Australian Real Estate Market Sees Surge in Investment Values
Mirvac Group reports significant profit jump, while EG Funds acquires medical property in Sydney and an anonymous developer files plans for a data centre in Brisbane.
Australia's real estate market is experiencing a significant surge in investment values, with Mirvac Group reporting a statutory profit of A$677 million ($479 million) for the year to the end of June.
Mirvac Profit Jumps to $479M as Values Rebound
Mirvac Group's profit jump is largely driven by a A$253 million investment property revaluation gain, reversing a A$102 million loss in the prior year, alongside a A$29 million development revaluation gain. Underlying operating profit after tax rose 7 percent to A$508 million, with gearing falling to 24.1 percent and Mirvac guiding to 2-4 percent earnings growth for fiscal 2027.
| A$ | $ | |
|---|---|---|
| Statutory profit | 677 million | 479 million |
| Investment property revaluation gain | 253 million | 179 million |
| Development revaluation gain | 29 million | 21 million |
| Underlying operating profit after tax | 508 million | 362 million |
EG Funds Buys Sydney Medical Building
EG Funds has acquired a medical property at 375A-377 Concord Road in Sydney's Concord West, featuring a purpose-built radiation oncology bunker. The fully leased, 959 square metre building was completed in 2019 and sits 500 metres from Concord Hospital.
| Property location | 375A-377 Concord Road, Sydney's Concord West |
|---|---|
| Building size | 959 square metres |
| Distance from Concord Hospital | 500 metres |
Anonymous Developer Files Plans for Brisbane Data Centre
An unknown developer has filed plans for a 10-storey data centre project in the Brisbane suburb of Ipswich, which could become the tallest building in the city. The proposed facility would cover 82,576 square metres and sit near Powerlink Queensland's Blackstone substation.
| Project location | Ipswich, Brisbane |
|---|---|
| Facility size | 82,576 square metres |
| Power connection | High-voltage power connection |
Mitsubishi Logistics to Build US Distribution Hubs for $40M
Japan's Mitsubishi Logistics plans to invest $40 million to build two distribution facilities in Charlotte, North Carolina, and Houston, Texas. The project marks Mitsubishi Logistics' third overseas real estate venture and is part of its plans to invest JPY 175 billion ($1.1 billion) in real estate by fiscal 2030.
| Project location | Charlotte, North Carolina, and Houston, Texas |
|---|---|
| Investment amount | $40 million |
| Completion target | June and July 2027 respectively |
