Mitsubishi Estate and Mirvac have entered a joint venture (JV) to develop Sydney’s Harbourside project, valued at over $2bn.
The Harbourside project is a mixed-use development planned for Sydney’s Darling Harbour.
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This project includes the redevelopment of the area as part of a wider urban renewal programme.
It will offer 260 apartments, along with 35,000m² of office and retail space.
The development will also include more than 10,000m² of public open space, including a waterfront promenade and park.
The plans include A$50m ($32.5m) in public domain funding and A$7m in public art and activation.
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By GlobalDataThe retail offerings will include dining facilities and a mix of both national and international retailers.
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.
“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.”
According to a joint press release by the companies, the Harbourside Residences will be completely electric, seeking high environmental standards such as a 5 Star Green Star Buildings rating and a 7-star NatHERS minimum average.
The office component is designed to achieve a 6 Star Green Star rating and Gold WELL certification, the press release added.
The development will incorporate 6,000m² of green roofs and over 100,000 plants.
Mitsubishi Estate and Mirvac are equal partners in the Harbourside project, with Mirvac managing development and investment services.
Construction began in 2023, with staged completion anticipated from the second half (H2) of 2026.
Mitsubishi Estate forayed into Australia in 2016, with its portfolio currently surpassing A$18bn.
Mitsubishi Estate and Mirvac are also collaborating on a build-to-rent portfolio, featuring assets across Sydney, Melbourne, and Brisbane.
The Harbourside project brings the total value of Mitsubishi Estate and Mirvac’s JV projects to more than Y350bn.
