South Eveleigh
OFFICE

SOUTH EVELEIGH PRECINCT

Locomotive St, Eveleigh, NSW 2015

Located on Sydney's CBD fringe, South Eveleigh is Mirvac's largest office development to date. Along with its consortium partners, AMP Wholesale Office Fund, Australian Retirement Fund and Centuria Property Funds, Mirvac is bringing to life a new technology and innovation hub, with convenient direct links to Redfern train station. The precinct includes office space, leased to Commonwealth Bank of Australia, ground plane retail, public artworks and range of community facilities, including sports courts, an oval and skate park. Axle (Building 1) and Yerrabingin House (Building 3) reached completion in March 2019. Axle comprises 8 levels and over 44,000 square metres of NLA with 179 car spaces and premium end of trip facilities and has achieved a 6 star Green Star rating, a 6 star NABERS energy rating and a 5 star NABERS water rating. Yerrabingin House is the precinct?s cultural hub that brings together Aboriginal and eco-tourism history and knowledge into a multi-layered heritage experience. The Foundry (Building 2) was completed in May 2020 and spans over 50,000 square metres of NLA over 6 levels. With expansive floorplates nearing 9,000 square metres, it has earned the title of one of Australia's first 'groundscrapers' in reference to its large-scale, low-level design. The Foundry is targeting a 6 Star Green Star rating, and a 5 Star NABERS Energy rating.

Grade
A
Nabers Rating
-
Ownership
33.3% Mirvac, 33.3% AMP, 33.3% Australian Retirement Trust
NLA
102,292 SQM

Summary information

Acquisition/Agreement Date Aug-19
Last External Valuation Date 31-Dec-20
Valuation at 30-JUN-22 $465.5m
Valuer Directors Valuation
Capitalisation Rate 4.88%
Discount Rate 6.00%
Gross Office Rent $777/SQM
Car Spaces 700
Valuation: Book value represents Mirvac's ownership.

Lease Expiry Profile % Income

Wale: 12.4 YEARS

Major Tenants

Entity Name NLA SQM Lease Expiry
CBA (The Foundry) 51,079 Nov-35
Entity Name NLA SQM Lease Expiry
CBA (Axle and Yerrabingin House) 46,570 Aug-34
South Eveleigh

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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.