Mirvac Lodges New Darling Harbour Development Plans

Mirvac has scrapped plans for a commercial office tower at its Harbourside Shopping Centre in favour of an unsolicited proposal to the NSW government.

The new Darling Harbour proposal would see the centre revitalised into a mixed-use, retail, commercial and residential development, which would include public domain works.

This follows their failed attempts to develop the site in 2016, submitting plans for an apartment tower or a commercial tower along with the revamped shopping centre.

The state government agreed that the new proposal “in concept form, was of sufficient interest to warrant further development and progression to a more defined project” however they had not approved it.

It was understood Mirvac will submit a new development application for Harbourside in the next few months, which will again be subject to comment from relevant stakeholders.

Mirvac originally purchased the property for $252 million in 2013 and are the long-term leaseholder of the site.

▲ Mirvac's Harbourside Shopping Centre in Darling Harbour.
▲ Mirvac's Harbourside Shopping Centre in Darling Harbour.

The shopping centre on Darling Drive has a gross lettable area of 20,639sq m and annual income of $169.8 million.

There are bigger plans for the area with the $3.4 billion regeneration of Darling Harbour by Lendlease.

Mirvac managing director Susan Lloyd-Hurwitz said Harbourside had a lot of potential on the purchase of the property.

“Harbourside presents an opportunity to gain greater market share in the Sydney CBD area by acquiring a key retail asset with exposure to the strongly performing food, catering and entertainment categories,” she said.

“The acquisition provides us with a repositioning opportunity and gives Mirvac a dominant position in the catchment together with our existing Broadway Shopping Centre.”

Harbourside opened in 1988 and prior to that was the Darling Harbour Goods Yard.

Mirvac plans to start construction this year on a $1 billion skyscraper nearby at 505-523 George Street with Coombes Property Group.

At the end of 2019, ASX-listed company also purchased 7-23 Spencer Street, Melbourne for $200 million to grow their build-to-rent portfolio.

Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: https://theurbandeveloper.com/articles/mirvac-scraps-plans-on-harbourside