Mirvac Group (ASX:MGR) has made a strong start to FY25, driven by its residential and industrial segments and a $0.5 billion non-core asset sales program. In its Q1 FY25 operational update, Mirvac confirmed it finalised the sale of its Melbourne property at 367 Collins Street and entered into a $50 million deal for the sale of 75 George Street, Parramatta. These sales support Mirvac’s strategic focus on capital recycling.
CEO Campbell Hanan highlighted the momentum across the business, noting, “We have made great progress in Q1, supported by robust sales in our residential sector and significant leasing in our office and industrial portfolios.” The company recorded a 33% increase in residential lot sales compared to the same period in 2024, with continued strong demand in Brisbane and Perth.
Mirvac also achieved practical completion of its build-to-rent project, LIV Aston, in Melbourne, adding 474 lots to its portfolio. The group’s industrial sector also saw success, with the completion of a second warehouse at Aspect Industrial Estate in Sydney, fully leased to Winnings.
Looking ahead, Mirvac reaffirms its FY25 operating earnings guidance, expecting earnings per security between 12.0 and 12.3 cents, bolstered by upcoming residential and commercial developments.