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INDUSTRIAL

SEED, ELIZABETH ENTERPRISE

1669-1723 Elizabeth Drive, Badgerys Creek, NSW 2555

Mirvac entered into an agreement in August 2018 to acquire a future 244-hectare industrial estate at Badgerys Creek resulting in the acquisition of Stage 1 (56 hectares) in August 2021 and Stage 2 (76 hectares) in April 2021. Located approximately 800 metres from the Western Sydney International (Nancy-Bird Walton) Airport and approximately eight kilometres from the M7 motorway, SEED is expected to benefit from its proximity to approximately $20 billion in infrastructure improvements in the Western Sydney area, including the Western Sydney International Airport, M12 motorway, Sydney Metro and the planned $800m upgrades to Elizabeth Drive. Stage 1 and 2 were rezoned to permit industrial uses in September 2020 as part of Tranche 5 of the NSW Planning Acceleration Protocol. In June 2025, Mirvac and its long-standing capital partner, Australian Retirement Trust (ART), expanded the Mirvac Industrial Venture through the strategic acquisition of a 49% stake in Stage 1.

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Ownership
Stage 1: MIV JV: 51% Mirvac, 49% ART; Stage 2: 100% Mirvac

Summary information

Acquisition/Agreement Date Apr-21 & Aug-21
Last External Valuation Date Jun-25
Valuation at 31-DEC-25 $175m
Expected Development Value On Completion ~$2.0bn
Target Completion FY28+
1. Represents the IPUC book value and Investment in JVA, excludes any interest in the asset held in inventories.
2. Represents 100% expected end value, subject to various factors outside of Mirvac’s control such as planning, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.
Note: Image is an artist impression only, final design may differ.

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.