Mirvac Fini takes on Mandurah Land Estates for ANZ

Document date:  Tue 18 Sep 2001
Published:  Tue 18 Sep 2001 10:00:54
Document No:  244092
Document part:  A
Market Flag:  Y
Classification:  Asset Acquisition 

MIRVAC GROUP                                  2001-09-18  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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MEDIA ANNOUNCEMENT

Mirvac Fini and ANZ Banking Group today announced an agreement to
develop, manage and sell the Town and Country land-holdings in
Mandurah. It is expected that Mirvac Fini will take on the land sales
and development before the end of this month. The agreement includes
approximately 490 hectares of land and total build-out value is
projected to be $400 million dollars.

The agreement covers in excess of 4000 residential lots in the
estates known as Meadow Springs, Seascapes, Bridgewater South and
Bridgewater North. Meadow Springs is located 3kms north of Mandurah
and is best known for its golf course, designed by Robert Trent
Jones. It includes some 250 hectares of undeveloped land. Seascapes
is situated around 4kms south of the Mandurah Town Centre and there
remains around 160 hectares of undeveloped land in this estate.
Seascapes overlooks the ocean with 2.2kms of direct beach frontage.
The Bridgewater land holdings total 80 hectares of undeveloped land
located 2kms south of Mandurah with frontage to the Peel Inlet
Channel and Peel Inlet Conservation Reserve.

It is expected that the full development of these land-holdings will
take more than 10 years. ANZ's Paul O'Hern, Head of Property and
Construction Finance, said: "The decision to partner Mirvac Fini in
this venture recognises the expertise and success of Mirvac Fini in
developing large land holdings, as demonstrated by the success of
Mindarie Keys. We look forward to a similar result in Mandurah and to
continuation of our long and successful relationship with Mirvac
Fini."

Chief Executive Officer of Mirvac Find, Mr Adrian Fini advised that
the masterplans for each estate would be examined with a view to
updating them and changing the focus of the estates. "Our philosophy
is to create a sense of community for these products. They have great
locations and outlooks, and we're looking forward to working with the
existing community to develop and grow the estates."

Mr Fini went on to note that the advent of the freeway extension and
rail link to Mandurah are very encouraging for the growth of Mandurah
and have contributed to the burgeoning interest in the area.

Mirvac Fini's plans include significant betterment to each area,
however the initial focus will be on Meadow Springs and Seascapes.
Mirvac Fini will act as the selling agent for the land holdings and
plans include a sales and community information centre to be located
at Meadow Springs.

Released by: Mirvac Fini (WA) Pty Limited

For further information:
www.mirvac.com.au
Rebecca Letch (Mirvac Fini): (08) 9424 9912, 0411 693 886
Chris Codrington (NCS Communications): (08) 9486 7188, 0412 911 107