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
Located in Sydney’s Redfern area, the Australian Technology Park (ATP) is a site that’s steeped in history, with a vibrant Indigenous community.
Since Mirvac was first engaged to develop ATP, we have been mindful of our relationship with local residents and have heavily focused on community engagement.
While ATP will eventually comprise around 93,000 square metres of office space for the Commonwealth Bank, there’s far more to this site than office buildings. The precinct we are developing here will also pay respect to the site’s industrial heritage, and will play a key role in the activities of the community — whether it’s by providing space for youth activities, or supporting emerging businesses.
Over the past year, we have spent a great deal of time engaging with the people who live and work around ATP. After attending community sessions and meeting with key stakeholders, a liaison group was established to keep the community regularly informed on what’s happening at ATP, and seek input on the initiatives they’d welcome.
In addition, we are developing a high-level community liaison group of senior representatives, who will form a senior advisory panel. This panel will be consulted about four key areas, being: local community engagement; education and innovation; heritage and culture; and art.
Our goal is to introduce opportunities around these key areas to engage the community, while creating a place that is iconic for Sydney and Australia.
Through our work at ATP, we’ve developed a relationship with Tribal Warriors, a non-profit community organisation established and run by Aboriginal people. Mirvac engaged Tribal Warriors to perform a traditional smoking ceremony prior to construction starting at ATP, and we hope that by working with them, we can start to learn more about Aboriginal culture. Mirvac’s construction team members now participate in Tribal Warriors’ ‘Clean Slate Without Prejudice’ boxing program three mornings a week, creating a healthy routine for local youth and ex-offenders. We also plan to support employment opportunities at ATP for people we connect with through the Tribal Warriors group.
Another connection made at ATP was with 107 Projects, who host a gallery and events space in Redfern. Mirvac initially hired their space for our consultation and community events, and went on to help set it up as a commercial facility that can be hired to others. This involved sourcing and reusing floorboards from our St Leonards Square project, which were used to renovate the space.
While community engagement has certainly been one noteworthy aspect of our work at ATP, this project is exciting for us in other ways too, from the construction technology being used, to our joint venture, Hoist, with start-up incubator York Butter Factory. We look forward to sharing more about ATP as the precinct evolves.