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
Whether it’s through energy-conscious design, renewables, or energy-saving customer incentives, Mirvac continues to work to reduce our reliance on traditional energy sources. Technologies, methods and regulatory environment continue to evolve, presenting new opportunities to do things even better.
Our new business, Mirvac Energy, is a vehicle that’s already enabling us to make serious in-roads in this area. Read the full story click here.
Renewable energy is also being used on more of our construction site sheds, such as Brighton Lakes in Sydney, where a new solar system was installed in January this year. Given the lifespan of these systems, we have also started reusing them on several site sheds, helping us to get maximum value from our investment. We have already reused a system from our site shed at Kawana Shoppingworld on the Sunshine Coast at Ascot Green in Brisbane, and plan to recycle more systems in this way in the future.
As property developers, we recognise that we leave a lasting impact on the world. For this reason, our reporting boundaries stretch beyond the initial design and construction of our assets, encompassing our broader sphere of influence too.
We have separated the boundary of our commitments into three categories: operational control, financial control and influence. Our reporting methodology was determined as part of the strategic development process and reviewed by third party experts.
For a detailed overview of how we calculate our progress against strategy commitments, click here [link tbc]. For details on our connected reporting framework, click here [link tbc].
Carbon intensity (CO2-e/m2)
Energy intensity (GJ/m2)
As in past years, Mirvac continues to be active on a number of committees and working groups:
Green Building Council of Australia (including Board of Directors)
Property Industry Foundation (Board of Advisors)
Better Building Partnership (including chair of waste technical working group;
NABERS technical working group, focusing on the revised NABERS waste tool;
Property Council of Australia (including national sustainability roundtable and social sustainability roundtable);
Calculating Cool Tool steering group (rating tool for HVAC systems);
LBG Australia and New Zealand;
Responsible Construction Leadership Group; and
Supply Chain Sustainability School Advisory Committee
With two buildings maintaining a 6 Star NABERS rating, it was another strong year on the NABERS front
A highlight this year was earning a 6 Star Green Star As Built certification for 200 George Street, Sydney NSW, which joins our impressive list of credits. Two of our assets, 275 Kent Street Sydney NSW and 23 Furzer Street Woden ACT have maintained a 6 star Green Star Performance rating.