Mirvac’s urban strategy delivered excellent results in FY17, with operating earnings up 11 per cent and distributions up 5 per cent, at the top end of guidance provided.
The 2017 financial year was an outstanding year for Mirvac, and our ambition to reimagine urban life by creating, owning and managing high-quality assets in Australia’s largest cities has delivered strong results across the Group, positioning us well for the future.
Mirvac is an integrated, urban property group and a key contributor to Australia’s major cities.
Mirvac’s urban strategy and a strong focus on capital management delivered growth in FY17, and has ensured the Group is well placed for the year ahead.
In February this year, we launched Marrick & Co in Sydney’s inner west: a 220-apartment development on the old Marrickville Hospital site.
Mirvac has a priority focus on the health and safety of its employees, contractors and customers, and in FY17, we launched a refreshed policy and focus to strengthen our safety practices, behaviours and culture across our business, while supporting the wellbeing of our people, places and the communities in which we operate.
Developing a Reconciliation Action Plan (RAP) has been one of Mirvac’s key cultural goals over the past 12 months.
This Changes Everything is Mirvac’s sustainability strategy, comprised of four focus areas with long-term missions.
This Changes Everything FY17 at a glance
When Mirvac’s headquarters in Sydney opened in July last year, it was set to become a benchmark for innovative, collaborative and sustainable workplaces.
While undertaking the workplace design, Mirvac became aware of a new global building standard developed in the United States: the WELL certification. The first standard of its kind, WELL focuses on the people within the building rather than the building itself; aiming to advance the health and wellbeing of the building’s occupants.
Working closely with the International WELL Building Institute (IWBI), Mirvac set about securing credits across seven categories: air, water, light, fitness, comfort, mind, and nourishment. This meant incorporating small changes into the design plans for our new headquarters.
Being an early adopter of WELL also presented challenges around adapting the tool in the Australian market, having no local precedents to follow. As WELL is an outcomes-based standard, we needed to determine alternate features to those suggested by IWBI that would achieve the desired outcome.
In May 2017, Mirvac became the first company in Australia to achieve a Gold WELL certification: an incredible achievement that reflects the hard work and willingness of our people to challenge themselves.
Ultimately, obtaining WELL certification has helped us to realise a better version of our original vision. Through the intensive WELL process, we examined all aspects of the occupants’ experience at 200 George Street, and the team worked hard to optimise this in every way they could.
Our Sydney employees now benefit from a range of WELL-inspired initiatives, such as regular health and wellbeing presentations (covering topics such as diet and sleep), Pilates classes held onsite, and an online health and wellbeing library. The onsite café also provides healthier food options and nutritional information as part of their commitment to WELL.
Through a partnership with the University of Sydney, and the use of SAMBA units 1 (which you can read about on page 42) our real-time Indoor Environment Quality (IEQ) performance is monitored and displayed throughout the tenancy. The university also monitors our performance against industry standards and benchmarks to ensure we are achieving the highest level of IEQ. Staff and visitors have plenty of access to nature, with close to 1,200 plants throughout the space, while an abundance of daylight and circadian lighting improves comfort within the tenancy for our employees.
We will now apply our learnings from Sydney at our offices across the country, so that all of our people can enjoy the same kind of balanced, healthy working environment.