This article is from the Australian Property Journal archive
DIVERSIFIED developer heavyweight Mirvac set a new benchmark on the weekend, scoring more than $600 million in pre-sales at its luxury Harbourside Residences in Sydney’s Darling Harbour, including penthouse sales that touched the $25 million mark.
The first release at the 48-level tower – a redevelopment of the former Harbourside shopping centre – sold out within just 24 hours resulting in a fast track of the second release to the market.
There were 140 apartments conditionally sold, with prices ranging from just over $1.7 million to $25 million. Buyers included downsizers, families and couples from the local market, including the inner west, north west, eastern suburbs, and north shore of Sydney as well as interstate.
Many of the purchasers were transitioning from larger family homes, and were drawn to the “iconic harbour and city skyline views, exceptional amenity and vibrant mixed use precinct”, according to Mirvac.
Stuart Penklis, Mirvac’s CEO of development, said there was unprecedented demand from discerning buyers that drove driving what he believes is an Australian real estate pre-sales record.
“The strong local buyer profile highlights the significant appeal of Harbourside’s prime location and its promise of an exceptional lifestyle on Sydney’s iconic waterfront, within a fully revitalised Darling Harbour.”
The 263 one-, two-, three-, and four- bedroom apartments across 48 levels, including three penthouses and three sub-penthouses, with uninterrupted water and city skyline views, as well as panoramas of Sydney’s north and south, eastern sunrise vistas and westerly views to the Blue Mountains.
Amenities will include an outdoor infinity pool with cabanas, a landscaped terrace and yoga and pilates space, indoor lap pool and spa plus wellness facilities including steam room and sauna. Residents will have access to private indoor facilities including a lounge, dining room with kitchen, cinema and double-storey golf simulator.
Penklis said that after the first two sales releases on the weekend, Mirvac will release future stages progressively through delivery, with construction completion anticipated in late 2027.
Over 40% of new Harbourside owners were repeat Mirvac customers.
Mirvac’s wider $2 billion Harbourside precinct revitalisation will deliver over 10,000 sqm of public open space, including a new waterfront promenade and new 3,500 sqm waterfront park; pedestrian connections to Pyrmont and the waterfront including $50 million in public domain funding; and $7 million in public art and activation. Retail offerings will include restaurants and national and international retailers.
Harbourside Residences will be fully electric with rooftop solar panels, targeting a 5 star Green Star Buildings rating, 7 star NaTHers minimum average, 40 BASIX for Water and 25 BASIX for energy. The Harbourside precinct will feature 6,000 sqm 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.
Development conditions for Sydney build-to-sell and build-to-rent apartment projects have “become even further challenged” according to Charter Keck Cramer. Built-to-sell apartment launches in FY24 came in at 4,800, some 37% below FY23 and a far cry from the 10-year average of 15,900 per annum. The difficult construction environment has forced the forecast for build-to-sell and build-to-rent apartment completions from FY25 to FY27 to be revised downwards by 13% to 10,350 per annum.
In the first part of the 2025 financial year, Mirvac has kicked off construction in Melbourne at The Albertine boutique residences at Albert Park Lake, which was 37% pre-sold at the end of the September quarter, while it more than half of the residences at its luxury Trielle tower on the water’s edge of Yarra’s Edge Marina in Docklands have sold.
