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THE MARKET
Mirvac is a leading integrated real
estate group, listed on theAustralian
SecuritiesExchange(ASX)withmore
than $26.3 billion of activities under
its control across the real estate
funds
management
and
development spectrum. Although
founded in1972 solely as a real estate
development company, Mirvac is
one of the largest real estate groups
in Australia today with significant
interests overseas, successfully
expanding all sectors of the business
across the globe.
With over 5,500 staff throughout
Australia, New Zealand, United States and the
UnitedKingdom,Mirvac nowhas a strong platform
to develop a significant and successful business
in the long term.
ACHIEVEMENTS
Sustainability has become an essential element of
developing and managing residential and non-
residential properties and Mirvac continues to
deliver outstanding examples of sustainability in
action. Mirvac secured the joint venture rights to
develop
Newington
—Sydney’s Olympic Village.
Using environmentally sustainable development
principles, Newington was the first solar suburb in
Australia. The housing of 15,000 athletes and
officials for the SydneyOlympicGameswas simply
a temporary adaptation. Following on from the
Games, another 900 apartments and homes—
resulting in a total of over 2,000 dwellings—were
built to provide for a population ofmore than 4,000.
Opened in March 2007,
Orion Springfield
in
south-east Queensland is one of Australia’s most
environmentally friendly shopping centres,
delivering significant environmental benefits across
areas such as energy, water, indoor environmental
quality, transport, management, ecology, materials
and emissions.
Mirvac’s leadership in sustainable development
practices has been recognised in the numerous
awards received to date. Mirvac is also recognised
as having a strong commitment to the next
generation of students who need to develop an
understanding of the growing importance of
sustainability and bring that knowledge into the
business world.
In 2006Mirvac partneredwith BondUniversity
to create Australia’s first tertiary programme in
sustainable development. Sponsorship of the
AIESEC Green Entrepreneurship Challenge for
university students may just uncover the ‘next big
thing’ to make us more sustainable.
Mirvac also offered a full scholarship
to an undergraduate student enrolled
in the University of NSW Bachelor
of Renewable Energy Engineering
degree programme.
HISTORY
The business association that was
to become Mirvac commenced
developing property on a joint
venture basis during the late 1960s
and early 1970s. The joint venturers
were two men from Sydney, Robert
Hamilton andHenry Pollack.
In1972Mirvacwas launchedwith
the first real estate development being
Montrose
, a
block of 12 apartments at Rose Bay in Sydney’s
eastern suburbs. Toward the end of the 1970s, the
company began building houses on subdivided
land in the expanding north-western suburbs of
Sydney.
The early 1980s also saw the development of
The York
, Sydney’s first luxury apartment high rise.
Mirvac was able to use the expertise it had
acquired to lead Sydney in this new and exciting
area. The public response to the project stunned
the property market. People queued around the
block for a chance to buy one of the 150 apartments
on offer, and in some cases tried to bribe
salespeople to get to the head of the line. The York
sold out in four hours.
In 1977 Mirvac branched out into hotel
management and ownership, purchasing the Hyde
Park Plaza Hotel in Sydney. In the early 1980s, a
major revival in the Sydney property market gave
Mirvac the chance to expand its operations
considerably. At the time Mirvac was developing
office buildings in the Sydney CBD to sell mainly
toAustralian institutional investors. One of the first
major commercial developments completed by
Mirvac was
The Landmark
tower in Martin Place,
Sydney. It was an outstanding success, being fully
leased upon completion. Although such
developments were providing excellent returns,
Mirvac began to explore how it could retain an
interest in the buildings by way of ongoing
management. To do this,Mirvac established a series
of unlisted property trusts open to outside
investors. It was a major step towards Mirvac
becoming the fully diversified real estate group it is
today. In October 1987 Mirvac was listed on the
Australian Securities Exchange.
Mirvac began its first major project in
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