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
We live on a dry continent and we recognise that Australians and our producers have a very important relationship with water.
Having already achieved our target to reduce potable water intensity by 15 per cent from our baseline year, FY13, the past 12 months have seen us make some good progress on non-potable water.
In recent years, we have found that when we install a non-potable water system, the commissioning and optimisation are the greatest challenges. While it’s hard to optimise a system, this step provides the greatest value; so this year, we focused on improving some existing systems we already had in place.
We made some major adjustments to the water capture system at 23 Furzer Street in Woden ACT, which saw the water rating improve back to a 5.5 Star NABERS rating, and we have re-commissioned systems in several of our retail assets.
At 275 Kent Street in Sydney, we also optimised the existing rainwater tank to make the most of its large capacity. By starting to feed captured condensate water into the tank, we have made a huge impact and expect the water harvest to be at least double the previous year’s amount.
At Ascot Green in Brisbane, we have installed a new 50,000 litre water tank that is being used for dust suppression and stormwater treatment.
Office & Industrial
Non-potable water (kL)
% Non-potable water