OFFICE

SOUTH EVELEIGH (BUILDING 2)

Locomotive St, Eveleigh, NSW 2015

In November 2015, Mirvac entered into an agreement with AMP Capital Wholesale Office Fund and AMP Capital separate account client, SunSuper, for the development of three new office buildings within South Eveleigh, via a fund through arrangement. Mirvac secured the Commonwealth Bank as the major tenant for the office space. Settlement of the site acquisition occurred in April 2016. Foundry (Building 2), the final building in the precinct reached practical completion in FY20.

Ownership
33.3% Mirvac, 33.3% AMP, 33.3% SUNSUPER

Summary information

Acquisition/Agreement Date Apr-16
Valuation at 30-JUN-20 $170.6m
Expected Development Value On Completion $580m
Target Completion FY20
Valuation: Book value represents Mirvac's ownership.
Expected Development Value On Completion: Represents 100% of expected development end value, based on cap rate sold-down.