeMeNT – CONsTRuCTION peRIOD – COMpLeTION – pROjeCT upDATe sTAGe 1 Is now complete. Further stages of the project are now being planned. 0% 50% 100%
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Non-Residential Development
Ormeau Shopping Centre – Stage 1 Address: 37, 49 and 59 Eggesdorf Road, Ormeau, QLD
DesCRIpTION A signifjcant town centre development on the Gold Coast, South East Queensland. Stage 1 of a neighbourhood shopping centre incorporates a 3,500sqm supermarket and approximately 2,800sqm
OwNeRshIp 100% Mirvac COsT / ReVeNue suMMARy TOTAL LAND (INCL. COsTs) $11.2m
TOTAL DeVeLOpMeNT COsTs $46.3m FOReCAsT NeT INCOMe ON COMpLeTION – CApITALIsATION RATe – FOReCAsT VALue ON COMpLeTION $46.3m pROjeCT TIMING LAND ACQuIsITION January 2007 COMMeNCeMeNT DATe December 2008 DeVeLOpMeNT peRIOD – FOReCAsT COMpLeTION November 10 pROjeCT upDATe A Development Application is currently being prepared. 0% 50% 100%
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Non-Residential Development OwNeRshIp 100% Mirvac COsT/ReVeNue suMMARy TOTAL LAND (INCL COsTs) $24.3m
TOTAL DeVeLOpMeNT COsTs $111.0m FOReCAsT NeT INCOMe ON COMpLeTION – CApITALIsATION RATe – FOReCAsT VALue ON COMpLeTION $111.0m pROjeCT TIMING LAND ACQuIsITION January 07 COMMeNCeMeNT DATe December 08 CONsTRuCTION peRIOD – FOReCAsT COMpLeTION November 10 pROjeCT upDATe Preparation of a Development Application for a sub regional shopping centre is underway.
Nambour Shopping Centre Address: 21 - 25 Mill Street, Nambour, QLD
DesCRIpTION The project is a development of the vacated Morton Sugar Mill in the heart of Nambour, into a sub regional shopping centre. 0% 50% 100%
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Non-Residential Development
This strategically located industrial portfolio of land banks is contained within the Queensland Government’s growth corridors. These sites will provide Mirvac with the ability to service the needs
The control of the these land banks will provide Mirvac and its related entities with a strong pipeline
relations with major warehousing (third party logistic operators), manufacturers and rail users. site Location Gross site Area status South Pine Road, Brendale 5.74ha DA aproved – settled October 2007 Boundary Road, Mackay 32.2ha DA approved – settled October 2007 (Negotiated Decision pending) Beaudesert Boonah Road, Bromelton 196.4ha Approval & settlement - September 2008 Pumicestone Rd, Caboolture 64.5ha Approval & settlement - September 2009 Cunningham Hwy, Mutdapilly 266.3ha Approval & settlement - September 2009 Total 565.1ha
portfolio summary
site Location settlement Date South Pine Road, Brendale October 2007 Boundary Road, Mackay October 2007 Beaudesert Boonah Road, Bromelton September 2008 Pumicestone Road, Caboolture September 2009 Cunningham Hwy, Mutdapilly September 2009
settlement schedule
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Non-Residential Development
Mutdapilly Bromelton Brendale Cabooluture Brisbane Mackay
Ipswich Motorway Logan Motorway Gateway Motorway Gateway Motorway Pacific Motorway Pacific Motorway Logan Motorway Mt Lindsey Highway M t L i n d s e y H i g h w a y Cunningham Highway Cunningham Highway W a r r e g
i g h w a y S
t h E a s t F r e e w a y B r u c e H i g h w a y Bruce Highway B e a u d e s e r t B
a h R
d P a c i f i c M
w a y Ipswich Motorway Centenary Highway G y m p i e R
d
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Non-Residential Development sITe ADDRess Beaudesert – Boonah Road, Bromelton QLD. Approximately 70km south of Brisbane and 4km west of Beaudesert GROss LAND AReA 196.42Ha ReGIONAL pLAN Urban Footprint (Major Development area) ZONING Major Industry - Current use predominately used for rural purposes LOCAL AuThORITy Beaudesert Shire Council
Beaudesert Boonah Road, Bromelton
DesCRIpTION Bromelton is as an emerging industrial precinct with opportunities for major transport, logistics, manufacturing and multi modal activities.
Doyle Portgolio - Bromelton Site
Dept Natural Resources 12ha M u r r a y 2 1 2 h a C
a n 6 2 h a P u b l i c T r u s t e e
Q L D R e i c k e n P t y 9 1 h a A J B u s h 7 6 h a C
s
i d a t e d M e a t H
d i n g s
3 h a P l a t e l l 1 6 8 h a
Buildev Site 747ha
SUBJECT SITE 196HA
Specialised Container Transport (SCT) 135ha T i l e y 1 7 6 h a W i l l i a m s 5 8 h a $ 3 2 5 K 1 9 9 7 B e a u d e s e r t S h i r e C
n c i l D u n n 6 2 h a
B r i s b a n e t
y d n e y R a i l w a y
Specialised Container Transport (SCT) 135ha B e a u d e s e r t S h i r e C
n c i l
B r
e l t
S t a tj
B r i s b a n e t o S y d n e y R a i l w a y
Bromelton Investments 1,400ha (1,000ha developable)
↑
LOCATION pLAN
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WATER HARVESTING UTILITY
Site Boundary
Non-Residential Development
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Non-Residential Development sITe ADDRess Lot 226, Cunningham Hwy Mutdapilly QLD; approximately 60km from Brisbane CBD and 25km from the Ipswich CBD GROss LAND AReA 266.3ha ReGIONAL pLAN Major Development Area ZONING Regional Business & Industry Investigation LOCAL AuThORITy Ipswich City Council
Lot 226, Cunningham Highway, Mutdapilly
DesCRIpTION Mutdapilly is located south west of Ipswich and on the Cunningham Highway (Major inland arterial connecting Sydney to Brisbane). The site is adjacent to a Queensland Government industrial land precinct currently under investigation for infrastructure supply; therefore presenting a signifjcant development opportunity.
Doyle Portgolio - Mutdapilly
Ipswich CBD 14km
↑
Amberley Air Base 9km
↑
Brisbane CBD 45km
↑
SUBJECT SITE 265HA State Government 148ha Edwards 22ha SEP 42ha Cooper/SEP 45ha Willowbank Raceway 250ha P
e r l i n k 1 6 3 h a State Government 133ha Sky Diving 25ha Green Buffer 58ha Collex
LOCATION pLAN
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‘Land Only’ Sales Site Boundary
Non-Residential Development
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Non-Residential Development sITe ADDRess 133 South Pine Road, Brendale, approximately 19km north of the Brisbane CBD. GROss LAND AReA 5.74 ha ReGIONAL pLAN Urban Footprint ZONING General Industry (GI-1) and (GI-2) LOCAL AuThORITy Pine Rivers Shire Council
133 South Pine Road, Brendale
DesCRIpTION Brendale is an established industrial locale in the Northern Suburbs
recent times and offers a cost effective alternative to the more traditional markets of Banyo, Geebung and Zillmere.
Doyle Portgolio - Brendale Site
SUBJECT SITE
P r a d e l l a / I n v e s t
8 5 h a ( 6 2 h a n e t ) M i x e d U s e
I n d u s t r i a l L
s 2 , 5
, s q m , $ 3 5
4 / s q m
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Non-Residential Development sITe ADDRess 525 – 597 Pumicestone Road, Caboolture QLD, approximately 45km (45 minutes) north of Brisbane CBD and 48km (40 minutes) south of Caloundra on the Sunshine Coast. GROss LAND AReA 64.59ha ReGIONAL pLAN Regional Landscape & Rural Production Area ZONING Rural LOCAL AuThORITy Caboolture Shire Council
525-597 Pumicestone Road, Caboolture
DesCRIpTION Caboolture is located halfway between Brisbane and the Sunshine Coast presenting an opportunity to access a large land bank. The site is ideally located adjacent the Bruce Highway.
Doyle Portgolio - Caboolture Site
State Forest State Forest Dale 63ha Council Reserve Caboolture Air Field 60ha Hams Holdings 26ha ‘Big Fish’ 3.7ha Little 18ha Indigo 71ha Lewis 16ha Blatchford 91ha
S U B J E C T S I T E 6 4 H A
LOCATION pLAN
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Site Boundary ‘Land Only’ Sales Non-Residential Development
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Doyle Portgolio - Mackay Site
SUBJECT PROPERTY 32HA
Buildev 23.3ha 54 lots Borg 7.1ha Mackay Turf Club Barry 33ha S tRural Zoning Rural Zoning Cane Fields Cane Fields Cane Fields Cane Fields Rural Zoning
Non-Residential Development sITe ADDRess 29, 31 & 61 Boundary Road, Mackay QLD; approximately 4km south of Mackay CBD. GROss LAND AReA 32.2 ha ReGIONAL pLAN N/A ZONING Industry (High Impact) LOCAL AuThORITy Mackay City Council; Subdivision of 30 industrial lots have been approved by Mackay City Council.
29, 31 & 61 Boundary Road, Mackay
DesCRIpTION Mackay (Boundary Rd) offers an opportunity to capitalise on the growth driven by a number of factors including the minerals boom in central Queensland.
stage 1 stage 1
Site Boundary ‘Land Only’ Sales
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Term Definition Land Land including acquisition costs Project cost Development, construction & finance costs incl. infrastructure for future stages Total development costs Land + project cost Forecast net income Estimated net income per annum on completion of the development Released Total number of lots released for sale to 30/09/07 Exchanged Total number of lots exchanged as at 30/09/07 Settled Total number of lots settled as at 30/09/07 Construction progress An estimate of construction percentage complete
DIsCLAIMeR: The information made available through this document, including any expression of opinion or forecast, has been
content nor for any loss or damage arising from action taken in reliance on the information.