Mirvac and Mitsubishi Estate Co. Ltd announce capital partnership at Harbourside

Mirvac’s Group CEO & Managing Director, Campbell Hanan, said: “We are thrilled to expand our partnership with MEC at Harbourside in Sydney, which will be delivered in a joint venture. As one of Japan’s leading real estate developers, MEC has a great alignment to our own capabilities and shares our vision of delivering iconic assets that have community at their heart, as demonstrated by their partnership with Mirvac across our LIV build to rent assets.

“Harbourside is the final piece of the rejuvenation of Darling Harbour. The project is on track, with construction well-progressed, all major development approvals and milestones achieved, and over $800 million in residential pre-sales secured. We have secured a pre-commitment for our premium grade waterfront commercial office and have entered into a heads of agreement with a flagship food and beverage operator for a key part of the retail. Given the uniqueness of the product, we continue to receive a high level of leasing enquiry for the remaining space for both commercial and retail tenancies.”

Mitsubishi Estate Asia, Head of Australia, Yosuke Matsunaga, said: “This joint venture presents us with a unique opportunity to invest in a flagship mixed-use development that will leave a lasting legacy to the urban landscape of Sydney. This project aligns with our strategy of collaboration with established and trusted local partners to deliver world-class developments in key urban locations. We are pleased to be working together again with Mirvac, who has a strong track record of delivering high-quality projects and a shared commitment to excellence, to bring this vision to life. We are proud to be a part of the ongoing revitalisation of Darling Harbour, one of Sydney’s most iconic precincts, and look forward to playing an active role in contributing to its future.

“Following our involvement in this project, the cumulative project cost of MEC’s portfolio in Australia will expand to a scale over 1.7 trillion yen. Moving forward, we will continue to leverage the expertise and relationships we have cultivated both domestically and globally to further grow our business in Australia and build a diverse and high-quality portfolio.”

On completion, Harbourside is expected to deliver approximately 260 luxury apartments across 48 levels, along with 35,000 square metres of premium grade office and curated retail space. The precinct revitalisation will also deliver over 10,000 square metres of public open space, including a new waterfront promenade and a new 3,500 square metre waterfront park; pedestrian connections to Pyrmont and the waterfront including $50 million in public domain funding; and $7 million in public art and activation. Harbourside will have diverse retail offerings, including restaurants, national and international retailers, integrating and activating the public spaces.

In keeping with Mirvac’s and MEC’s decarbonisation journey, Harbourside Residences has been designed to be fully electric and is targeting a 5 Star Green Star Buildings rating, 7 star NatHERS minimum average, 40 BASIX for Water and 25 BASIX for energy. The Premium-grade office component is targeting a 6 Star Green Star rating and Gold WELL certification. The Harbourside precinct will feature 6,000 square metres of green roofs, in addition to the public domain and the planting of over 100,000 plants on a site which previously has no green landscape spaces.

Under the joint venture agreement, Mirvac and MEC will be 50/50 development partners and owners for the Harbourside precinct (including residential, commercial and retail components), with Mirvac delivering development management services. On completion, Mirvac will continue to deliver investment management and asset management services.

Staged completion of Harbourside is expected from FY27.