Developer Mirvac has released an operational update for the third quarter of the 2025 financial year (3Q25), showcasing continued momentum across its diversified portfolio and strategic initiatives.
Mirvac Group reported strong residential sales growth, securing 530 lot sales during the quarter – a 76% increase compared to the same period last year. Pre-sales in the residential sector also climbed to approximately $2.1bn.
In the Build to Rent sector, Mirvac is nearing the completion of its fourth operational development, LIV Anura in Brisbane, expected to launch mid-year. Its third Build to Rent asset, LIV Aston in Melbourne, has achieved 98% occupancy within seven months of opening.
Mirvac also made strides in its commercial and mixed-use developments. The pre-leasing rate at 55 Pitt Street in Sydney reached 42%, supported by significant tenant interest, while construction progress was noted at other key developments such as Harbourside in Sydney and Aspect North and South in Kemps Creek.
Mirvac’s investment portfolio demonstrated resilience with high occupancy rates. The office portfolio reported 95% occupancy, driven by major leasing agreements, including EY and Mirvac’s own tenancy renewals at 200 George Street in Sydney.
“We continued to see positive momentum across our business over the third quarter, with residential sales up almost 80 per cent on the prior corresponding period, along with significant progress made on securing capital partnerships at two of our major developments, Stage 1 of SEED at Badgerys Creek and Harbourside in Sydney.
“We maintained strong leasing in our investment portfolio, particularly in office, where we’ve leased approximately 70,200 sq m in the financial year to date.
“Our Sydney industrial weighting and our focus on owning the best assets in the best catchments in our retail portfolio also continued to deliver resilient cash flow to the business.
“With elevated residential pre-sales and pre-leasing success across our commercial and mixed-use development pipeline, including further heads of agreement at 55 Pitt Street in Sydney, we have a good line of sight to new development earnings, revaluation gains, and investment and funds management income streams.
“We continue to execute on our strategic objectives for FY25 and are ready to take advantage of any pickup in market activity, with supportive government housing policy and a positive outlook for interest rates.
“Our balance sheet position remains strong and we have good visibility of future earnings.
“We have retained guidance to deliver earnings of between 12.0 to 12.3 cents per stapled security and distribution of 9.0 cents per stapled security.”
Campbell Hanan, Group CEO & Managing Director, Mirvac
Industrial assets maintained 96.5% occupancy, with significant leasing activity completed year-to-date.
In the retail sector, occupancy stood at 98.3%, supported by increased foot traffic and positive leasing spreads. Specialty sales growth and productivity continued to trend upwards, reflecting the portfolio’s strong performance.
The developer also expanded its living sector presence. In addition to the ongoing Build to Rent schemes, Mirvac’s land lease business grew with the acquisition of a new site in Brisbane’s Everleigh community, adding 200 lots to its development pipeline.
Funds management activity was bolstered by the completion of the redevelopment at 33 Alfred Street in Sydney and the initiation of a capital raise for the Mirvac Wholesale Office Fund. In the industrial space, Mirvac advanced its partnership for the sell-down of Stage 1 of SEED at Badgerys Creek, valued at approximately $700m.
Residential development saw a strong quarter with 1,476 residential lots exchanged year-to-date, underpinned by robust sales in Queensland and Western Australia. Mirvac remains on track to achieve its FY25 settlement target of 2,000 to 2,500 lots.
Mirvac reaffirmed its FY25 earnings guidance of 12.0–12.3 cents per stapled security and distribution of 9.0 cents per stapled security, subject to the completion of core strategic objectives. These include the finalisation of capital partnerships and maintaining operational momentum across its key sectors.
