The fallout from Sydney’s disastrous Opal Tower development damaged values of nearby residential developments including Mirvac’s 359-unit Pavilions project in Sydney Olympic Park, Mirvac head of residential Stuart Penklis says.

Mirvac’s two-tower Pavilions development, which launched at the peak of the last apartment boom, and settled last year – in the middle of the pandemic – suffered an unusually high 3.5 per cent failure rate on settlements and 20 per cent of its stock remains unsold, Mr Penklis said.