Mirvac’s $292 million Sydney Olympic Park Development Approved

Mirvac’s $292 million mixed-use “Pavilions” development at Sydney Olympic Park has been approved by the NSW Department of Planning and Environment.

Mirvac’s Pavilions development will provide 705 new houses in the suburb of Sydney Olympic Park. The diversified-developer is planning four residential apartment buildings in what is slated to include Mirvac’s first build-to-rent project, for which it is seeking funding.

The approval came the day before the launch of Verde, the second building at Pavilions which offered “The Right Start” housing affordability initiative, assisting 68 first home buyers into the property market.

[Related reading: Mirvac Launches Second ‘Affordable’ Sydney Olympic Park Building]

Pavilions will be the first residential development to break ground within the precinct, forming the gateway to a revitalised town centre that is proposed under the draft Sydney Olympic Park Masterplan.

“Demolition of existing buildings began last week, a significant milestone in the development timeline, and with DA approval we are now very pleased to be in a position to begin construction on program,” Mirvac general manager of NSW residential development Toby Long said.

[Related reading: Demolition Works Commence For Sydney Olympic Park Central Precinct]

“The NSW Government has identified Sydney Olympic Park as a priority growth area and critical to its plans to provide jobs, homes and recreation in the Sydney to Parramatta corridor.”

Pavilions

The Planning and Environment department publicly exhibited the development application for an extended six-week period in January-March 2017 and received nine submissions from public authorities and one public submission in support of the proposal.

A further 17 public submissions were received following a modification of the proposal which included a height increase for one of the residential buildings.

The Sydney Olympic Park Masterplan 2030 (2016 review) set higher targets for residential and retail space to take advantage of proposed transport improvements such as the Sydney Metro train linking Parramatta to the CBD.

Specifically, the government set a target of 10,700 new homes for 23,500 new residents, 34,000 new jobs, new schools and more shops, cafés and parks for Olympic Park that will revitalise the entire area.

“This is a vision for city building in a prime location midway between the established CBD of Sydney and the emerging CBD of Parramatta. It sits within the knowledge corridor where the jobs of the future are being created in employment centres such as Ryde and Macquarie Park,” Long said

The development will generate more than 900 jobs in construction and deliver 54 on-going jobs once the development is complete.

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