UPCOMING EVENT - LAND LEASE DEVELOPMENT SUMMIT 8 DAYS TO GO
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Mitsubishi Estate Co is expanding its Australian footprint, adding Sydney’s $2.3-billion Harbourside redevelopment to a portfolio approaching $18 billion.
In an equal partnership with Mirvac, the Tokyo-listed developer will deliver 260 apartments across 48 levels, 35,000sq m of premium-grade office space and retail as the final stage of Darling Harbour’s renewal.
Plans include more than 10,000sq m of public open space, a waterfront promenade, a 3500sq m park, $50 million in public domain works and $7 million in public art and activation.
The project, of which more than $800 million is pre-sold, is scheduled for staged completion from 2027.
Japanese capital flowing into Australian real estate hit record levels in 2024.
The Herbert Smith Freehills and Australian National University Japan–Australia Investment Report 2024 showed direct investment reached a record $141.1 billion last year across sectors including property, energy and infrastructure.
In real estate alone, one in every five Japanese outbound deals in 2024 involved Australian assets, according to the report.
The Harbourside joint venture lifts Mitsubishi Estate Asia’s local holdings to about $17.7 billion.
Mirvac chief executive Campbell Hanan said the deal built on an existing relationship with MEC through its build-to-rent portfolio and aligned on creating landmark projects with a community focus.
“Harbourside is the final piece of the rejuvenation of Darling Harbour,” Hanan said.
“The project is on track, with construction well progressed, all major approvals achieved and more than $800 million in residential pre-sales secured.
“We have a pre-commitment for our premium-grade waterfront commercial office and are in a heads of agreement with a flagship food and beverage operator for a key retail tenancy.
“Given the uniqueness of the product, leasing enquiry remains strong for the remaining commercial and retail space.”
The pair are also partners in Mirvac’s national build-to-rent platform, which includes such assets as LIV Indigo in Sydney, LIV Munro in Melbourne and LIV Anura in Brisbane.
Mitsubishi Estate Asia’s expansion in Australia has accelerated in 2025 through a series of capital partnerships across sectors and states.
In May, it secured State Significant Development Application approval with Perifa for the $500 million Rozelle Village mixed-use precinct in Sydney’s Inner West, which will deliver 227 homes, including 59 affordable.
In Queensland, it formed a strategic funding partnership with McNab Group and Ray White Capital for the $175 million Elements Budds Beach luxury apartment tower—its first residential investment on the Gold Coast.
The 27-storey project will deliver 87 premium apartments with rooftop amenities and ocean and river views. Construction is under way.
Its residential pipeline also spans build-to-rent, including partnerships with Mirvac.
Oxford Economics forecasts the national build-to-rent sector will deliver 11,900 new units annually by 2030, with Japanese developers such as Mitsubishi Estate and Daiwa House emerging as some of the most active backers.
Mitsubishi Estate Asia head of Australia Yosuke Matsunaga said the Harbourside venture fitted the company’s strategy of working with trusted local partners to deliver world-class urban projects.
“This joint venture presents us with a unique opportunity to invest in a flagship mixed-use development that will leave a lasting legacy to Sydney’s urban landscape,” Matsunaga said.
