Mirvac Breaks Ground on $2bn Harbourside Precinct

Australian property giant Mirvac has broken ground on its $2-billion Harbourside mixed-use precinct in Sydney.

The developer said the project will reinvigorate the Darling Harbour waterfront with what Mirvac chief executive of development Stuart Penklis said would be a “landmark” retail, commercial and residential precinct. 

The project would deliver 45,000sq m of commercial space and 42,000sq m of residential space, including 265 luxury apartments across 43 storeys. 

“We have been on a journey to truly understand this site, starting with international group Snohetta partneriing with Hassell and Djinjama to win the international design competition inspired by the natural landforms of Sydney Harbour,” Penklis said. 

“Mirvac has partnered with the NSW government and the community to plan for the redevelopment of this landmark precinct since 2016.

“[It’s] a significant project in the heart of Sydney—the site will support more than 2000 construction jobs and create nearly 4500 further jobs on completion.”

▲ Minister for planning Paul Scully with Mirvac chief executive of development Stuart Penklis on the site of the $2-billion Harbourside project.

Subject to approval, Mirvac’s new Harbourside precinct would comprise significant public realm offerings including 10,000sq m of public open space, restaurants, bars, retail, a new park, and connections from Pyrmont to the waterfront. 

Penklis said it was a prime example of how private developers could partner with government to deliver city-shaping precincts. 

“Sites like this are incredibly rare when you consider the proximity to the CBD, the existing and future pedestrian linkages, access to public transport and other critical infrastructure,” Penklis said.

“We are proud to be starting the development at Harbourside that will elevate this precinct as a legacy Sydney destination.”

The $15-billion Western Harbour rejuvenation has been under way since the completion of the International Convention Centre in 2016. 

▲ Plans for the 50-storey residential tower, public realm and retail are before the Department of Planning.

Mirvac’s plans to construct and operate a section of the overall project, which comprises a mixed-use podium with three buildings between two and four storeys, and a 50-storey residential tower building, are currently before the Department of Planning. 

The wider Harbourside redevelopment site occupies an area of approximately 2.05ha within the north-western portion of the Darling Harbour precinct, between Cockle Bay and the Pyrmont Peninsula. 

The existing Harbourside Shopping Centre opened in 1988 and has since “played a key part in the evolution of Darling Harbour into Sydney’s premier tourist and entertainment precinct to date” with annual visitor numbers hitting 13 million.

Mirvac acquired the site in 2013 and said it has been committed to redeveloping the site “as a world class entertainment centre”.