Mirvac

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Mirvac Group
Type Public
Traded as ASXMGR
Industry Property, Hotel, Investment
Founded 1972
Headquarters Sydney, NSW, Australia
Key people John Mulcahy, Chairman
Susan Lloyd-Hurwitz, Managing Director
Net income Increase A$171.8 million (2008)
Website www.Mirvac.com

Mirvac is a leading integrated real estate group, listed on the Australian Securities Exchange ("ASX") with activities across the investment and development spectrum.

Among other things, they own the land which was formerly Waverley Park in Mulgrave, Melbourne, Victoria and are now developing residential properties on it. Mirvac also developed the Walsh Bay precinct in The Rocks, Sydney, New South Wales, converting five piers and several warehouses into luxury apartments, commercial spaces, and venues for the arts.

Established in 1972, Mirvac has more than 40 years experience in the real estate industry. According to its website, the business association that was to become Mirvac began developing property on a joint venture basis during the late 1960s and early 1970s. The joint venturers were two men from Sydney, Robert Hamilton and Henry Pollack, who had already enjoyed considerable success as separate entities in the property industry. Robert had opened a real estate agency on Sydney's north shore in 1961, marketing and selling apartments and advising developers. Henry was an architect and builder. Together they formed an alliance to complete four projects in Sydney. In 1972 Mirvac was launched.

Within the investment division, Mirvac owns and manages 68 investment grade properties valued at more than $6.8 billion. The portfolio includes commercial offices, retail centres, industrial properties and hotels across Australia. Tenants include major organisations, leading Australian and international companies, and Government bodies.

The Group’s Development Division is active in New South Wales, Victoria, Queensland and Western Australia, and is responsible for some significant residential projects including Newington, Latitude in North Sydney, Magenta Shores and Walsh Bay in New South Wales; Ephraim Island on the Gold Coast and Waterline Bulimba in Queensland; Beacon Cove, Yarra's Edge in Melbourne Docklands, The Heath and The Melburnian in Victoria and The Peninsula, Burswood in Western Australia. Mirvac currently has approximately 21,500 lots under its control that will be progressively developed.

Mirvac Hotels had approximately 5,800 rooms under management in Australia and New Zealand, operated predominantly under the Quay West, Quay Grand, Sebel and Citigate banners, making it one of the largest Australian-owned hotel groups. In 2011, the French-based hospitality group Accor made a successful bid of €195 million to take over Mirvac Hotels operations, and in May 2012, the brands were all fully integrated into the Accor Asia Pacific network, making Accor the largest hospitality group in Asia Pacific.[1]

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