Mirvac Defies Residential Downturn, Affirms Top End Forecast

ASX-listed Mirvac has managed to avoid the residential market capital city slowdown, with the property group announcing it expects to hit the top end of its earnings guidance for the year.

The company confirmed its earning guidance at 15.6 cents a share, representing an eight per cent growth increase over the year.

The result is at the top end of the company’s forecast earnings of 15.3c to 15.6c a share.

Mirvac said it had achieved strong performance in its residential division, with some major projects in its pipeline including a four-tower project in Green Square and a recently-approved 32-storey office skyscraper in Brisbane.

The Brisbane tower, at 80 Ann Street, is rumoured to have won the highly-prized Suncorp lease.

Mirvac confirmed it would make a distribution of 11 cents a share, representing six per cent growth over the year.

The property giant said the move followed the continued earnings in the group’s residential division since its last update to market in April.

Related: 5 Minutes with Mirvac CEO Susan Lloyd-Hurwitz

Mirvac’s $1bn Circular Quay office tower

Mirvac is planning a $1 billion-plus office tower in Sydney’s Circular Quay.

The Australian reported that the property giant submitted plans for a $1.5 billion skyscraper 55 Pitt Street. The proposal was considered last week by a City of Sydney Council committee.

The Mirvac tower includes 45,000sq m of office space and will climb 155.5 metres.

Sydney’s coveted Circular Quay will soon be swarming with construction, with plans for Sydney’s tallest tower revealed by Lendlease late last year and Chinese developer Yuhu Group pushing ahead with One Circular Quay, which it said is on track for a 2021 completion.