Mirvac offloads three Sydney Harbourside apartments for $65m

Cashed-up buyers have splurged on three sub-penthouses in Mirvac’s Harbourside Residences tower in Sydney in some of the biggest residential deals of the year.

Cashed-up buyers have splurged on three sub-penthouses in Mirvac’s Harbourside Residences tower in Sydney. Picture: Supplied

Cashed-up buyers have splurged $64.5m buying out all three sub-penthouses in Mirvac’s Harbourside Residences tower in Sydney in some of the biggest residential deals of the year.

The buyers have spent $24.5m, $20m and a further $20m securing all available off the plan four-bedroom sub penthouses on level 46 of the yet to be built 48-level tower.

The sales come as other ultra-luxury units in Sydney continue to linger on the market with one of the city’s swankiest apartments, Crown’s six-bedroom penthouse at Barangaroo, still for sale after Crown dropped the price from $120m to $90m and had expected a sale well before last Christmas. However, a couple of parties have recently been jockeying for position to buy the swanky penthouse, according to sources with two buyers said to be in play.

Artists render of Mirvac Harbourside Residence at Darling Harbour in Sydney. Picture: Supplied

Stage One of the Harbourside Residences complex in Sydney’s Darling Harbour was a sell out last November, netting Mirvac $600m.

The developer has since sold a further $100m worth of apartments, including the three sub penthouses – the only sub penthouses in the development. It announced there were $700m worth of sales at Harbourside at its half year results in February.

More than 140 apartments have sold to local buyers, with prices starting from just over $1.7m.

Harbourside has been one of the company’s standout developments in this part of the property cycle.

But not all of Mirvac’s apartments have been such an astounding success. JPMorgan analyst Richard Jones said after the company’s first half results that Mirvac’s apartment sales, aside from Harbourside, had been modest in the period.

Mirvac had only 37 sales at its $790m NINE by Mirvac residential community in Willoughby, north of the Sydney CBD, and five at The Langlee in the Sydney suburb of Waverley. The developer’s three Melbourne active projects had only 25 sales combined in the first half of the year.

Mirvac said the redevelopment of the former Harbourside shopping centre at Sydney’s Pyrmont, attracted downsizers, families and couples from the local market, including the inner west, northwest, eastern suburbs, and north shore of Sydney as well as interstate.

The purchasers, many from larger family homes, were drawn to the iconic harbour and city skyline views, amenity and vibrant mixed use precinct.

Late last year Mirvac’s CEO of Development Stuart Penklis, who did not return The Australian’s calls regarding the sale of the sub penthouses, said there was unprecedented demand from buyers, who recognise the unique opportunity Harbourside presents, driving what he believed was an Australian real estate pre-sales record.

Mirvac will release more stages of Harbourside, with construction completion anticipated by late 2027.

Artists render of Mirvac Harbourside Residence at Darling Harbour in Sydney. Picture: Supplied

All up Harbourside Residences will include 263 apartments which will offer residents 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.

Mirvac’s $2bn Harbourside precinct revitalisation will include more than 10,000 square metres of public open space, including a new waterfront promenade and new 3,500 sq metre waterfront park; pedestrian connections to Pyrmont and the waterfront including $50m in public domain funding; and $7 million in public art and activation.

The precinct will have diverse retail offerings, including restaurants, national and international retailers, integrating and activating the public spaces.

Harbourside Residences comprise one-, two-, three-, and four-bedroom apartments across 48 levels, including three penthouses and the three sold sub penthouses, an outdoor infinity pool with cabanas, a landscaped terrace and yoga/pilates space, indoor lap pool and spa plus wellness facilities including steam room and sauna. Private indoor facilities will include a lounge, dining room with kitchen, cinema and a two level golf simulator.