Mitsubishi Estate Corporation (MEC) has taken a half stake in Mirvac’s planned A$2.3bn (€1.3bn) mixed-use development in Australia.
The Harbourside project, on the foreshore of Sydney’s Darling Harbour, is expected to deliver approximately 260 luxury apartments across 48 levels, along with 35,000sqm of office and curated retail space. Harbourside is scheduled for completion in phases, beginning in the second half of 2026.
The latest investment came after MEC said last month that it would back a A$175m Mirvac’s build-to-rent project on the Gold Coast in Southeast Queensland. The Japanese investor in 2023 committed to a 49% stake in Mirvac’s A$1.8 build-to-rent housing fund.
Yosuke Matsunaga, head of Australia, Mitsubishi Estate Asia, said following the group’s involvement in Harbourside, the cumulative project cost of MEC’s portfolio in Australia will expand to JPY1.7trn (€987m).
“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,” Matsunaga added.
Campbell Hanan, Mirvac Group CEO & MD, said: “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 A$800m in residential pre-sales secured.”
Hanan said the company had secured a pre-commitment for its waterfront commercial office and had entered into a heads of agreement with a flagship food and beverage operator for a key part of the retail.
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