Acquisition Criteria Commercial CBD focus in Sydney and Brisbane, suburban locations in Melbourne, Brisbane and Perth. Target passing yield of greater than 6.75% with lease expiry profile greater than 2009. Total return target 9.0% Industrial Occupier focused in Sydney and Brisbane (with Melbourne a secondary choice) with a target passing yield of 7.5% - 8.0% (total return target 10.5%) and lease duration of greater than 8 years. Building design capable of multiple uses and located on major transport links. Retail Neighborhood and sub regional based centres, focused on needs rather than discretionary spending. Target passing yields of 7.25% - 7.5% with a total return target of 10%. 31
Investment Development Update Continued strategy for growth of investments by development Est. Cost $m Current Waverley Gardens, Mulgrave Stage 1 106 Waverley Gardens, Mulgrave State 2 35 Stanhope Village (Stage 2)* 25 Ballina Shopping Centre 43 Orion 110 Kwinana Hub* 60 Springwood Megacentre 90 104 Darling Island II, Pyrmont Bundaberg Retail Centre 81 Nexus Industry Park* 100 $754m Future George Street, Sydney* 320 Hoxton Park Industrial* 200 $520m 32 * Planning Not Finalised
Investment Near Term Goals – FY06 • Rebalance of portfolio, disposing of assets not meeting medium term investment criteria – 107 Mount Street, North Sydney – Ikon Retail, Potts Point – 101 Grenfell Street, Adelaide – Other properties under review • Acquisition of replacement assets with secure income and extend lease term • Diversify asset base to include New Zealand opportunities • Seek corporate opportunities to expand asset base • Review all and where necessary dispose of non performing business units – Crown Property Portfolio not renewed – Private Client business wound down. • Step up tenant retention efforts and agency relations 33
Airports O c t 2 0 0 5 34
K i m E l l i s Chief Executive Officer BAC Airports 35
36 Sydney Basin Airports k n i l t s e W 7 M
BAC Airports Company Structure BAL CAL HPAL Property business development, asset management, property management Aviation airport operations, aeronautical infrastructure, network business Corporate Services finance, legal, Board & Shareholder, HR, environment 37
Ownership Outline • BAC Airports lease 313h at Bankstown Airport under BAL • BAC Airports lease 196h at Camden Airport under CAL • BAC Airports – CIPL, Westscheme & Mirvac (via James Fielding Infrastructure Yield Fund) 38
39 Bankstown Airport
Bankstown 2024/25 Master Plan Aviation zone: 142.0ha Aviation zone: 142.0ha Business zone: 98.9ha Business zone: 98.9ha Employment zone: 51.8ha Employment zone: 51.8ha 6 Mixed use zone: 9.3ha Mixed use zone: 9.3ha Environment protection: 6.0ha Environment protection: 6.0ha Open space: 5.3ha Open space: 5.3ha 4 Total 313.3ha Total 313.3ha 2 5 1 3 40
41 Camden Airport
Camden 2024/25 Master Plan Aeronautical zone – 100.0ha Aeronautical zone – 100.0ha Camden Airport Camden Airport Business Support zone – 9.6ha Business Support zone – 9.6ha Camden Airport Camden Airport (Environmentally Sensitive) (Environmentally Sensitive) Business Support zone – 82.5ha Business Support zone – 82.5ha Mixed Aeronautical/ Mixed Aeronautical/ Camden Airport Business Camden Airport Business Support zone – 3.9ha Support zone – 3.9ha Total 196.0ha Total 196.0ha 42
Airport Capacities Bankstown Camden Hoxton Park Aircraft 20t unlimited 6 tonne 6 tonne 50t limited Maximum Weight Aviation 250,000* 60,000** 60,000** Movements 04/05 Estimated capacity 450,000 200,000 140,000 2 runways Runways 3 1 2 Glider strips 1 Terminal None None 200 pax/hr * AirServices Australia ** Estimate 43
Regulatory Compliance • DoTARS • Airports Act 1996 • NSW OH&S regulations • Emergency Planning • Airport Master Plans 44
M a r k W e e d e n GM Business Developments BAC Airports 45
BAC Airports at a Glance • Gross Income $14.7M (F) • Number of Tenants 240 (270 Leases) • Leased Area 500,000 sqm (Excl BAC Devco) • Average Lease Expiry 10.5 years Average $9 per sq m • Out-goings • Vacancy Less than 1% 46
47 Tenant Mix
Tenant Mix by Category Aviation / Non Aviation by income 31% Aviation 31% of portfolio Aviation Non Non Aviation 69% of portfolio Aviation 69% 33% Land/Building Leases by Income Building Building Leases 33% Leases Land Land Leases 67% Leases 67% 48
Strategy Two Central Growth Platforms • Current portfolio • Redevelopment 49
50 Aviation Land Use Plan
Aviation Revenue Opportunities • Regular Passenger Transport • Increasing Express Air Freight • Corporate and Fixed Base Operations 51
J e f f B r e e n Development Director BAC Devco 52
Ownership Outline • BAC Devco Sub-leases 104.7 Ha from BAC Airports • BAC Devco – Westscheme, Mirvac & Leighton Properties • Camden has similar participants and lease structure to Bankstown 53
54 Bankstown Concept Development Plan
55 Bankstown Concept Land Use Plan
Ownership Outline • HPAL Freehold will own 81.6 Ha of land following airport closure in Oct 2008 • HPAL Freehold is a Joint Venture between Mirvac and Leighton Properties 56
57 Hoxton Park Concept Development Plan
58 Hoxton Park Concept Land Use Plan
DISCLAIMER The information made available through this document, including any expression of opinion or forecast, has been obtained from or based on sources believed by Mirvac Group to be reliable. Mirvac Group does not warrant the accuracy, completeness or currency of the information. Mirvac Group and its related companies will not be liable for any inaccuracies, omissions or errors in the content nor for any loss or damage arising from action taken in reliance on the information. Mirvac Investor Tour O c t 2 0 0 5 59
NSW INVESTOR TOUR SUPPORTED BY DEUTSCHE BANK & JP MORGAN OCTOBER 2005
PG 3 FEATURED DEVELOPMENTS 4 ITINERARY 5 FLIGHT ROUTE CONTENTS 6 MIRVAC ATTENDEES 7 EXTERNAL ATTENDEES 8 SYDNEY MOTORWAY SYSTEM 9 DEVELOPMENT INFORMATION 10 Towns Place, Walsh Bay 13 One Darling Island, Pyrmont 16 Saunders Wharf, Darling Island 19 Mornington Estate, Holsworthy 21 Northbrook Estate, Hammondville 21 Bankstown Airport 24 Flight Path - map 27 Panorama, Glenfield 29 Spring Farm 31 Camden Airport 34 Nexus Industry Park 37 Hoxton Park Airport 40 Newbury Estate, Stanhope Gardens 42 Stanhope Village
Gosford FEATURED DEVELOPMENTS F3 Wahroonga Newbury Estate, Stanhope Gardens Chatswood M 2 LANE COVE TUNNEL Epping Penrith North Sydney M 7 CBD Startrack Express & Archbold Rd, Towns Place, Parramatta Minchinbury Walsh Bay & One Darling Island M 4 Network, Hoxton Park Strathfield Eastern Creek ED Airport Nexus Bankstown Airport Industry Park M 5 Port Northbrook Estate, Hammondville Botany Mornington Estate, Holsworthy Panorama Glenfield Camden Airport Spring Farm 3
Time Activity Location Tour Guides / Presenters 8:00am Tea & coffee The Sebel Pier 1, Walsh Bay 8:30am Site tour Towns Place, Gavin Carrier, James Dunn Walsh Bay 9:30am Site tour One Darling Island, Jamie Smith Pyrmont Saunders Wharf, Simon MacKinnon Darling Island ITINERARY 11:00am Site tour Mornington Estate, Rob Lynch, Warwick Smith Holsworthy 11:45am Site tour Northbrook Estate, Rob Lynch, Warwick Smith Hammondville 12:30pm Lunch The terminal at Bankstown Airport Group 1 1:30pm Fly over See Flight Route (p5) Greg Paramor, Simon MacKinnon, developments Stuart Penklis, Jamie Stewart, Tim Regan 2:45pm Site tour Bankstown Airport Kim Ellis, Jeff Breen, Rod Moynahan 3:15pm Presentation The terminal at Rob Lynch, Nick Collishaw, Kim Ellis, Bankstown Airport Mark Weeden, Jeff Breen Group 2 1:30pm Presentation The terminal at Rob Lynch, Nick Collishaw, Kim Ellis, Bankstown Airport Mark Weeden, Jeff Breen 2:15pm Site tour Bankstown Airport Kim Ellis, Jeff Breen, Rod Moynahan 2:45pm Fly over See Flight Route (p5) Greg Paramor, Simon MacKinnon, developments Stuart Penklis, Jamie Stewart, Tim Regan 4:00pm Depart Bankstown Airport 5:00pm Post tour drinks ECQ Bar, Quay Grand, East Circular Quay 4
Flight Route FLIGHT ROUTE Bankstown Airport Northbrook Estate, Hammondville Mornington Estate, Holswothy Panorama, Glenfield Spring Farm Camden Airport Nexus Industry Park, Liverpool Hoxton Park Airport Network, Eastern Creek Archbold Rd, Minchinbury (land subdivision) Startrack Express, Minchinbury Newbury Estate, Stanhope Gardens 5
Greg Paramor Managing Director Mirvac Group Nick Collishaw CEO Investment Jamie Smith National Leasing Manager- Commercial Investment Stuart Penklis Manager- Industrial Acquisitions & Development Investment MIRVAC ATTENDEES Mick O’Brien CEO NSW Development Simon MacKinnon Development Director- Commercial & Industrial NSW Development Gavin Carrier Development Director NSW Development James Dunn Development Manager NSW Development Jamie Stewart Development Manager NSW Development Rod Moynahan Development Manager NSW Development Robert Lynch CEO Mirvac Homes Warwick Smith Development Director Mirvac Homes Tim Regan CFO Corporate Services Melanie Buffier Manager, Investor Relations Corporate Services Kim Ellis CEO BAC Airports Mark Weeden General Manager, Business & Development BAC Airports Mario Bayndrian Airport Compliance & Operations Manager BAC Airports Jeff Breen Development Director BAC DEVCO 6
ABN Amro Ross McGlade Alliance Capital Management Limited Stuart Keighran Challenger John White Citigroup Peter Cashmore Citigroup Asset Management Stuart Cartledge Colonial First State Vinay Narsi Concord Capital Martin Hickling Credit Suisse Asset Management David Scott Deutsche Asset Management Chris Robinson EXTERNAL ATTENDEES Deutsche Bank Bhupen Master Deutsche Bank Troy Derwin Glebe Asset Management Benita Ong Goldman Sachs JB Were James Cornell IAG Asset Management Limited Jade Ong ING Investment Management Hugo Machin Investors Mutual Jason Teh JP Morgan James Inwood JP Morgan Simon Shakesheff Macquarie Asset Management Limited David Kivell Macquarie Research Anthony Shields Merrill Lynch John Spencer Merrill Lynch Asset Mgt Paul Juniper Pengana Capital Limited Ern Koh Perennial Investment Partners Limited Damian Cottier Perpetual James Fielding Nick Thomson Portfolio Partners Limited Davina Machin Renaissance Asset Management Damien Barrack Resolution Capital Rachel Weld Suncorp Investment Management Bernard Machen UBS Asset Management Limited Andrew Nicholas UBS Warburg Simon Garing 7
SYDNEY MOTORWAY SYSTEM 8
DEVELOPMENT INFORMATION
TOWNS PLACE, WALSH BAY DEVELOPMENT INFORMATION 10
TOWNS PLACE, WALSH BAY LOCATION Millers Point, NSW ADDRESS 1-5 Towns Place DESCRIPTION Luxury apartment complex, part of Walsh Bay redevelopment (JV 50/50 Mirvac/Transfield). Towns Place includes 65 high end apartments, comprising 2x1 Bed, 25x2 Bed, 31x3 Bed and 7x3 Bed penthouses. Two prime ground level retail lots are contained within the complex. A commercial carpark within the basement has also been completed and has settled. The Towns Place apartments will be equal in finish to the other high end Walsh Bay apartments. Total Residential lots 65 Retail lots 2 Commercial Carpark 1 (191 spaces) DEVELOPMENT INFORMATION Residential lots exchanged / released as at 19 Oct. 36/65 Ownership 99 year lease from Waterways Authority - to commence at Practical Completion of Construction COST / REVENUE SUMMARY $M Total Projected Net Revenue 100.5 WIP as at 30 September 2005 55.0 (approx.) Current price range: One Bed (incl 1 car space) $655-$695K Two Bed (+media where applicable + 1 car space + storage) $765K-$1.595M 3 Bed (+media where applicable, + 2 car spaces + storage) $995K-$2.050M 3 Bed Penthouse (+ media where applicable + 2 car spaces + storage) $1.825-$3.650M (also available additional individual carspaces @ $75K & additional storage) PROJECT TIMING Land acquisition Walsh Bay PDA executed September 1997. Design commencement Masterplan Approved October 1997, Towns Place initial DA approved August 2002. Construction period Excavation commenced Feb 04. Commercial Carpark completed Sep 05 and final PC due Mar/Apr 06 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 75% % Forecast construction progress at 30 June 2006 100% PROJECT UPDATE Towns Place is the final new residential release within Walsh Bay. Walsh Bay has already won around 65 awards and Towns Place is expected to continue that tradition. Apartments within Walsh Bay are at the high end of the spectrum of Mirvac's quality finish and specification. Towns Place will be no exception to this and the design, views, state of the art finishes, amenity, quality of construction and prime location will ensure the project cap's off the Walsh Bay success story. Development Manager James Dunn Development Director Gavin Carrier 11
NOTES 12
ONE DARLING ISLAND, PYRMONT DEVELOPMENT INFORMATION 13
ONE DARLING ISLAND, PYRMONT LOCATION Pyrmont, NSW ADDRESS 1 Darling Island Road DESCRIPTION "A" grade commercial office building comprising 22,175 sqm over five levels with basement carparking and ground floor retail. The building is designed with two separate floor plates on the north and south of a central core, creating flexibility to accommodate tenants of various sizes. The typical floor size for the northern building is 1,450 sqm and the southern building is 2,630 sqm. Lettable area 22,175 m 2 Car parking spaces 161 Ownership 100% Title 99 Year leasehold on completion of construction works DEVELOPMENT INFORMATION Major tenant / NLA sqm / Term Leasing campaign underway COST/REVENUE SUMMARY $M Land (inc. costs) 9.1 Est. development, construction & finance costs 94.7 Total development costs 103.8 Forecast net income on completion 8.8 Capitalisation rate 7.50% Forecast value on completion 117.3 PROJECT TIMING Land acquisition Apr-04 Design commencement Nov-04 Construction period 24 months Forecast completion Feb / Mar 06 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 80% % Forecast construction progress at 30 June 2006 100% PROJECT UPDATE Major construction works are substantially complete with the focus now on finishes trades and commissioning of building services. Basement carpark painting and sealing is also underway. Externally - the entry forecourt and public domain works are taking shape and are on program for the forecast completion date. Development Manager Adrian Checchin Development Director Simon Mackinnon 14
NOTES 15
SAUNDERS WHARF, DARLING ISLAND DEVELOPMENT INFORMATION 16
SAUNDERS WHARF, DARLING ISLAND LOCATION Pyrmont, NSW ADDRESS 8-14 Wharf Crescent DESCRIPTION Boutique waterfront luxury apartment building featuring 27 x 3 bed oversize apartments all with through East/West aspects and city views. 6 ground floor commercial suites are also included. Total Residential lots 27 Commercial lots 6 Carparking 2 per apartment / 1 per commercial suite Sales & Marketing not yet released. Target launch date March 2006. COST / REVENUE SUMMARY $M DEVELOPMENT INFORMATION Total Projected Net Revenue 75.0 WIP as at 30 September 2005 18.0 (approx) Indicative price range: 3 beds starting from in excess of mid $2.0million PROJECT TIMING Land acquisition July 2005 Construction period Commenced July 2005. Expected completion August 2006. CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 40% % Forecast construction progress at 30 June 2006 90% PROJECT UPDATE The building structure was recently completed ahead of program. Roof works and finishing trades have commenced an are on program. Stage 1 of the public domain to the south of Saunders Wharf is scheduled for completion shortly. Development Manager Adrian Checchin Development Director Simon MacKinnon 17
NOTES 18
MORNINGTON ESTATE, HOLSWORTHY LOCATION Holsworthy, NSW ADDRESS Cnr Heathcote Road and Macarthur Drive DESCRIPTION Mix of integrated lifestyle attached homes Total dwellings 255 Exchanged / released as at 30 September 2005 Stage 1 - 13 deposits, 7 exchanged, 20 released Stage 2 - 11 deposits, 16 released Ownership Mirvac Homes (NSW) Pty Limited, 100% COST / REVENUE SUMMARY $M DEVELOPMENT INFORMATION Total project value 93.1 WIP as at 30 September 2005 33.3 (including land) Current price range $365,000 to $393,000 PROJECT TIMING Land acquisition Feb-03 Design commencement Feb-03 Construction period Commenced November 2004, completion October 2007 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 20% % Forecast construction progress at 30 June 2006 55% PROJECT UPDATE Stage 1 earthworks are complete, with Stage 2 earthworks due for completion end November 2005. Stage 1 construction is 75% complete with substage 1a comprising 20 lots released and sold Development Manager Peter Lawrence Development Director Warwick Smith 19
NOTES 20
NORTHBROOK ESTATE, HAMMONDVILLE LOCATION Hammondville, NSW ADDRESS Cantello Avenue DESCRIPTION Lifestyle estate comprising detached, attached & terrace homes Total dwellings 106 Exchanged / released as at 30 September 2005 Not released Ownership Mirvac Homes (NSW) Pty Limited, 100% COST / REVENUE SUMMARY $m Total project value 37.9 DEVELOPMENT INFORMATION WIP as at 30 September 2005 18.9 (including land) Current price range $355,000 to $370,000 PROJECT TIMING Land acquisition Jul-03 Design commencement Jun-04 Construction period January 2005 to July 2006 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 50% % Forecast construction progress at 30 June 2006 90% PROJECT UPDATE Civil works for Stages 1 & 2 have completed. Dwelling construction for Stage 1 is nearing completion First sales release anticipated November 2005. Stage 2 dwelling construction is progressing in a timely manner, due for completion February 2006. Stage 3 civil and building works are yet to commence and will be timed for completion in line with sales forecasts Development Manager Matthew Curnow Development Director Warwick Smith 21
NOTES 22
DEVELOPMENT INFORMATION BANKSTOWN AIRPORT 23
FLIGHT PATH MAP
BANKSTOWN AIRPORT LOCATION Bankstown ADDRESS Cnr Milperra Road and Henry Lawson Drive, Bankstown, NSW DESCRIPTION Development of 104Ha (gross) of land surplus to the aeronautical requirements of the Airport. Gross Site Area 104 Ha Estimated build out BAC Devco 510,000sqm Ownership Consortium: Mirvac- 33.3% Leighton Properties- 33.3% DEVELOPMENT INFORMATION Westscheme- 33.3% Title Leasehold Major tenant / NLA sqm / Term n/a COST/REVENUE SUMMARY (PROJECT 100%) $M Land (inc. costs) 98.0 Est. development, construction & finance costs 162.0 Total development costs 260.0 Expected project IRR- Land only Budget 15% Target 20% PROJECT TIMING Land acquisition Dec-03 Master Plan approved Mar-05 Development Master Plan completion Dec-05 Construction period market driven PROJECT UPDATE Masterplanning underway and detailed design of stage 1 of the ring road and Toll site services have commenced. 4Ha sold to Toll Holdings with a further option for 5 Ha provided. Development Manager Rod Moynahan Development Director Jeff Breen - JV Project Director 25
NOTES 26
PANORAMA ESTATE, GLENFIELD LOCATION Glenfield, NSW ADDRESS Glenfield Road DESCRIPTION Mix of integrated lifestyle and retail lots, ranging from attached terraces to 600sqm lots Total lots 615 Exchanged / released as at 30 September 2005 10 Ownership Mirvac Homes (NSW) Pty Limited, 100% COST / REVENUE SUMMARY $M Total project value 270.7 DEVELOPMENT INFORMATION WIP as at 30 September 2005 84.9 Current price range $290,000 to $510,000 (land and land/house packages) PROJECT TIMING Land acquisition Jun-01 Design commencement Jul-01 Construction period October 2004 to December 2009 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 15% % Forecast construction progress at 30 June 2006 25% PROJECT UPDATE Rezoning complete for all 3 neighbourhoods/stages. First stage of subdivision works in Neighbourhood 1 complete (Stage 1A) Housing construction in Stage 1A 40% complete. Subdivision works for Stage 1B commencing Development Manager Trevor Jensen Development Director Warwick Smith 27
NOTES 28
SPRING FARM LOCATION Spring Farm, NSW ADDRESS Encircled by Richardson Rd, Spring Rd and Camden Bypass DESCRIPTION Mix of integrated lifestyle and retail lots, ranging from attached terraces to 600 sqm lots Total lots 459 Exchanged / released as at 30 September 2005 Not released Ownership Mirvac Homes (NSW) Pty Limited 100% Earmarked for future Land Fund COST / REVENUE SUMMARY $M DEVELOPMENT INFORMATION Total project value 162.6 WIP as at 30 September 2005 17.8 (including land) Estimated price range $260,000 to $440,000 (land and land/house packages) PROJECT TIMING Land acquisition Option entered May 2001, Settlement October 2003 Design commencement May-01 Construction period Commencing January 2006 to May 2009 CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 0% % Forecast construction progress at 30 June 2006 15% PROJECT UPDATE Development applications currently under consideration by Camden Council Earthworks expected to commence January 2006. Development Manager Peter Lawrence Development Director Warwick Smith 29
NOTES 30
DEVELOPMENT INFORMATION CAMDEN AIRPORT 31
CAMDEN AIRPORT LOCATION Camden, NSW ADDRESS Aerodrome Road DESCRIPTION An assessment of future development potential at Camden Airport is currently being undertaken. Gross Site Area 10 Ha Ownership Consortium: Mirvac - 23% Leighton Properties - 23% BAC Airports - 54% DEVELOPMENT INFORMATION COST/REVENUE SUMMARY $M Land (inc. costs) nil (land cost included in Bankstown Airport acquisition price) PROJECT TIMING Land acquisition Dec-03 PROJECT UPDATE Development land identified in March 2005 approved Master Plan. Development Manager Jamie Stewart Development Director Jeff Breen - JV Project Director 32
NOTES 33
DEVELOPMENT INFORMATION NEXUS INDUSTRY PARK 34
NEXUS INDUSTRY PARK LOCATION Prestons, NSW ADDRESS Corner Lynn Parade and Kurrajong Road DESCRIPTION Former Liverpool Showground site of 17 hectares is zoned 4(a) Industrial. It adjoins the new M7 Westlink at Prestons. The site when fully developed can accommodate up to 70,000 sqm of industrial facilities. In September 2005, Mirvac commenced the construction of the first facility with a pre-commitment from Atlas Group. Early in October 2005, a non-binding Heads of Agreement was executed for the site's second pre-commitment Lettable area up to 70,000 m 2 DEVELOPMENT INFORMATION Car parking spaces n/a Ownership 100% Title Freehold Major tenant / NLA sqm / Term Atlas Group Limited, 13,000 sqm, 15 years Heads of Agreement signed October 2005 (non-binding); - 9,500sqm, 7 years plus a 5 year option COST/REVENUE SUMMARY $M Land (inc. costs) 23.2 Est. development, construction & finance costs 56.9 Total development costs 80.1 Forecast net income on completion 7.0 Capitalisation rate 8.00% Forecast value on completion 87.5 PROJECT TIMING Land acquisition Aug-04 Servicing commencement Sep-04 Atlas construction commencement Aug-05 Atlas facility construction period 7 months Forecast completion Mar-06 Project Status Construction commenced CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 Atlas -10% % Forecast construction progress at 30 June 2006 Atlas - 100% PROJECT UPDATE Bulk Earthworks completed for the whole site. Lynn Parade being jointly constructed by Mirvac and Liverpool City Council. Development Manager Greg Bain Development Director Simon MacKinnon 35
NOTES 36
DEVELOPMENT INFORMATION HOXTON PARK AIRPORT 37
HOXTON PARK AIRPORT LOCATION Hoxton Park, NSW ADDRESS Intersection of M7 and Cowpasture Road DESCRIPTION Development of 82 Ha (gross) made available by the closure of the Airport in October 2008. Gross Site Area 82 Ha Developable land 60 Ha Ownership Consortium: Mirvac- 50.0% Leighton Properties- 50.0% DEVELOPMENT INFORMATION Title To be Freehold in Oct 2008 Major tenant / NLA sqm / Term n/a COST/REVENUE SUMMARY $M Land (inc. costs) 38.0 Est. development, construction & finance costs 79.2 Total development costs 117.2 Forecast net income on completion n/a Expected project IRR - Land only Budget 15% Target 20% PROJECT TIMING Land acquisition Dec-03 Design commencement Mar-05 Construction period market driven CONSTRUCTION PROGRESS % Construction progress as at 30 September 2005 0% % Forecast construction progress at 30 June 2006 0% PROJECT UPDATE Masterplanning underway to facilitate rezoning and services. Development Manager Jamie Stewart Development Director Jeff Breen - JV Project Director 38
NOTES 39
NEWBURY ESTATE, STANHOPE GARDENS DEVELOPMENT INFORMATION 40
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