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