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INDUSTRIAL

SWITCHYARD

144 Manchester Rd Auburn, NSW 2144

Switchyard is located approximately 3.3 kilometres from Parramatta CBD and 18 kilometres from Sydney CBD. It is well placed to benefit from significant infrastructure investment including the WestConnex project which will provide motorway connectivity to Port Botany and Sydney Airport. The 14-hectare site is set to become a state-of-the-art industrial estate as well as a vibrant employment precinct delivering premium facilities that blend flexible warehousing, office space and small-scale local amenities such as a local café totalling approximately 72,000 square metres of floor space. Mirvac’s redevelopment of the site was initially a joint venture with an investment vehicle sponsored by Morgan Stanley Real Estate Investing (MSREI). Mirvac acquired its joint venture partner's interest in September 2022. In June 2023, Mirvac launched the Mirvac Industrial Venture (MIV) with Switchyard as the seed asset. Australian Retirement Trust (ART) acquired 49% share in MIV with 51% retained by Mirvac. Construction is underway with a targeted completion by 1Q24.

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Ownership
51% Mirvac, 49% Australian Retirement Trust

Summary information

Acquisition/Agreement Date Nov-21
Expected Development Value On Completion $370m
Target Completion FY24
Valuation: Represents the IPUC book value, excludes any interest in the asset held in inventories.
Expected Development Value on Completion: 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.
Note: Image is an artist impression only, final design may differ.

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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.