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INDUSTRIAL

ELIZABETH ENTERPRISE

1669-1723 Elizabeth Drive, Badgerys Creek, NSW 2555

Mirvac entered into an agreement in August 2018 to acquire Stage 1 of a future 244-hectare industrial estate at Badgerys Creek resulting in the acquisition of Stage 1 (56 hectares) in August 2021 and Stage 2 (52 hectares) in April 2021. Located approximately 800 meters from the Western Sydney International (Nancy-Bird Walton) Airport and approximately eight kilometres from the M7 motorway, Elizabeth Enterprise is expected to benefit from its proximity to approximately $20 billion in infrastructure improvements in the Western Sydney area, including the new Airport, M12 motorway and Sydney Metro - Western Sydney Airport which are currently under construction. Stage 1 and 2 were rezoned to permit industrial uses in September 2020 as part of Tranche 5 of the NSW Planning Acceleration Protocol.

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Ownership
100% Mirvac

Summary information

Acquisition/Agreement Date Apr-21 & Aug-21
Last External Valuation Date Dec-23
Valuation at 31-DEC-23 $138m
Expected Development Value On Completion ~$1.8bn
Target Completion FY28+
1. Represents the IPUC book value, excludes any interest in the asset held in inventories.
2. Represents 100% expected end value, excluding the sale of any undeveloped land, subject to various factors outside of Mirvac's control such as planning, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land.

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Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.  

Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.