Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz, said, “We have delivered a strong half year performance with a 26 per cent increase in our operating profit to $290 million, driven primarily by our high-performing Investment portfolio, while our proven in-house asset creation capability remains a key competitive advantage for the Group, allowing us to generate value through the strength of our integrated model. With over 95 per cent of our office assets either prime or A-grade, and an 84 per cent overweight to the Sydney and Melbourne CBD markets, our office portfolio is ideally placed to take advantage of the current favourable office market conditions, including vacancy rates at their lowest in 30 years in Sydney and Melbourne.
“Although residential markets continue to deteriorate, our residential division remains resilient. We are still seeing consistent demand for our high-quality, well located product from our predominantly owner-occupier target market, particularly for our masterplanned communities, which will bolster our residential division as the cycle plays out. Our strong pipeline, which supports the potential of over 12,000 lot releases over the next four years, will enable us to build the right product at the right time to take advantage of the next cycle. At the same time our strong balance sheet will enable us to capitalise on future development opportunities as they become available,” Ms Lloyd-Hurwitz commented.