Mirvac Property Group are set to begin their construction of the $2b Harbourside Shopping Centre project this year, after it was announced the shopping centre was set for demolition from January 2023.
The property giant reached an agreement with the NSW government in late 2022 for a new 99-year lease on the site, propelling the project to take further steps towards its inception. Harbourside Sydney is set for demolition and due to begin shortly bringing a huge infratstructure investment into one of Australia’s most visited areas.
Designed by the Norwegian firm Snøhetta and Hassell Studio, the redevelopment of the iconic shopping centre will feature a new five-storey shopping centre with 87,000sqm of floor space. It will comprise of both retail and commercial office space (45,000sqm), along with 350 apartments set in a 160-metre-high residential tower.
“This project will reimagine the Darling Harbour waterfront and provides a critical missing piece of the Western Harbour rejuvenation that has been taking place since the completion of the International Convention Centre,” Mirvac chief executive Susan Lloyd-Hurwitz stated.
Mirvac’s redevelopment of this popular urban precinct will feature a new 3500sqm public park labelled “Guardian Square” on its northern end and upgrade the existing waterfront walkway and promenade. The Mirvac team will aim towards delivering 5- and 6-star green rating for the project, which aims to breathe new life into the world-famous Darling Harbour precinct.
“At its heart, Guardian Square will become Pyrmont’s new neighbourhood park and community meeting place, with landscaping and moments of art and activation planned to deliver an enlivened precinct that provides locals and visitors alike with a powerful sense of belonging, community and ownership.” Mirvac chief investment officer Brett Draffen said.
“The proposed $2 billion redevelopment of the Harbourside precinct is a landmark project in Mirvac’s $28 billion national development pipeline. We are delighted to reach this important milestone and progress the formal design excellence process for the revitalisation of Harbourside, working alongside Place Management NSW.”
Mirvac acquired the shopping centre site back in 2013 for $252 million. Harbourside Shopping Centre will be closed from January 2023 to make way for precinct, as the demolition of the current form takes place. Harbourside Sydney is set for demolition, however the Harbourside Car Park will remain open throughout the redevelopment. Once completed, the precinct will join a slew of projects happening around the area that will revitalise Sydney’s hardour areas, which include the new Waldorf Astoria Hotel coming to Sydney for the 1st time.
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