Mirvac logo - Corp
INDUSTRIAL

SEED

1669-1723 Elizabeth Drive, Badgerys Creek, NSW 2555

Located approximately 800 metres from the Western Sydney International (Nancy-Bird Walton) Airport and approximately eight kilometres from the M7 motorway, SEED is expected to benefit from its proximity to approximately $20 billion in infrastructure improvements in the Western Sydney area, including the Western Sydney International Airport, M12 motorway, Sydney Metro and the planned $800 million upgrades to Elizabeth Drive. Stage 1 and 2 were rezoned to permit industrial uses in September 2020 as part of Tranche 5 of the NSW Planning Acceleration Protocol. The initial State Significant Development Application (SSD) was approved in February 2026. Infrastructure construction commenced on site in June 2026. Mirvac entered into an agreement in August 2018 to acquire a future 244-hectare industrial estate at Badgerys Creek resulting in the acquisition of Stage 1 (56 hectares) in August 2021 and Stage 2 (76 hectares) in April 2021. In June 2025 and June 2026, Mirvac and its long-standing capital partner, Australian Retirement Trust (ART), expanded the Mirvac Industrial Venture through the strategic acquisition of a 49% stake in Stage 1 and Stage 2 respectively.

Download PDF
Ownership
MIV JV: 51% Mirvac, 49% ART

Summary information

Acquisition/Agreement Date Apr-21 & Aug-21
Valuation at 30-JUN-26 $222m
Expected Development Value On Completion ~$2.0bn
Target Completion FY29+
1. Represents the Investment in JVA, excludes any interest in the asset held in inventories.
2. Represents 100% expected end value, subject to various factors outside of Mirvac’s control such as planning, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.
Note: Image is an artist impression only, final design may differ.

Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.  

Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.