Well, good morning. It is absolutely fantastic to see all of you in this room. Thank you so much for coming to spend some time with us this morning. We're so glad you're here. We're also glad that you're online, and we hope that the next couple of hours are going to be very informative, and that we can get the time to talk about some things that we don't often get the time to unpack when we're in results presentation mode. We're looking forward to catching up with you in person soon. First of all, we'd like to acknowledge the traditional custodians of the land that we're gathered on, which is the Gadigal people of the Eora Nation. Pay our respects to elders past and present. We've got ELT members and members of the senior team here to present our integrated model and the benefits that that brings to investors and to our communities. The multi-sector integrated model is the Mirvac point of difference. Having exceptional in-house capability right from design through construction, development, leasing, and eventually management delivers better outcomes, allows us to be more responsive and agile, and lowers risk when compared to a largely outsourced model. We're also going to detail our considerable commercial and mixed-use development pipeline today in more detail than we've ever done before, and it is the most diverse and the largest pipeline we have ever enjoyed in our 50-year history. You can see from that in the next couple of hours, we've got a lot to cover. Here's what's going to happen, how we're going to proceed this morning. I'm gonna start off with a very brief Q3 update. You'll have seen we released that yesterday. Brett's going to talk to our asset creation capabilities and how they deliver value to you, our stakeholders. Sarah's gonna talk about how our ambitions around sustainability are woven into everything that we do around asset creation and curation. Followed by Jason unpacking our in-house construction capability. We're gonna change the pace, and we're going to insert some Q&A. You could ask some questions before we move back into presentation mode, with Simon detailing our commercial and mixed use pipeline, followed by Richard talking about our industrial pipeline and Angela talking to build to rent. Finally, for something a little bit different, Ramesh is going to talk us through what is a Mirvac smart building. It's a word that gets bandied around a lot, and we're gonna spend some time hearing from our in-house expert on what it means to build and manage smart buildings, and what are the benefits for our customers and for our stakeholders. That is a lot to get through, as you can see, but we are very excited to have this opportunity to talk about these very important elements of Mirvac life as we seek to sustainably reimagine that urban life. Firstly, a very brief Q3 update. Yesterday, we were very pleased to reiterate guidance of full year EPS growth of at least 7.1%. Despite all the challenges the quarter presented, including, as you'd all be aware, extreme weather, labor shortages, and supply chain issues. Our integrated model is demonstrating its resilience, and this resilience is supported by how we do what we do. In March, we were named the world's most gender equitable company by Equileap, and just this week, we were awarded the number one spot in AFR BOSS Best Places to Work in the property construction and transport sector. You're gonna hear a bit more about this when Sarah talks, but in following on from reaching net positive Scope one and two, a full nine years ahead of our target, we also, during the quarter, published our Planet Positive Water paper, outlining how we plan to meet our water targets. Soon we will be delivering our Scope three plan, so stay tuned for that. Despite the wet weather delays and the COVID related labor shortages, we are still on track to deliver greater than 2,500 lot settlements in our residential business for the year. At the half year, we indicated that there may be a second half skew to lot settlements. Given that there's been a movement of some lots towards the back end of 2022 and some into FY 2023, now looks more likely that we'll have a first half skew, but we'll still deliver greater than 2,500 lots. We will, of course, continue to monitor this very closely. During the quarter, we saw very solid sales across our MPC business, selling very strongly for those things that we were able to release. We did release the highest number of apartments since FY 2017, including The Langlee at Waverley, NINE Willoughby, and Ascot Green in Brisbane. Pleasingly, Quay at Waterfront Newstead is now 100% sold, and during the quarter, we got development approval for the next building in that series, Isle. We have seen a normalization of apartment sales during the quarter, with owner occupiers taking time in this environment to make decisions to buy multimillion dollar apartments. Inquiries remain at a very high level, and we are confident in the sales outlook for our quality apartment developments with very tight residential vacancy, compelling relative affordability, and an upcoming supply shortage. Our pre-sales increased to AUD 1.6 billion, and that will rise further as our developments progress, giving very solid visibility of future earnings. Our AUD 13 billion commercial and mixed use pipeline that you're going to hear a lot more about shortly is progressing well with strong pre-leasing. Heritage Lanes at 80 Ann Street in Brisbane will reach practical completion imminently and pre-leasing has increased to 97%. Our asset creation capability results in a young, modern, low CapEx, and sustainable portfolio. The type of assets that tenants want to occupy and that global investment capital want to own. Office markets continue to see a growing bifurcation between modern and aging asset performance, our portfolio is well-placed to continue to outperform benchmarks as we have consistently done over the last 15 years. The next wave of development completions will be driven by BTR and industrial developments, notably LIV Munro in Melbourne and Switchyard industrial estate in Auburn. You'll hear more about those shortly. The industrial market is very strong, as you'd be aware, and that's driving very strong pre-leasing with Switchyard 40% pre-committed and Aspect at Kemps Creek 63% pre-committed even before we have received our development approvals. We're seeing continued improvement in our integrated investment portfolio, and we expect this to continue as CBDs reopen. I'll call out just a few highlights. Very pleasingly, LIV Indigo is now 98% leased. Cash collection across the portfolio improved from the first half to 94%. Retail obviously remains the most significantly affected. However, it improved to 87% over the quarter, and we expect continued improvement as cities reactivate, immigration and tourism resume, and students return. Industrial fundamentals remain very strong with less than 1% vacancy in the Sydney market, and that's supporting very strong performance in our portfolio, which is 100% occupied. I'm now gonna hand to Brett to talk about the way we create value through our integrated development capability. Thank you, and I'll hand to Brett. Thanks, Sue, and good morning to everyone in the room and also those online. Our commercial and mixed-use creation and curation capabilities are really an essential part of what makes Mirvac different. We currently have one of the deepest and most exciting pipelines in Mirvac's 50-year history. We're excited to share with you in more detail today our capabilities across our integrated construction and development teams, showcasing the pipeline and our key projects in a little more detail, illustrating the future value that this pipeline provides to our stakeholders, and giving you the opportunity to meet some of the team that are executing on this pipeline across the business. Our commercial and mixed-use activities sit within the framework of our urban strategy and our capital allocation directional targets. Allocation of capital will move from the more recent 85/15 ratio to a more traditional longer run average of 80/20 as we deploy capital from our secured pipelines and recycle capital across our residential business and through asset divestment and capital partnerships. As we have previously foreshadowed, the rollout of this pipeline will see a continued overweight to office, stable allocation to residential, an increasing allocation to industrial and BTR, while at the same time creating increased opportunities for our capital partners. Our asset creation capability is a key point of difference and creates significant value for Mirvac stakeholders. The integrated model that drives Mirvac's advantage can be thought of as a flywheel that delivers development EBIT, a pathway to accelerated growth in NOI and improved portfolio quality, and at the same time enables growth in our AUM and third-party fee income streams. As the pace of cap rate compression now moves towards stabilization and delivery challenges grow, we believe that our value creation platform and track record for acquisition and execution will become a greater differentiator to performance over time. Our in-house creation, asset creation capability not only delivers NTA uplift, development profit, and new high-quality recurring income, but also helps us manage and reduce risk. It allows us to incorporate customer feedback into the front-end design and drive for sustainable outcomes from the very beginning of the project life cycle. Because we develop for ourselves, we always plan, design, construct with an eye on the future, both in terms of being able to manage and operate each building efficiently on completion, but also ensuring our buildings incorporate smart infrastructure to harness future technologies as they emerge. This approach allows us to balance still strong development profit contributions while at the same time delivering quality assets into our portfolios that can continue to outperform benchmarks once stabilized. As you can see on this slide, our track record for performance and delivery over time is clear, with now 10 prime quality assets completed with some AUD 4.6 billion, achieving attractive returns averaging 30% return on cost, essentially fully leased on completion, providing market-leading ESG ratings, and also growing our third-party AUM. Building this capacity has been carefully evolved over time, starting by leveraging our development skill sets more consistently into commercial and industrial, growing in scale over time, and more recently, extending our sector-based expertise into mixed-use precincts and BTR. Our pipeline is now larger and more diverse than ever before, growing at almost 4 times since 2015, and carefully matched to our capability and skill sets. Completed developments have added considerable recurring income into our portfolios with approximately AUD 120 million of NOI created from projects completed over the last eight years. The substantial future NOI is still to come from our secured pipeline, with the potential for approximately AUD 250 million of NOI to come over the next 5-6 years from both committed and future projects. This is an illustrative example, assuming we maintain a 50% share on balance sheet. In reality, these stakes may change on a project or asset class basis. However, any change in our share of NOI would be offset by additional development profit and fee income via increased participation from capital partners. As depicted in this slide, we maintain an overweight contribution from office, and you can see the growing allocations to industrial, BTR, and mixed-use NOI over time. In addition, substantial valuation uplift and realized development profits can be achieved from past developments, with approximately AUD 1 billion of value created for Mirvac over the last 7 years. This comes in the form of valuation uplift and NTA gain on the share of development assets we retain and realize development profit from the share sold to capital partners. While value creation is certainly not linear, we have delivered an average AUD 149 million per annum in value creation since 2016. There is considerable value creation potential to come from the AUD 13 billion pipeline. Again, this is an illustrative example, but demonstrates the potential for approximately AUD 1.8 billion of value gains to be realized over the next 5-6 years as the pipeline is delivered. A further step change on the levels you saw on the previous slide, but also showing we've got much to play for. We continue to see an overweight contribution from office. However, again, you can see the growing contributions from industrial, BTR, and mixed use. Of particular note is the scale of the industrial contributions as favorable acquisition timing, progress in DA outcomes, and leasing momentum to date provides confidence in timing outcomes. Our asset creation capabilities have been a critical driver for improved portfolio quality and asset outperformance. Now, 85% of the office portfolio has been created by Mirvac. The result being a 98% prime grade, modern, long WALE, low CapEx, and sustainable portfolio. As Sue said, the type of assets that tenants want to occupy and global investors wants to own. As our office markets continue to see a bifurcation between modern and older style asset performance, our portfolios are well-placed to continue to outperform trusted benchmarks. Our development pipeline is an important source of organic AUM. Capital partners are an important source of capital to help fund our development pipeline, but also provide valuable development management and ongoing funds management fee streams. We have grown our external AUM by 22% per annum since FY 2015. Currently, we have around AUD 10 billion under management, mostly through capital partnering of our development pipeline. Assuming we capital partner with 50% of the currently 100% owned Mirvac development pipeline, this could add a further approximately AUD 5 billion in external AUM, with it growing our funds management fee income line. As you can see, there is actually a lot to play for. Key takeaways being the potential for NOI growth, development value creation, continued improvement in our portfolio quality, and the platform for funds management fee growth. We look forward to you hearing in more detail from the team about our capabilities and the specifics of the pipeline later in the presentation. However, firstly, can I introduce Sarah to share a bit more on how we reimagine urban life in a sustainable manner? Sarah. Thanks, Brett, and good morning. We launched our sustainability strategy, This Changes Everything, back in 2014. We refreshed it in 2018, and we're updating it again now. What that means is we've been at it a while, and that means we've got a good track record of delivery right across Mirvac. We focus on three key areas, reimagining resources, so that's about emissions, waste, and water reduction. Enriching communities through things like community investment, reconciliation, and using our buying power to make a difference through social indigenous businesses. Providing transparent governance. One of the aspects that's important to us about sustainability is that it's ingrained across the business. It's not just driven by one central leader, and you'll hear that come through the stories today. We've also got members of our sustainability team here from commercial and construction who are helping us to drive this work. For us, it is deeply embedded in our culture. It really is at the heart of everything that we do. Last year, we achieved our target to be net positive in Scope one and Scope two carbon emissions nine years ahead of schedule, and I'm not tired of saying that yet. Four things that we did to deliver this were to really drive energy efficiency in our assets, starting to build all electric, use 100% renewable energy, and then buy a small amount of high quality offsets. Our integrated capability is a real advantage to us in pursuing a goal like this, because we get to make the decisions at the front end of the process, like building electric assets, which help deliver resilient assets that are feeding our portfolio with high-performing buildings. This sort of thinking and these sorts of choices are not just good for the planet, they're good for our customers, and they improve financial returns through lower costs and higher valuations. For example, here at 200 George Street, we designed this asset to have 5-star NABERS energy performance, but our in-house team lifted that performance to 5½-star in operation. The difference of that half star meant that we reduced energy costs by around AUD 200,000 a year and provided a potential valuation uplift of AUD 4 million. This sort of performance is really crucial for our customers today, and it's making our assets more attractive. When you look at tenant requirements, right at the top of the list is the sustainability performance of the building. They're requiring high performance in both Green Star and NABERS ratings, and that is work that we bring in-house at Mirvac, which means we're learning with every project and applying that learning to continuously bringing up the average performance of the portfolio. When there is that alignment with customer objectives, it really is a win-win. For example, Woolworths, Coles, Aldi, just to name a few customers, are all committed to buying renewable energy by 2025, which is great for the overall carbon outcomes of our assets, but it obviously also means that we're bringing down our Scope three emissions. As well as financial returns and customer attraction, what we're helping to deliver with a decarbonized climate resilient portfolio is future-proofing. It's a reduced risk of obsolescence, and as well, it's good preparedness for potential future policy changes. We've been really focused on that goal to eliminate Scope one and Scope two emissions, and we're getting ready to set our target on Scope three emissions, which we'll have more to say about in the next few months. In the meantime, we're already reducing our Scope three emissions by making good choices in a range of areas, things like making good purchasing decisions. Because of our choice to buy 100% renewable electricity, the energy that we onsell to a number of tenants in our embedded networks is also renewable, which means around 50,000 tons of avoided emissions over last year. Through our partnership with Boral, where the concrete mix at 80 Ann Street had a lower carbon content. The goal we set ourselves as a result of our waste work, to buy 25% recycled content in major materials, that obviously reduces the embodied carbon in those materials. One of the most important things we can do with waste, which Jason and I discuss often, is to avoid it altogether. When we're bringing fewer materials to site and avoiding creating the waste and then taking it away, we're also avoiding the embodied carbon associated with those materials and finding other efficiencies. This is work that Jason and the team have been pursuing for many years using alternative building techniques like prefabrication, which we know can help us to save around 0.3% of project costs and help us halve our development waste. I'll now hand over to Jason for more on construction. Well, thank you, Sarah, and good morning to everyone. It's my pleasure to be briefing you today on Mirvac Constructions, one of the founding companies of the group with history dating back to the 1970s. Today, Mirvac Constructions is one of only a handful of true tier one national builders. This means we're uniquely placed to deliver projects in the commercial and mixed use sector. Our peers need to engage the likes of Multiplex or John Holland or self-perform like Lendlease does. Mirvac Constructions has a team of over 350 highly skilled professionals. We build all of Mirvac's BTS apartments and houses, our office buildings, and more recently, Mirvac's BTR apartments and our mixed-use projects. About a third of our team work in either commercial or cost planning roles or true value add roles. The balance of work on-site, delivering our assets, project managers, site managers, even crane drivers and laborers. There's a rich corporate history, or corporate memory across our senior members of the team, both in the construction management team and our project leaders on-site, as you can see on screen. Over the last eight years, we've built 55 projects with a construction value of over AUD 8 billion. 13 of those have been in commercial and mixed use or CMU, and that's about AUD 2.7 billion by construction value and over 400,000 sq meters of new office assets added into the portfolio. Put another way, that's 11 times this building here at 200 George Street that we're all in today. Currently, our teams are working on 17 live construction sites, 5 of which are in CMU, and they'll cost around AUD one and a half billion. There's a further 21 projects in the design and planning stage, 8 of them in CMU, with costs which will exceed AUD 2 billion. We'd like to now play a short video which will illustrate some of the capabilities of the Mirvac team. I'm proud to work for Mirvac. The product that you see when you drive past the Mirvac building stands out to me. You can see the difference. That starts from the concept right through to completion. Everything has been considered. You know, the services are well considered, the way it's gonna be built is well considered. Our attention to every little detail and the craftsmanship is what sets us apart. We start on the butcher paper from nothing, and we go through all the stages. We think about every aspect of the design. We think about every single detail. There's a safety in the way that we operate because we're allowed to challenge each other, and we've all got the same focus at the end of the day. Because there's been so many people that have been around for such a long period of time that, when we say that we don't think this is gonna stand the test of time, we mean it, and everybody respects that. We place strong leaders across our construction projects, and that transpires down into ensuring that we get reliability and accountability across our project. A lot of effort goes into making sure that the delivery is correct. Something that we teach all our young guys that this is not a project that you move on from. That project stays on your resume. It's got your name on it, basically. Every project has its challenges that are overcome by the process we follow. We make sure that we've got thorough reviews, and we follow our workflows. There's never corners cut in regards to missing someone out of that workflow, for example. We make sure that we use lessons learned from previous projects to refine the decision-making of today. I'm constantly amazed at the longevity of the people that's been here, and the reason they stay here is the fact that we have iconic projects and everybody is totally proud of what we produce. I worked in five other companies before Mirvac. As soon as I start working for Mirvac, I never thought about changing and finding another job. I'm second-generation Mirvac, so I commenced as an apprentice for Mirvac, working through to a carpenter role, leading hand site foreman, site manager, project manager to my current role. I've been with Mirvac for 13 years. 14 years. I've been with Mirvac for 20 years. 22 years. 25 years. I've been with Mirvac for 35 years. Now that video is one or two years old, so you can probably add two to all those numbers. I know Glenn's been here for 38 years now, so I'm sure you can see all the team, the incredible passion that comes through in that video. Mirvac Construction has two key points of difference, which I'd like to talk through. Firstly, we're a developer's builder, which means we exist to maximize development returns and not make construction profits driven by excessive variations and time claims as other builders do. This means we're not a profit center. Our expertise is provided without a builder's margin being booked against our projects. We work collaboratively with all stakeholders from cradle to grave. Our new business team and our cost planners drive value from the earliest stages of a project. Our design managers and commercial teams optimize the design, flexing and changing specifications if necessary during the all-important design and planning phase. Our site teams maximize every opportunity to build smarter and faster. We also thrive on complexity. Our mantra is planning, planning, and you'll see that in everything that we do. In the CMU space, our internal capability gives us tremendous flexibility to meet our clients' needs, and this is a big contributor to securing tenant pre-commitments. We saw this in Melbourne with Deloitte at the Olderfleet project, where we overlapped demolition, excavation, and structure to drive three months out of the program to fit Deloitte into that asset. Again in Brisbane more recently with 80 Ann Street, where we achieved early occupation last year, providing over 15,000 sq meters of space for Suncorp to occupy while we were still building the building. Despite the enormous challenges of COVID over the last two years, 80 Ann Street is now virtually complete, and we're expecting PC any day now. This pre-planning culture also extends to how we approach safety and quality on our projects. Mirvac Construction sees both of these as significant project enablers, not challenges that you need to overcome on a project. This is a vastly different way to think compared to our competitors. Working as part of an integrated team has enormous benefits. It really does. Our competitors cannot match this. Our alignment of interest is driven by the internal model, and from the start of a project, we have one mindset: We will own the end asset. We don't cut corners, we don't design in excessive recurring OpEx, and we deliver the highest quality for ourselves as owners and our co-owners. The light fittings here at 200 George Street are a great example. This was the first office building in Australia lit by LED lights, and that was six years ago. We changed the specification midway through construction and reduced our energy lighting running costs by about 30%. We also draw on our size and scale, both in planning and delivery. When procuring, we buy in bulk wherever we can. A recent example is we bundled the lift subcontracts across five major projects, buying 53 lifts in a single line and saving another 8%. We also provide leadership in the industry in the innovation space. We're leaders in DFMA, which is design for manufacture and assembly. This means we're manufacturing whatever we can in a factory rather than paying much higher on-site labor costs. It allows us to also reduce waste, increase quality, and minimize potential for safety issues occurring on our sites. A great example of this was at The Foundry building at South Eveleigh here in Sydney. Over 20% of that building, which cost almost AUD 500 million to build, was manufactured off-site and craned into position like a giant Meccano set. When our development team asked to add the skylights that you can maybe see in the bottom left picture midway through construction in order to add value to that asset and increase CBA's amenity, we solved this again with DFMA. Those skylights are 22 pre-glazed steel modules, some of them weighing 65 tons, that we installed in a matter of days. It really shows the flexibility and experience of the Mirvac team. Our superior planning skills also mean that we manage costs and schedules accurately and reliably from day one on a project. Then we optimize the costs through the design as it evolves. We carefully provision project contingencies throughout the life of the project. Unlike other developers who must rely on generic formulas issued by external quantity surveying firms who are not bound by the advice that they give. Managing delivery of projects is tough, and we've seen that from the recent demise of Probuild. There are four key phases of delivery, and it's not about just getting the construction phase right. There's lots of detail on this slide. Happy to take you through it later, but I'll highlight just a few points. Pre-construction phase is about de-risking the project and properly pricing risk. We're the key delivery advisor for all the Mirvac development teams. They can walk downstairs, get instant, reliable advice, and properly price that into their feasos. Once the key issues are known on a project, our teams start finding solutions before we buy the land and well before our competitors even start talking to a builder. The design and procurement phase is where our smarts and expertise are embedded onto a project. At South Eveleigh, we redesigned the entire structure of one of the big buildings there. It was a concrete frame. We knew the formwork market was hot. It was overcooked. Prices were expensive. There wasn't a depth of labor to deliver, and this allowed us to de-risk that second Foundry building. During construction, procurement and safety issues are absolutely paramount. Lots of our competitors get this wrong. They don't manage their supply chains, or they have a major safety incident which delays their program. Project finalization, absolute critical phase. Maximizing quality and minimizing the chances of embedding defect liabilities into the built form is what we do really well here at Mirvac. As is implementing a soft landing approach with our in-house asset management teams. We fine-tune the buildings at handover and beyond in order to achieve our market-leading sustainability targets in NABERS and Green Star. Finally, we carefully capture our project learnings at the end of each project and incorporate the benefits of these learnings into our future projects. Cost management, certainly very topical at present. I'd like to give you some insights into how we do manage cost and then, also provide an overview of what we're seeing out on our projects at the coal face. As I indicated earlier, our cost planners, designers, commercial teams, they're deployed across all phases of a project, and these teams are in constant dialogue. What this means is today's pricing information underpins tomorrow's designs and the budgets for future projects. Because the bulk of our pricing comes from live projects and is market tested by competitive tendering, this information is real-time pricing. We also use fixed-price subcontracting to achieve the high levels of secured trade costings for all of the active projects, high-rise projects, as you can see on screen. We really carefully screen our subcontractors for their capability, their forward workload, and their financial capacity to deliver our projects before we engage them. Our management team undertakes rigorous project reviews every month, every project, both in design and the delivery phases, so we take a really disciplined approach to how we govern our projects. Importantly, our access to live market data and our strong industry knowledge allows us to provide very accurate escalation forecasting for inclusion in feasibilities, with the escalation period taken up from today to at least 6 months beyond the target start on-site date for a project. Now, there's no doubt there are pressures in the industry at present. We all see it. Our own internal analysis highlights the following. Last year in our core markets, New South Wales and Vic, we saw a number of notable price rises. Our overall escalation remained within the long-term band of 2%-4%, albeit at the upper end of this band, despite high price rises in a few specific trades. While steel reinforcement rose by about 20% last year, reo is only about 3%-5% of the cost of a building like this. That price rise was absorbed within our escalation forecasts allowed on all our projects. Global shipping is also constrained, and it certainly saw a sharp rise in 2021. Pleasingly, we've seen that come off by about 18% already in 2022. Importantly, key building elements, the services and the civil works on a project which is about a third of the spend, only rose by between 2% and 3% last year. In 2022 calendar year, the signs for Sydney and Melbourne indicate that the escalation will continue to run at the upper end of the long-term band. However, we expect this to fall back to 3%-3.5% in 2023 calendar year. The story in Queensland and WA is different. It reflects the smaller, more constrained nature of the subcontractor bases in each of these markets. Both are now forecast to exceed 5% escalation, particularly in the apartment sector in Queensland. Last year, we knew this was coming and were able to fast-track design and procurement phases on both of our Queensland high-rise projects, including LIV Anura at Newstead and also Quay. We got ahead of that escalation cycle and are holding our budgets. We expect this to temper pretty quickly in 2023. It's a smaller market, and we saw this in 2015, 2016 when there was a short boom and then it was over quickly. The bottom line is that we have the systems, capabilities and experience here at Mirvac to successfully manage construction cost in a more volatile environment. Digital technologies are rapidly changing the world. We all know that. Construction's been slow to take it up. But in 2018, Mirvac Construction's internally released a roadmap as to how we would digitize our business. Fast-forward to today, and we've made great progress on the two key platforms that underpin our digital system, shown in the center of the slide. That's our BIM or Building Information Modeling platform and our construction operating platform. Our BIM models are incredibly well-defined these days, particularly on large assets in commercial. The BIM is a 3-D representation of all aspects of a building. It's 3-D form, the 4-D schedules and program, the cost plan or 5-D cost planning, and ultimately the 6-D digital twin used during the operations phase of an asset, which Ramesh will talk about later in the presentation. Our construction operating platform is something we're investing heavily in. We'll consolidate into a single digital system how we cost plan, how we procure subcontracts, how we manage project costs and suppliers, and how we deliver safety and quality outcomes all in one system. Unlike almost everyone else in the industry, we're doing this in a holistic and integrated way, where the data and information used in one part of our business will seamlessly flow to other parts to be used and more importantly analyzed so that further insights can be gained. This will give us incredible competitive advantage in the way we design, deliver and ultimately operate all of our assets. Turning to the right of the slide, we're now using site-based technologies and AI, two of which we co-own, to track our program performance as we build structures and fit out our buildings. To manage deliveries to site so that we can optimize the use of our cranes and Alimak to move people and materials around the site. Track our facades from the offshore facilities in which they're made to the point at which they're actually installed panel by panel on site. All of this adds up to greater insights and greater opportunities to build smarter and more cost-effectively. Thank you all. I hope this gives you a much greater understanding of Mirvac Construction and our capability. I think we're now pausing to set up for the first Q&A. We are going to move to the first of two Q&A sessions we have planned for today, and it's an opportunity for you to ask questions of Sue, Brett, Jason, Campbell, Courtney, and Sarah, who are here in front of you today. We're gonna take the questions, first in the room, and then we're gonna move to, those submitted by the webcast. There will be a microphone coming around for those that have questions in the room, so please use that so people on the webcast can hear those questions. Do we have any questions to start us off? Thanks. Hi, Lauren Berry from Morgan Stanley. Just a question on the subcontracting process. Are subcontractors happy to continue to do fixed price contracts given the escalation, and how are you managing that risk? Yeah, great question. Fixed subcontracting is the basis of our model, it continues to be. I think what you see in an asset of this size, we're dealing with the big players in the subcontracting sectors, the tier one players. They've got hundreds of employees. They've got tremendous business acumen. They know their stuff. They are still keen to agree to fixed price subcontracts. Next door, we're in the process of letting 55 Pitt Street, and I spoke to the team this morning. The subbies are chomping at the bit to sign contracts. I think what that shows is in the Sydney and Melbourne markets, we're not at peak levels. We've come through two years of challenge with COVID. Subcontractors need to fill their workbooks, so they are still operating on the normal subcontracted platform. Can you talk a bit more about how you vet subcontractors? Yeah, sure. Like, I'll draw on an example next door again. We're looking at the facade. We don't need that facade till the middle of 2024, but we're now talking to nine suppliers across six countries at the moment that can potentially deliver the facade on 55 Pitt Street. We will whittle that down. We'll go through a competitive tendering process. You need that market tension. Then, as I said in the speech, we'll carefully vet whoever we're going to select. We do specific construction audits with an accounting firm that we use. We're probably doing two audits a week as we let subcontracts. We're understanding their workbook, how much cash they've got, what profitability there's been over the last few years, whether there's an embedded ATO liability. We look at a lot of stuff so that we understand that they have that skill set, not only the track record that we need to deliver, but the financial capability to meet the time frames and achieve the outcomes we require. Probably just last one from me. Maybe for Sue. Are you able to talk about, I guess, weighing up the benefits of very sustainable buildings such as cross-laminated timber, which has had huge price increases in the last few years, versus the yield on costs that you're looking at to do on these projects? Yeah. Thanks, Lauren. I'll make a comment, and I think Sarah can add into this question as well. Now, we believe that in the overwhelming number of cases, that doing the sustainable thing actually creates value for security holders and makes better outcome, as Sarah was talking about, through reduced cost and asset resilience for the long term. We're always looking holistically about where is the best outcome, for all. Being so passionately committed to sustainability in all its broadest forms, that's a very key consideration and not something that you just do when times are great. It's something you do every single day on every single decision. Sarah, would you like to add to that? Thank you. Great question. I second everything Sue said, of course. What we found internally is what works best is when we're integrating those sustainability choices as far upfront in the development process as possible. For example, on 55 Pitt Street, we've set some really ambitious ESG targets, and the sustainability network from right across Mirvac is engaging with that team from the earliest stages. It becomes deeply embedded in the story of that asset as it develops, and it becomes a key part of what we're offering our customers and the ways in which we'll attract our customers. You know, sustainability considerations are then balanced across all of the other considerations right up front, rather than trying to retrofit those kinds of decisions towards the end of the process. Thanks. James. Hi, James Druce from CLSA. I was just curious around the aspirations for Scope three and just what you're thinking about. I know it's early days, but solutions for the construction side of the business. Thank you. You're right, it is early days. It's probably a little bit too soon for us to say, although we will come with a much more confident response in a few months' time. We have accelerated our thinking around Scope three emissions pretty considerably lately, and we're working right across the team to work out what our position is. Really importantly, as you would appreciate, one of the most material considerations in thinking about what our Scope three ambition is is around what is within Mirvac's responsibility and what isn't. Really key consideration and something that we're spending quite a bit of time thinking about and making sure that our management team is across and comfortable with. Embodied carbon in materials is gonna be a big area for us. Tenant emissions based on their electricity use is gonna be big too, and same with electricity use downstream with residential customers. They're all areas that we'll be looking at. But one of the things that's really important to us when we decide and then communicate what our Scope three ambitions will be is the principle of, Transparency. We've all seen lots of ESG targets come out. Some of them are very ambitious, some of them don't have a lot of information about what they mean, whether they count and what they do not count. What you can expect from us is ambition, but considered ambition and transparency. You will understand when we release our target, what it is that we plan to count and what it is we don't think is our responsibility and why that is. Can I just add to that, James? What our practice is around these targets that which when we set them in 2014, there was plenty of commentary about how crazy they were at the time, is exactly what Sarah is saying. We will publish a paper that we like to be peer-reviewed, we like it to be critiqued, we like to have the conversation with people that can point out where our thinking hasn't been as robust as it should have been. We did it with Scope one and Scope two. We did it with waste. We did it with water. We'll do it with Scope three. We like to put those plans out in detail so that they can be critiqued and improved upon by the collective mind of the industry. We'll continue to do that approach, and you'll see Scope three. We'll see. Sarah says it's early days, but I know she's been doing deep engagement inside the organization, so that we'll be in a position to publish our paper for your review very soon. I might add to that from a construction point of view, and I'm a bit old school, if you can't measure it, you can't manage it. We can certainly measure our emissions now including life cycle assessments of materials embodied in our buildings. So that is something that's giving us information to track. It'll be embedded in that digital operating platform I talked about. It'll be cost planning. It'll be talking about tons of carbon embedded. We can look at new benchmarks, and that's part of the way forward that we see. We may not have all the answers right now, but there is a clear pathway of expertise forward. I'd much rather be sitting in a design meeting with in-house design experts, sustainability experts, cost planners, and builders all working to try and once we've identified the problems, how do we solve them? That'll be our approach moving forward. Yeah, no, that's good. One more, if I may. Just around the integrated platform, we've been talking about it for a while and it's a big focus of the company. I'm just curious how you sort of measure the benefits of that internally in a sort of an explicit manner to show that you're sort of objectively on track and doing everything well. How do you sort of think about that internally? I'll start and Brett can talk to that. As we talked about in our presentation, there's an enormous amount of iterative learning that goes on, as a continuous review of how we do the next thing better, and continually learn from that. I think the proof really is in the outcome that we've delivered. The 30% return on the 10 major assets that we've delivered over the last several years, consistently on time, on budget, with the agility to make design changes, in response to customer needs in the middle of projects. As Jason was talking about changing axle building from concrete to steel in response to costs in the form works. When the development team says, "Please, can we have some skylights?" The construction team says, "Yeah, we can do that." It's done in a considered way. I think the ultimate proof is, yes, our review internally, but you can believe your own story. It's the delivery of what we've achieved from a financial return point of view for our security holders and our capital partners. Our very high NPS scores that we have in our portfolio from our customers who appreciate what we've built for them and the sustainability outcomes which are market leading. I think the proof, as they would say, probably is in the pudding on that one. Thanks, Sue. Yeah, look, absolutely. I think for us, what we do is not. You know, we know that the integrated model comes with a reasonable amount of overhead. What we do need to do is make sure that we understand that overhead, we understand the value it brings, and we do build it into our return expectations. I can assure you that the benchmark returns that we build up on a project-by-project, a portfolio basis, a group wide basis, are a build-up of that cost base. Absolutely, the teams are tasked with the expectation that, you know, the returns that we need to achieve are a reflection of both market-based returns, but also what we need to achieve to make sure that we achieve the right return on costs, the right return on our capital invested, given the operating model that we have. Now, you know, you heard today from Jason, particularly that, you know, there's a lot of intangible benefits in that as well. So what you do need to do is look at, you know, shall we say, that's tangible sort of benchmarks around what you deliver there. But there's a whole lot of intangibles that then get reflected in return outcomes as well. You know, I can think of, you know, Jason used 200 George Street. You know, without that integrated model, we wouldn't have done the pre-commit with EY that started this project. You know, if you needed to go down a more traditional external model, you know, most of the projects we've done over time with the substantial pre-commits that we've achieved very early in the process, out at South Eveleigh as an example, at Suncorp as an example, we wouldn't have been able to achieve those results without the integrated model that delivered those benefits. There's a whole lot of intangible benefits, but ultimately, we all get paid by financial returns, ultimately. You know, that's reflected in terms of the track record that Sue referenced, but also some of those other measures around sustainability, safety measures out in terms of the, you know, the track record around safety and the like. There is a sort of balanced scorecard that we look at, but obviously, we do need to hit financial returns. Andrew at the back there. Hi there. Andy from Jarden. Just a quick question just on in the pack, you've just given some cost outlines in terms of office. Are you able to give the same sort of costs or what you expect or what you're seeing from a residential perspective, be it apartments or MPC? We're really focusing on commercial and mixed use in this presentation, but we'll take that on notice, and when we get to full year, we'll consider adding some of that. We talk about residential all the time, so we thought what a great opportunity to focus on the commercial and mixed use capability of the organization. Thank you for the feedback, and we'll take that on board. Tom from UBS. Thanks for today. I just was interested in the value creation slide 17. You talk about across the different segments, and what strikes me as sort of notable there is the build to rent line's sort of quite narrow. I was just interested in how you're thinking about sort of being compensated for taking development risk in that build to rent segment and also how you see, you know, potentially higher interest rates and higher yields in the broader property market impacting the build to rent sector. Yeah. Look, it's a good question. Look, build to rent is a sorta different asset class in the sense that it's really a total return play. You know, you've really gotta look at the return that you're achieving over the longer term, and it's not just a development sort of profit play. There is an expectation as you bring capital partners into that piece as well. There's obviously fee income streams and development management fee income streams that flow. Really it's a basis of entering that sector and looking at really, you know, sorta total return expectations and how we view those returns vis-à-vis the portfolio returns we get out of other sectors. You know, the work we've done, we're very comfortable that BTR can meet those total return expectations vis-à-vis other asset classes, but it's not an asset class that you would look at on the basis of just a development profit contribution only as the main driver of return. In the second part of your question around interest rates, you know, BTR is a total return play, and I think what you're seeing, even though we are seeing an environment around heightened interest rates and the risk of those rates continuing to grow, what we have seen, as you've seen in some of the commentary around vacancy and rental growth, that I think that's the particular driver that gives us a lot of confidence around BTR. We know the cost side of the model to deliver these projects. As Sue said, you know, the assets that we've already got operational where we've proven up the premium in terms of the rental model and what that service offering, what that project offering in terms of amenity can deliver in better than market rental performance. Likewise, we're pretty comfortable with the forward profile that, you know, sort of the prospect of rental growth over time will mean that we can achieve those total return expectations. Thanks very much. Just one sort of other question around sort of new project wins or the pipeline. Obviously, it's a huge pipeline, but are there any particular projects coming up sort of in the mixed use space, large scale urban regen projects that you've got your eye on that you can talk to, be it the Bays Precinct, Queen Vic Markets, anything else? One thing I can talk to is that we have no shortage of opportunity. As you can see, there's already a substantial pipeline that's controlled, and obviously there's an acute focus from the group around how we execute on that. I can assure you our new business teams are still active in the market. Our new business forum is considering products all the time. Some of those projects that you talked about, yes, you would expect Mirvac participation there. Probably I wouldn't preempt a conversation on any of those projects just obviously 'cause they are in sort of the process of award. You know, I think if you go back to Mirvac's capability, you know, we've got the absolute capabilities across all those asset class. I think it leverages very well into our ability to play in more complex mixed use precinct type plays, and so you should expect us to continue to play there. You know, equally, we've got a big workbook and pipeline to focus on for now as well. Question from David Jesse. Thank you. Question for Sarah, if I could please. Sarah, could you maybe comment on how much more global investors are willing to pay for buildings with the highest sustainability ratings? Maybe with some examples, if you can. I'm not sure I can give you specifics on that. I'll start on that and then Campbell, I'm sure will have a view on this one. Now, we are definitely seeing this bifurcation that we've been talking about for a while between the performance of newer assets and older assets. There's a lot of dimensions to that, but one of them is sustainability and health and wellbeing. We would not make any major leasing commitments with any customer that I can think of where sustainability performance was not an important factor. If you have a building that doesn't meet those, the ability to attract quality tenants, which goes to the cap rate that the building will have, the vacancy that's in it, we are really seeing in the data now. It's not a theory. We're seeing increased vacancy, lower rent, and softer cap rates on buildings built before 2000 compared to buildings built thereafter. Not just sustainability, but the whole modern aspect of future fit, where, as we said, tenants want to occupy and capital wants to own, we are seeing premiums for the right assets and discounts consequently for the other ones. Campbell, I'm sure you have a view on this. Yeah, thanks for the question. Look, in terms of evidence, we've seen it, Darling Quarter in Sydney recently sold on a 3.9% cap rate, which was a new record for cap rates for office in Australia. Prior to that, this asset of 50% interest sold on about a 4.3% cap rate. I think the interesting thing is you're seeing premiums still being achieved in those assets. We've seen discount to the book on pretty much all the old stock that's been sold in the last 12 months. Thank you. A question for Sue. Sue, how are you thinking about capital allocation after the pandemic? Has the pandemic changed how you think about it? The third quarter results seemed like a return to business as usual from Mirvac, a pre-pandemic pattern of performance. How are you thinking about capital allocation going forward now? I'll start and Brett can jump in on this one. I think our view is that in many respects, the trends that emerged over COVID were trends before. They just got turbocharged. The trend towards, as Richard is gonna talk about, the drive of e-commerce and the demand that that creates by the multiplier effect into logistics space that it requires. We were already accelerating into our industrial exposure, so it's just an acceleration of that trend. The trend of thinking about the experience of a workplace as the measure rather than the rent per sq meter. We recently published a paper on that. If you're interested, you can look it up to really try and challenge how we think about the value of workspace. That was a trend before. It just went up in neon through COVID. I think we'd be very clear that our allocation to BTR and industrial will increase. Retail will become a smaller part of the portfolio. We're keeping our residential allocation stable at around AUD 2 billion. And we've got a commercial and mixed-use pipeline which will increase the weighting there. But we are certainly we haven't just reverted to business as usual, the world is normal. We certainly don't subscribe to that theory. What we do subscribe to is the acceleration of trends that we saw before that we were already placed to take advantage of. The one we were just talking about, building Australia's youngest, lowest CapEx, longest WALE portfolio is exactly the type of portfolio you want in a living with COVID world. I refuse to say post-pandemic because we're not going to be post-pandemic for a long time. We actually had Dr. Norman Swan come and talk to staff a while ago, and he's a wonderful scientist, and he said, now, COVID is going to stabilize in somewhere between two and 10 years. I was, ten years? My goodness. We're living with COVID. We're not post-COVID. Yeah, probably the only thing I'd say additionally to that is, you know, capital allocation is a long game, particularly for a value create business like Mirvac. You know, probably as a management team, you know, one of the things I think we'd be probably most proud through the COVID period and now how we've come out is just, I guess, the courage we had around our deployment, you know, through COVID. You know, there was obviously lots of times as a team where we were second-guessing that profile, obviously on different scenario testings for what plays out post-COVID. As a team, we had the courage, I guess, to back our strategies and maintain sort of the allocation profiles based on that work, as Sue said, we'd done prior. I think one of the great things in terms of where Mirvac's placed now is that, you know, COVID hasn't created a hole in that profile or a gap because we had the confidence to keep deploying capital, both because of the quality of the projects, but also, you know, the thesis in terms of that underlying investment and how those assets were acquired, we still backed. Really COVID in terms of an execution of both allocation and the execution of that allocation, I think has been very consistent despite the pandemic. Can I just actually acknowledge the Mirvac board in that courage. At the beginning of the pandemic, in the worst, most fearful, if you cast your mind back to those days, the uncertainty, the fear, the unknowable. I think the first board meeting we held after we had sent the majority of the workforce home and the city started to lock down was to deploy a significant amount of capital to a project. Not just as a management team, but as a board, I would like to acknowledge their courage over the last two years in keeping momentum in the business so that we would emerge stronger as a business throughout a really difficult two-year period. Any other questions in the room before I go to the webcast? Okay. We do have one from the webcast. This is from Tim Leahy from UBS. He asks, do you think the debate around work from home versus work from the office in a post-COVID world has been settled? What's the implications of this debate for the economics of new office developments and the future of income from existing office assets? Now, there's a topic we like to talk about. I'll start and Campbell can jump into this. I think there's a little bit of evidence in this room that you had the choice to stay in your office and watch this on the webcast, which is perfectly functional, but you choose to be here. I think all of us are experiencing, we're certainly experiencing in our own business, the return of joy, of human connection, of people being together. The things that can be done so much better when we're together are apparent when people come back into proximity. I've told a couple of you this, that we had the board and the ELT in Adelaide recently for a study tour to look at future trends. We had a fantastic presentation from a neuroscientist called Dr. Fiona Kerr. Fiona Kerr, and she was talking about what is going on in your brain in physical proximity compared to intermediated by a screen, and your brain activity is quite different. There is science behind why this feels better. Now, we had 310 people in our office on Tuesday, which I think we have capacity of 450-odd in this building, and there was a real buzz. I don't think it's settled. I don't think there is, here is the formula, here's the answer, this is what a workplace is gonna be. We're experimenting on ourselves. On level 30, we've got a hackable agile workplace that we're putting teams through to see if- We can learn and we clearly don't need rows of desks because we can all do tasks from anywhere, but we definitely need to be together. We've done a lot of thinking about that, hence the paper that we published. Campbell? Oh, look, the only thing I'd add to that is it's not an and/or. People are gonna do both. Universal conversation with our large customers is that the workplace isn't dead in terms of office being dead. It's just not. Certainly, I think what we are seeing right now is challenges around what it means for space utilization. We're seeing challenges in how technology is integrated into the ability for people to manage many more people than they have work points. We're seeing a whole new conversation emerge around technology and sustainability, which is becoming increasingly important attractor for the next generation of younger people moving into the workforce, whose expectations around that are different to some of the generations ahead of them. I think it's not finalized yet, but I certainly don't think that there is any consensus that would say that work from home over the long term exclusively is gonna be a good thing or something that we're gonna see forever. I just don't see it. Got time for one last question that's come through from Stuart McLean from Macquarie, and he's asked, it's a three-part question. How do we think about funding the pipeline apart from third-party capital? Should we think about external capital recycling, change of distribution policy? He asks about changes in interest rates and construction cost impacts on returns. I'll save the last one till when we get to it. Maybe I'll pick up the funding question. I think we're really well-positioned is probably the first thing. We've got good diversified sources of capital. Distribution policy up to 80% is about us giving ourselves the space to redeploy those active earnings back in to support the development pipeline. I don't think you'll see a change necessarily in any of that. That's a consistent position. Our gearing ratio is still sitting at the low end of our range, even as we sort of head into 30 June, and so there's plenty of capacity and liquidity in that. Then we are focused on looking at the portfolio and recycling assets. You've seen that through the course of this year, and we're pretty well-placed in closing assets that we have had on market through the course of this year, this half, actually. Good progress on Tramsheds, Key West, Allendale sq. Those processes are still all underway or largely complete. You'll see us continue to do that from time to time. We've talked about that through the course of the last 12 months in trimming the portfolio and looking at the performance of those assets and what we should do with those. You'll see us look at that ongoing. Obviously, third-party capital does play a big part in what we do, and we've talked about that, and we've talked about that from Brett, heard that from Brett today, and that is, you'll see that growing and the income stream that will come off that will be a big part of what we do, and I think there's really great capability internally to be able to execute on that. From all of those sources, we'll fund the pipeline. I guess the other thing that drives what we need and when we need it is actually the timing of the pipeline. Brett's talked about it, but you'll see from Simon in a little bit. Those projects have slated timeframes based on a series of things happening. Some of those things will or won't happen within that timeframe. Development's always, you know, it's an art, not a science necessarily. The timing will be affected, and we are ready to fund the pipeline as we need to. I think we're pretty well-positioned, and we've got all the sources in place. The second part of the question as the final part was just around how interest rates and construction costs are gonna impact returns going forward on developments. Perhaps Brett and Jason. Yeah, look, I think from our perspective, we're comfortable that forward pipeline has been acquired on the right metrics. We do forecast a position going forward. We don't build overt assumptions around significant escalation required to achieve returns. We're comfortable, I guess, that the baseline feasibility case by case, the underwrite is appropriate, and it has buffer in terms of, I guess, where we've pitched our expectation around cost, but obviously also the contingency allowances that we have in individual feasibility studies. Look, we're comfortable that we can deliver on our return expectations, certainly exceed our ROIC expectations on a project by project and on a divisional basis. Jason, you wanna add anything on the cost side? Yeah. I think projects in the near term. I spoke to the strategy of fast-tracking design and looking ahead where escalation was gonna rise, and I think the level of secured trade pricing is really strong for the next few years. In the mid term, there are a couple of different levers that we can pull. I talked about appropriate contingencies in projects plus the escalation allowance. So we have them embedded in our feasibilities. That gives us comfort. The other item that we must look at is our design skill set, the ability if things change, like I talked about the Formwork example. We knew that was coming and we redesigned early to mitigate those risks. Time is a great opportunity for the more longer term projects for us to use our in-house skill sets and navigate our way through some volatility in specific trades. Well, thank you for those questions. We're now gonna have a 5-minute break. We can reset for the next round of presentations. Come back to us then. Thank you. Good morning, everyone. For those who are here and those online, my name is Simon Healy. I'm the general manager for Mirvac's Mixed Use and Commercial division. For this next session, I'm gonna be joined by Angela, Richard, and Ramesh, and we're gonna shed some light on Mirvac's non-residential development pipeline. Ramesh is gonna cover off how we're embracing technology in our new developments. Before we look at the pipeline, I'd also like to emphasize the uniqueness and importance of our integrated in-house development model. We heard Brett and Jason talk earlier about the benefits of this model, and for our development teams, the integrated model is important in that it allows us to balance the demands of generating short-term development returns by selling down a portion of the assets we create, while ensuring these assets deliver long-term value and sustained investment earnings for our property trust and valued capital partners. Having in-house expertise across site acquisition, design, planning, sustainability, technology, development management, construction, leasing, and asset management enables our teams to be decisive and nimble and to drive continuous improvement. It allows us to stand behind the build quality of the developments we create over the long term, enables us to be an aligned and trusted partner for both our tenants and capital partners alike, and allows us to have greater control of the overall development process, relying less on third external parties. As Brett has noted, never before has Mirvac had such a large and diversified non-residential pipeline, totaling some AUD 13 billion and spanning across 16 projects across Brisbane, Sydney, Parramatta, and Melbourne. By end value, the pipeline is comprised of approximately 50% office, 20% industrial, 20% mixed-use, and 10% in our emerging build-to-rent asset class. Subject to securing future planning and pre-commitment milestones, these developments have the potential to be commenced over the next two years with a staggered completion over the next 4-6 years. As noted earlier, these developments have the potential to generate AUD 1.8 billion of value for the Mirvac Group and a further AUD 250 million of net operating income in the coming years, more than doubling the NOI the group has generated from our development activities over the last eight years. I'm now gonna cover a number of our office and mixed-use development pipeline. Mirvac are currently working on the planning stages of two large mixed-use projects in Sydney, being the Waterloo over station development in partnership with John Holland and the development of our Harbourside Shopping Centre at Darling Harbour. Large mixed-use developments enable Mirvac to combine and leverage our individual sector specialist skill sets across residential, office, retail, placemaking to create integrated and activated precincts, providing enhanced places for our customers to work, shop, live, and dwell, while also providing tangible public spaces and amenity for the benefit of the broader community. Our Waterloo OSD combines office, retail, build-to-sell apartments, social and affordable housing, and student accommodation, and a large public domain precinct, all sitting above the new Waterloo Metro station, providing journey times to the CBD of under six minutes. With an end value of over AUD 900 million, all DAs are now approved for this project, and we anticipate starting construction later this year, enabling completion in 2025. We'll now play a short video showing the composition of this development. The second of our mixed-use developments, our Harbourside project, is an exciting opportunity to completely reshape the western edge of Darling Harbour by replacing the tired 1980s Harbourside Shopping Centre with a mixed-use development comprising 7,000 sq m of waterfront retail, 24,000 sq m of office accommodation over three podium levels, and approximately 320 high-end build to sell apartments within a 48-level tower with commanding city and harbor views, and importantly, 10,000 sq m of public open space, including a new waterfront park. This development has been in the planning stage for many years, and we're pleased now to have secured a stage 1 development envelope, approval to commence demolition, and to have completed our international architectural design competition late last year. Our development team is on track to lodge our stage two DAs in the third quarter of this year, and we have commenced the process of issuing vacant possession notices to our retail tenants in the existing center, paving the way for a demolition start in early 2023 and allowing completion in 2027. Turning now to our office pipeline and to 80 Ann Street in Brisbane. The 61,000 sq meter tower is now largely complete, and as heard earlier, we're hoping to achieve practical completion over the coming days. Mirvac started construction of this tower in 2018, having secured Suncorp's pre-commitment to two-thirds of the tower. Over the last 3.5-year construction duration, we've taken the pre-committed tenant occupancy to 97%, with KPMG, the last tenant to commit to the building, taking some 3.5 floors. Mirvac sold down a 50% stake in the development to our capital partner, M&G. At the same time, we signed the agreement to lease with Suncorp, which also coincided with when we transacted on the land, making this an extremely capital-efficient transaction. The building is a premium plus PCA grade asset, and on completion will be the highest spec'd office asset in the Mirvac portfolio. It is also on track to become the first six-star rated office building in the country under the Green Building Council's new Green Star Buildings ratings tool. 55 Pitt Street is our latest flagship office development in Sydney. Situated directly behind our 200 George Street head office with an expected end value of some AUD 1.8 billion. Having acquired the three development sites back in 2013, we've patiently unlocked and maximized the development envelope for the tower through the acquisition of neighboring development rights, as well as through the purchase of strategic floor space from council. This has enabled us to effectively more than double both the height and the floor space of the new tower when compared to the development potential of the site's footprint alone. At 61,000 sq meters of NLA and reaching 235 meters in height, it is approximately 50% bigger in both floor space and height when compared to 200 George Street, our head office building. With all development approvals now secured, we commenced demolition of the existing three office buildings in November last year, and expect to complete demolition and excavation works by the end of this calendar year, allowing completion of the 55-level tower by 2026. Similar to 80 Ann Street, the building will be a premium plus PCA grade asset, with the latest in sustainability and technology features, and a focus on occupier amenity, in particular, as we emerge from the COVID pandemic. Through the provision of a rooftop terrace, expansive city, bridge and harbor views leading into trip facilities, operable facades, and a bespoke food and beverage retail offering at the ground plane. Tenancy inquiry for the tower has been strong with our development and leasing team currently in discussions with a number of pre-commit tenant opportunities. Turning now to Melbourne, where we have three office pipeline developments, the first of which is our seven Spencer Street development shown to the left of the slide. Seven Spencer Street was a vacant site we acquired in late 2020, and over the past year and a half, we've secured a development approval for a 45,000 sq meter tower over 20 levels with a completion value of AUD 630 million. The building will have large expansive floor plates averaging some 2,500 sq meters, accessible terraces, an in-house business lounge and offers impressive river and city views. Early enabling works have now progressed on the site, and our leasing team is actively marketing the building with tenancy discussions underway with a number of prospective tenants. Subject to these tenant pre-commitments, the site is shovel-ready with a potential commencement date in early 2023, allowing completion by 2026. To the right-hand side of the slide is our 383 La Trobe Street development. Acquired in 2018, the site is situated in the heart of Melbourne's legal precinct and within two minutes walk of Flagstaff station and the public amenity of Flagstaff Gardens. We've secured development approval for a premium-grade tower of 44,000 sq m over 31 levels, and expect to obtain vacant possession of the existing five level building in mid 2023. Assuming we commence demolition immediately thereafter, we'll be able to complete the development in 2026, and we're currently shortlisted by a major government tenant for either a 50% or a 100% tenant pre-commitment. Forecast end value of this asset was AUD 640 million. Still in Melbourne and on the left-hand side of the slide, our 90 Collins Street project gives us the opportunity to completely refurbish, extend, and reposition this existing A grade building into a boutique premium-grade asset located in the tightly held Paris end of Collins Street. Mirvac have owned this asset since 2013, and our repositioning works will include a complete upgrade of the existing lobby, the laneway interface, and new end-of-trip facilities. The refurbishment of each of the existing office levels, and importantly, the addition of 14 new office levels directly on top of an existing 21-story building. This will increase the NLA from 21,000 to 32,000 sq meters, and importantly increase the building's value from approximately AUD 260 million to AUD 650 million. Being 35 years old, by retaining and adding on to the existing building instead of a traditional approach of demolishing and rebuilding from scratch, we are significantly reducing the development's embodied carbon footprint, saving approximately 16,000 tons of CO2, the equivalent of 2,200 around the world car trips. While a challenging redevelopment, we have done extensive due diligence work to date to firm up on this proposal, and we expect to receive DA approval in August this year, enabling commencement in early 2023 with completion in 2026. The last of our office pipeline developments is 200 Turbot Street in Brisbane, shown here on the right-hand side of the slide. Mirvac secured a three year option from the Queensland Government to purchase this site in late 2020, and over the past one and a half years, we've completed demolition works and have recently secured DA approval for a new premium-grade building of some 58,000 sq meters over 42 levels. The site is a few hundred meters away from our 80 Ann Street development. It borders onto the Roma Street Parklands and is one city block away from Brisbane's central rail station. The DA approved scheme will have an end value of AUD 820 million and is currently shortlisted by two exciting tenant opportunities ranging between 30%-50% of the total NLA. Subject to landing a suitable tenant pre-commit, we'll be able to start construction later this year. Similar to 80 Ann Street, the intention will be to simultaneously execute an agreement for lease, sell down a 50% stake to a capital partner, and to settle on the land via our option agreement. All making for an extremely capital efficient and low risk commencement to this development. In conclusion, that's a snapshot of our commercial mixed-use pipeline. The most significant and diverse in our 50-year history, as Stu has said, and with a mixed-use and commercial development team of some 40 staff, we're well placed to take these forward. I'll now invite Ange Buckley, our general manager for Build to Rent. Thanks, Simon. The Australian Build to Rent sector is set to a backdrop of strong fundamentals. Residential vacancy rates nationally are already at 16-year lows. We are entering a period of undersupply for apartments in our major cities, and renters continue to be the fastest growing household type in Australia. As consumer, government, and investor awareness of Build to Rent continues to grow, capital is flowing into the sector. I'm delighted to provide you with some insights and detail for our Build to Rent pipeline. The launch, growth, and evolution of our first community at LIV Indigo in Sydney Olympic Park has shown that the customer proposition is strong. Our first to market large scale BTR project is now 98% leased with close to 600 residents who form part of a thriving community appreciating the simplicity, connection, and flexibility of their LIV lifestyle. Taking all the lessons that we've learned from our LIV Indigo experience, in August, we will launch pre-leasing for LIV Munro, and we'll welcome our first residents in November this year. The structure has now topped off. Our prototype apartments are complete, and we're headed towards the final stages of construction. We have a short video for you. LIV Munro is our first build-to-rent property in Melbourne, located next to Queen Victoria Market and Flagstaff Gardens on the northern edge of the CBD. The site sits atop a variety of shops, cafes, and restaurants, walking distance from Bourke Street Mall and Emporium, offering a multitude of food and retail options. The location boasts easy access to the rest of Melbourne via Flagstaff and Melbourne Central stations, with the Elizabeth Street tram stop on the doorstep. Known for its incredibly diverse lifestyle, Queen Victoria Market delivers local and friendly laneway vibes with big city access in an area currently undergoing a AUD 250 million renewal, including the establishment of further parkland and a mixed-use innovation precinct. Joining existing local hubs, RMIT and The University of Melbourne. Launching November 2022, Munro offers 490 residences with a mix of studios, one, two, and three-bedroom apartments. A dedicated health and wellness facility on level 5, in addition to a penthouse floor of amenities on level 39, including two cinema rooms, a games room, private dining, and co-working spaces. Munro takes sustainability further than before, targeting an 8.1-star NABERS rating, the highest in Victoria for a building of this type and scale, and represents an innovative approach to placemaking, helping to define a new era for this historic central Melbourne location. LIV Aston is our second project in Melbourne, located at Northbank, adjacent to the Yarra River, and very much designed with the CBD professional in mind, a resident who is seeking out convenience and an optimized living experience. LIV Aston, with 474 apartments, forms part of Mirvac's mixed-use development, located within an area of the city that is undergoing enormous renewal. This precinct features a welcoming public realm focused on wellness, sustainability, and amenity, and a variety of public spaces and green retreats. Construction is underway and completion is expected in mid-2024. Being sustainable. Building sustainable institutional grade buildings is just the start. LIV is not a property to be filled. We are a growing platform for people to live the lives they want to live. Our responsibility is to create places that will enable togetherness, community, and equality. The building amenities and provisions of services play an important role in this, but only so far as they facilitate and improve the living experience for humans as well as pets. We've learned that these spaces must be a balance of being both bookable and open. They could be shared, private, or in some instances, public. Bigger does not always mean better. They must also be flexible in nature. At LIV Indigo, our studio space often changes from yoga classes in the morning to private work or dining spaces during the day and the evening, into hosting resident table tennis tournaments at night. Our LIV app, which residents use for bookings, provides excellent insights into amenity usage, which we utilize for future design and resident retention. LIV Anura in Newstead in Queensland demonstrates the opportunity for BTR to deliver mixed tenure developments in new and innovative ways. This project will be delivered in partnership with the Queensland Government, with 25% of the apartments delivered as key worker affordable housing. 396 apartments in total and 99 specifically for key workers. We have all of the amenities that you would come to expect from the LIV offering, but specifically designed for the local Brisbane and importantly, Newstead market. Construction is progressing well, and we are due to be complete in early 2024. Finally, LIV Albert Fields in Brunswick is 7 kilometers from Melbourne CBD and our first foray into mid-rise development, specifically designed for build to rent. The project received its planning permit in March 2022 for 498 apartments. It's surrounded by 20 hectares of parkland and is designed for a customer who wants to live a more purposeful life, who wants to live in a community that is making a positive change to the environment and society. Delivering to our aspiration for LIV, to make it an everyday reality for our residents to participate in a measurable contribution to a better planet, to better communities, and to a better life for themselves. We believe there is a clear advantage for Mirvac in being an early mover in build to rent, being at the forefront of forging a new asset class, benefiting from more than 18 months of operational learnings and the growth potential which our pipeline will deliver. I'll now hand over to Richard to talk through industrial. Thank you, Angela, and good afternoon, everybody. As mentioned, we've secured a AUD 2.3 billion dollar industrial development pipeline to increase our exposure to the sector. In doing so, we've targeted structural drivers benefiting this sector. Most notably is the growth of e-commerce, which has only accelerated during COVID, but also the high volume of committed infrastructure investment creating opportunities in our markets. Our strategy has been to leverage our asset creation capability to deliver brand-new, highly functional facilities with superior sustainability features and lower operating costs that resonate with the current and future needs of our customers. We believe the depth and breadth of expertise across our integrated model provides us with a competitive advantage to do so. Our pipeline was largely secured in 2018 and 2019 on deferred terms, and as you well know, we have seen a favorable movement in cap rates and land values since that time. The first project is our Switchyard development in the Inner West of Sydney. The estate is 14 hectares with 72,000 sq meters to be speculatively delivered, targeting last mile customer demand in the 2,000-5,000 sq meter range. The Inner West is a market characterized by older, less functional stock, which with only limited new development in the past decade. Switchyard will be a high-quality development incorporating all the modern functional benefits, including high clearance warehousing, providing around a 20% improvement in cubic capacity when measured compared to existing stock on a rental rate as a per pallet basis. The development will have a range of sustainability features, including a target five star Green Star rating, rooftop solar provision for electric vehicle charging and smart building initiatives. The central location provides access to around 3.7 million customers within a 40-minute drive and will benefit from the delivery of Stage 3 WestConnex in 2023, reducing travel times to and from Port Botany and Sydney Airport by around 20 minutes and bypassing around 50 sets of traffic lights. In terms of progress, we settled on the land and commenced construction in November 2021, and are now well underway for stage completion by the end of financial year 2023. Leasing demand has been robust, with 40% of the estate already subject to leasing commitments and pleasing interest on the balance. The forecast end value is in excess of AUD 277 million, with a target yield on costs in excess of 5.5%. The development is in a JV with a Morgan Stanley Real Estate Investing vehicle with Mirvac's interest at 51%. We'll now play a short video. Hopefully, that gives you a sense of the quality and competitive positioning of that development. Our next one is our 56 hectare estate, Aspect estate in the Mamre Road precinct in Western Sydney, with approximately 211,000 sq meters of potential GLA. We secured this site in 2018 and 2019 and worked closely with the New South Wales government to secure fast-track rezoning in 2020 and finalization of the development control plan in 2021. As one of the first to secure land in this precinct, our site is strategically located with direct frontage to Mamre Road, as well as controlling access and delivery via a new intersection through the estate. Customer demand has been robust with vacancy rates in this market now at around 1%. We settled on the land in December 2021 and are targeting initial development approval in the next month or so, following which estate infrastructure works will commence. Currently, we've secured 63% of the estate in pre-commitments, including two key customers under agreement for lease across 100,000 sq meters on 10-year lease terms with completion targeted for FY 2024. We've also secured a 7-hectare land sale with Lineage Logistics, the globally largest cold storage logistics provider. From a sustainability perspective, excitingly, we are planning to deliver our first carbon neutral embodied carbon development at this estate, which has been particularly well received by our customers. Our first two buildings will be 5- and 6-star Green Star ratings. Sell-down intentions are still being finalized, however, we're forecasting contribution of NOI from FY 2024, with development EBIT potential to commence from FY 2023, subject to resolution of our sell-down strategy for this estate. Our Elizabeth Enterprise estate is 90 hectares and located 800 meters from the Western Sydney Airport currently under construction, with potential floor space of around 415,000 sq meters and a forecast end value of approximately AUD 1.3 billion. The precinct is set to benefit from around AUD 20 billion of committed infrastructure, including the new airport and the M12 motorway. Secured in 2018 and 2020 for stage one and two in deferred terms, and we settled on stage one and two last year. Consistent with our other developments, we have a very strong focus on sustainability, design quality, and meeting the future needs of our customers around functionality and flexibility. Rezoning of the estate was also secured via a fast-track process under the New South Wales Planning System Acceleration Program, and precinct plans were finalized last month. We've submitted our initial development application and are working with New South Wales Government to advance. Commencement of site works is targeted for calendar year 2023, with completion of the initial buildings potentially from calendar year 2024, with the M12 motorway and the airport forecast to come online within calendar year 2025 and 2026. Customer interest is robust and should be structurally supported as committed infrastructure is advanced and the precinct evolves. Consistent with Aspect, we have flexibility regarding sell-down intentions, and we'll continue to review this as we advance delivery. Hopefully, that provides you with improved context, regarding the scale of our pipeline and the current momentum, and we look forward to providing further updates in due course. I'll now hand to Ramesh to discuss building technology. Thanks, Richard, and good afternoon, everyone. What are smart buildings? At Mirvac, we define a smart building as a building that rapidly responds to the evolving needs of our customers. Now, that might sound simple, but technology changes quickly and there's a lot of hype and noise out there as well. Simply put, we're not a technology company. We're a diversified property group with a deep knowledge and expertise in how to create and operate great places. Technology is the enabler. It's not the end game. Campbell encourages us to look at global trends and powerful patterns in relation to our integrated investment portfolio, and that's guided us to these four attributes that we believe create a smart building. I'll warn you now, these aren't flashy. We're focusing on the fabric and the foundations of a building. The first one is high-speed connectivity. We're not just talking about Wi-Fi and 5G here. We're talking about ensuring we have a network that connects to every corner of the building, connecting all building services and allowing large amounts of data to traverse quickly throughout an asset, removing all the lag and unlocking a real true frictionless experience. Second one for us is seamless integrated and real-time data. They say data is the new oil, and there are millions of data points within a building. We wanna ensure that our data is open and easy to access. More and more customers are asking for this base building data. We see this in leasing RFIs and when we meet with new tenants, whether it's for their own ESG targets or to augment their own internal datasets. There's obvious benefit to Mirvac as well, allowing us to use data to optimize and understand all aspects of our building, which I'll touch on later on. Third one for us is cybersecurity and privacy. Cyber threats continue to evolve. It's on board agendas, and Mirvac take this very seriously. You think about our customers, you know, particularly our large corporate customers like Westpac and Google. When they ask for data or integration with their systems, we need to meet their cybersecurity requirements. Quite often, these guys are the gold standard when it comes to cybersecurity. We need to ensure that our buildings have the capacity to respond, the right governance, the right processes, and the right controls. The last one is something we call intelligent infrastructure. This is ensuring our lifts can be touchless, that doors can be opened with a mobile device, that we have sensors to understand people movement. It's about implementing the infrastructure that allow systems like air filtration and heating systems to learn and adapt to meet customer needs while maximizing efficiency throughout the building. Next slide. This is just a visual on the analogy that we love to use and probably use too much is, we're building the smartphone and our customers are bringing the apps. Our older buildings are just like the old Nokia. Great phone, comes in different colors, make phone calls and text, you can even play Snake. Think about all the things you can do with a smartphone. It's the enabler for innovation and that's what we wanna be. We wanna create the platform for our customers' unarticulated needs. Whatever they choose to do within their workplace, at whatever point during their tenure, we need to ensure that our buildings can respond. For our customers, it should be as simple as installing an app. Now, this is a busy slide, and I don't wanna go all tech geek on you here, but it's important to understand where we come from. There are many systems that run a building, and for the sake of this, let's just focus on the left-hand side there, HVAC as the example. What we normally have is a service provider would come in, install their equipment, install their own network, install their servers and computers, often find their own internet connection, then wrap that up in a 10-year maintenance agreement, which not only locks all our data and systems, but we can't report on it, we can't do anything really. This is not just older buildings. There are developers out there today building in this exact same way. What you end up with is a bunch of siloed, non-integrated systems with basic connectivity, all speaking different languages and using different protocols, and a room that looks something like this. If you take a walk around our CBD, you'll find there's a lot of building managers offices that look exactly like this. Data sitting under desks, papers everywhere, cables and trip hazards. I mean, how do you access data quickly or respond to a customer request? It's almost impossible to correlate data between different systems. We changed the way we did things. At South Eveleigh, we built our secure integrated network, connecting all of the services from every corner of the building. The data then translates and normalizes all the different languages and protocols, creating that single pane of glass for our operators to run the building from. More importantly, we can now give our tenants direct, seamless, real-time data via a portal, and you end up with something similar to this. Next slide. That on the left-hand side there, that's our Olderfleet setup. You can see there real-time data, all the systems are feeding into that one spot. The beauty is you don't need to be at Olderfleet. You can access this from any device from anywhere in the world. Every bit of data that runs this building is available, whether you're a customer, a facility manager, or a Mirvac exec. We didn't just make this stuff up. It's been a long journey. We have the battle scars, and we're constantly learning and improving. We always debrief after a completion of a new development, talk about the lessons learned, and then move into the next development armed with more data, allowing us to be more strategic in our procurement and more streamlined in our approach. In our journey, South Eveleigh was that step change where we got everything in high speed connectivity, open data, cybersecurity controls, and intelligent infrastructure. We took those learnings onto Olderfleet and then into the next asset after that. It has been an evolution. While we have the frameworks and processes in place for new developments, our goal now is to go back and bring our remaining assets up to this level to create a smart portfolio. I hope you can see the power that a smart building brings to Mirvac and the occupants in the building. We believe it's a ticket to play. At a basic level, it's allowing us to run and optimize our buildings using data. At South Eveleigh, what would have taken months to commission, it took a matter of days. We had a commissioning agent walk around with an iPad and all the systems and data sitting on it. You could see what was happening at 11 P.M. to cause that spike in power. We could see that all the inverters were working on our solar panels. We could see that the building was at the right comfort level. We could view all that data, address any issues, and optimize the building quickly, resulting in a better user experience while reducing operational cost. Customer-centric, so I mentioned, customers are asking for this real-time data. A smart building allows us to respond to these requests, allows us to be more transparent with our customers as well about how our building's operating. We don't need to hide behind anything. We have the data. At the start of COVID, a tenant in one of our older assets asked us to provide us some lift information to understand how many people were entering and exiting their floors. It was an older building, and we needed to send a purchase order to the lift provider. It took them three days to issue us back a PDF report and then took us another day to make sense of. In a smart building, this data is at our fingertips, as it should be. It enables us to respond quickly and accurately to our customers. We create sustainable, safe, secure, and future-proofed assets using technology as the enabler. When Deloitte moved into their new headquarters in Melbourne, it was a few months into COVID, and there were many questions around indoor air quality and the percentage of outside air being brought into the building. This data was readily available via Deloitte's smart building platform, and discussions quickly moved into how we could best communicate this information to Deloitte staff using Deloitte's own digital signage boards. A smart building allowed us to have those discussions. There's iterative learning, and there's a lot of examples here in this one. A simple one would be, the strategic procurement opportunities of a chiller. Using data, we can look at load, location, power usage, compare running costs, and even have direct conversations with the service providers regarding what works and what doesn't, and we can take those learnings into the next project and the new assets that we're building. There are millions of similar data points like that that were locked in the past, but now they're open and available in a smart building. I'll finish with this, and it's about our integrated model. When we, development, construction, and operations, can sit in a room and talk about a new development with a new customer and acknowledge that technology will evolve before we reach practical completion, but that we're partners on this journey, and we can say, "Let's co-create something amazing that meets your needs today, but will flex to meet your needs into the future." I feel like that's one of Mirvac's unique value propositions. Thank you. I think I'm handing back to Gav. Thank you, Ramesh. We're now gonna move to our next round of of question and answers. If I can invite Simon Healy, Richard Seddon, Angela Buckley, and Ramesh to the front of the room. Thank you. Again, we'll take questions from the the floor first and then questions on the webcast. Suraj. Thank you. My question is for Angela. Just in terms of the build to rent leasing, maybe you can talk about Indigo currently. In terms of the leasing, how do the rents compare to normal market rents, and how are the lease terms or the, like, duration of those? Can you turn it off? I might have to turn it off. Thank you. We're so good with technology. We need it. Yeah, that's right. I think there's two ways to think about the rental profile. The comparison and, you know, there's been some independent studies done on the rental premium. Two ways to think about it. One is, and the way that we think about it, we're very fortunate that we have a Mirvac build to sell development as part of the broader precinct. We've got live information around the comparison to very similar product, and then also to the broader market, which includes older style apartments, different styles of product. It's a unique position and probably one we won't be able to replicate going forward. The range of that rental premium, like for like, is between 15%-20%, and it varies across different product types. I think the important part about thinking about a percentage premium is obviously it's different for a one-bedroom apartment, where 10% might be AUD 50 compared to a three-bedroom apartment, and the nominal amount there. In terms of the leasing, what we've found is the vast majority of our customers are actually looking for 12-month terms. There's a real consumer mindset. You know, I think our expectation was that probably there would be a lot of requests for a lot longer terms, and we do get that. But I think the consumer mindset difference is they know they have the security of tenure. We want them to stay with us and that's, you know, to form part of that community. They don't have the same private rental challenges where that security doesn't exist. The benefit really to the customer is both the security and the flexibility, and the vast majority of people are really happy with a 12-month term. We do find the downsizer market tends to look for slightly longer terms as well. You know, that may change as we move to broader locations as well. It continues to be a learning evolution for us. I guess from the start, what was your expectation when you set out for this? Was it like a 12 months term that you were typically expecting on average and sort of hitting that? Is that the way to think of it? Yeah. That's exactly how we model the financials, assuming that it would typically average a 12-month term. Thank you. Just one more for Richard, please. Richard, just in terms of construction costs on the industrial side, can you talk about how they have shifted, you know, over the past 12 months or so? Obviously, we've, you know, heard about construction costs broadly, but maybe focusing on industrial. Yeah. Thank you. Well, look, I think Jason did a good job of painting the picture more generally, and I think specifically what I'd say is, the areas for which we've seen the most pronounced cost inflation, you know, have been related to steel related inputs. Of course, industrial tends to have a greater reliance on steel related products than say the office example. So we've probably seen that result in the total construction costs escalating slightly more than what was illustrated in Jason's example. However, having said that, we've been able to manage that really effectively via our procurement process. I must say, having a tier one builder within the building has certainly led to a lot of long and deep discussions and analysis about the nature of the market. That's been a really effective way to manage, and it's certainly helped with the procurement we've done to date and what we're looking at presently. Thank you. Do you wanna go? Yeah. Thanks, Simon. Just a quick question on Harbourside. The 2027, I suppose, completion date, could you just talk to the planning outcomes that, you know, are still in train and activation on construction commencement, just expectations, please. Yeah, sure. As I said in the presentation, we've got the stage one on DA envelope approved. We've navigated the design competition that was concluded last year, so we've now got an architect on board. Our development team's working up the more detailed design that needs to underpin our stage two DA. That'll be lodged in September, October this year. That'll be about a nine month process. That said, we've already got demolition approval as part of that stage one DA approval. As I said, vacant possession notices have started to be issued to our sitting tenants. That sets us up to start demolition in January, February next year. The project will be delivered in a staged manner. Obviously, it's the retail and commercial over the podium levels, the bottom four levels, and then the 42 level tower above. We're aiming to get the retail and the commercial open potentially in 2026, but then the residential tower and settlements on those apartments will be 2027. Anything further, Matt, please? Yeah. Thanks. Just a question for Angela. Given how incredibly tight the residential for rent market is now and how it's tightened up in the last 3-6 months in particular, where exactly are your rents today in your feasibilities versus where they were, say, 6-12 months ago? I think that, you know, 6- 12 months ago, I think was a very different picture. I think we definitely didn't expect the recovery to be potentially as fast as it has been. I think the important part is. Obviously, the vacancy rate did become elevated, particularly in the Melbourne CBD, with the exodus really of the student population from that particular market. Really, I think where we probably were thinking that we were looking at potentially comparing back to a 2019 or a pre-COVID position, that the recovery would look like, you know, really coming back and normalizing perhaps in 2024 and a bit of a U-shaped recovery. It's clearly, you know, looking more like a V shape. I think in terms of the actual rental position, I think that it's something we just continue to monitor continuously. Each sub-market is obviously experiencing different conditions as well, so it's probably hard to make a really sweeping statement. A sub-market like Brunswick obviously didn't get anywhere near as impacted as, say, the CBD. It's a relatively nuanced story, but I think in terms of the, you know, overall rental growth outlook, it is, you know, it does look more promising than it did six months ago, certainly. How tight is that Melbourne CBD market from a residential rental perspective versus the average? The Melbourne vacancy now is sort of sitting right around 2%, but vacancy back in December was at eight, I think 8%. Sorry, September, was at eight, sort of peak of 8%. That came down to between 5% and 6%, depending on if you're in Docklands, CBD or Southbank by Christmas. Then now it's looking, you know, back to sort of, you know, pre-COVID levels. Really encouraging. I think the return of students and internal migration from the suburbs again, you know, really bodes quite well. Any questions here? Oh, Lauren. Thanks. Can I just ask about the pre-leasing market in office? How are you seeing at the moment, and yeah, which building do you think is potential to kick off first? Good question. I'll have a go. Campbell, you might wanna jump in, but look, no doubt COVID's been a distraction and hasn't been great for the commercial office sector. That said, I think we are seeing some green shoots, you know, much more tenant inquiry coming to the market in late 2021. We're responding to multiple tenant inquiries now on all of our developments, whether it's Brisbane, Sydney, you know, even Parramatta, and Melbourne. Have tenants recalibrated their requirement for NLA? I think it's too early to say. In some situations, we're seeing the NLA that tenants require is actually reduced a little bit. On the other hand, some tenants who are driving a really tight density in, you know, probably two years ago, and we certainly saw that trend over the last five years, are starting to rethink that density equation. You know, giving their occupants and staff more space internally, which means they actually have to take up and commit to more space. I think overall, too early to tell. That said, we are well progressed. You know, I'll talk to 55 Pitt Street. We're in discussions with five or six prospective tenants. We've secured a head of agreement with one particular tenant. We're looking to convert that into an AFL. All of those tenants are in the 8-10,000 sq meter bracket. It's probably a little bit slower than what we had expected, but that said, I think we've got real confidence that we'll convert 55 Pitt Street by way of some tenant commitments over the next six months. Otherwise, down in Melbourne, as I said, you know, 383 La Trobe Street, we're shortlisted by a government tenant, as we speak, for either 50%-100% of that building. Seven Spencer Street, again, two active tenant inquiries, we're looking to convert. Yeah, it's tough. It's not as good as the days pre-pandemic. You know, the product we deliver, the way we deliver it, I think we're extremely well-placed to keep these developments moving. Just picking up on the comments you made around 200 Turbot and their simultaneous AFL capital partnering. Do you already have a capital partner in mind for that project? Not specifically. We've done some soft market sounding, so we would've spoken to at least half a dozen of our tried and trusted capital partners. We've got a real indication of where pricing is going to land on that asset, which gives us the confidence to obviously, you know, incorporate that into our feasibility, and that's how we put the best attractive rental deal to our prospective tenants. There's still some work to do there. We'll be looking to again align ourselves with a capital partner. At the same time, we're ready to sign that AFL. Just last one on industrial. Just wondering if the recent flooding that we've seen in Western Sydney has, I guess, made any changes to your plans for the precinct or how you're gonna manage those developments. Nothing material. We did a lot of analysis early days at the time of acquisition and that's only been reconfirmed, so plenty of headroom with respect to you know probable maximum floods, et c. Nothing of note, no. There's a couple of questions on the webcast. There's one, it might be one potentially for Ramesh and also maybe for Campbell to get involved in it. Asks whether the enhanced tech offer that we talked about today is proprietary to Mirvac, and then asks how important this is to attracting tenants and pre-commitments and the impact it's having on return metrics for us. Proprietary, no. We're all about open protocols, and that's been a problem, I guess, that we've had to deal with for so long. That certainly is not something that we'll be trying to do ourselves. We're building an open framework and open protocol so that anyone should be able to come in and click in to use that. On the second part, did- Do you wanna talk to that, Campbell? Just briefly about how the returns that come from having technology in our buildings and the attraction of it for tenants. The only thing I'd say from a return perspective, this is all about flexibility. I think one of the great challenges you have with older assets is as you start to think about the journey of refurbishing an asset with technology, the challenge is that the life cycle of the different elements of an office building aren't always aligned. You might have lifts that are five years old. You might have building management systems which are ten years old. You might have different elements at different ages. When it comes to refurbishing an asset and trying to put in this integrated network that we spoke about before, you really need to do it together. The reality is, you're just not gonna replace all of those parts together. For large corporates, this is not just a nice to have, this is now a critical to have. I think I would describe it now that the challenge for many large corporates is the evolution of their thinking through a pre and post-COVID world is they started life thinking that you would have 10 people sharing seven desks, and this is just sort of what I'd call just a broad philosophy. To a certain extent, a lot of those now have pushed to 10 people sharing five desks, which means the active space utilization becomes really important because on many days you'll have more people than desks. The day of a desk for the day is something that's sort of coming to an end for a lot of the larger institutions. You need technology that will allow tenants to manage their own space utilization differently. What we're trying to do, which Ram, I think, mentioned pretty clearly, is it's all about us delivering a framework which allows tenants to use their own technology. You just gotta have the critical infrastructure in place, and that's been our absolute focus. I might just add to that. I think if I look at the evolution of some of our major tenant pre-leases over the last probably five or six years, you know, EY for this building, there wasn't a conversation about data. CBA out at South Eveleigh probably three or four years ago, they started to challenge us, you know, what data can I get from the building? We were sort of caught on the hop saying, "Well, any data that we collect in our buildings is ours. That's our IP, and we're not gonna give it to you 'cause you'll probably use it against us." I think we've evolved to an extent now, and Ramesh has outlined it, but we can now capture all the data of our buildings, and we're now very open about sharing that data. I would say it's now an expectation from our large corporate tenants that we have buildings that are tech-enabled, and that we have this data that's ready to share. I think from the build-to-rent perspective, you know, given that it's an operating asset, the insights into operating expenses and the impact of people, whether they're working at home, how they live their lifestyles, those customer insights, and then also how when we think about the intersection of ESG and that technology to really inform decisions, it's extremely valuable, and I think it definitely drives returns. Great. Well, that probably brings us to the end of the session. I'm gonna pass through to Sue for some closing comments. Thank you, everybody. I hope that has been a useful session to spend some really good time together talking about things that we don't get the opportunity to share very often, and to give you a deeper insight into the Mirvac difference in the integrated model that is driving our ability to reimagine urban life in a sustainable way. We're really glad that you were here with us today, other people in the room or the people on the webcast. We look forward to hopefully doing our full year results in person and having many one-on-ones with you as we go through the full year cycle in the coming months. I do believe there are some refreshments outside for people who are in the room, and it just remains for me to say thank you for spending the time with us, and we'd be happy to follow up any further questions that you have. Thank you very much.