Japanese investors join Darling Harbour project

Property developer Mirvac hopes to entice more Japanese investors to join its backers on high-profile property projects, according to a story in The Australian newspaper.

A group from Japan heads the field as Mirvac is looks to lock in a partner for the redevelopment of the Harbourside Shopping Centre, at Darling harbour in Sydney.

Daiwa House, which is backing a Lend Lease build-to-rent project at Melbourne Quarter, is also sniffing around the huge development near the heart of the city.

The Japanese group, alongside another heavyweight, Sumitomo Forestry, had also supported an apartment project by EG Funds Management in Sydney’s inner west and bought into local home builders.

Mirvac has already set up ties with other Japanese players, who also have shown interest in the project and could emerge with a slice in it as they often club together or introduce deals to fellow Japanese players.

Other Japanese players that Mirvac already links include ties with include Sumitomo, Mitsui Fudosan and Daiburu, which stepped up to back a Melbourne office project in 2023.

Works have since advanced, and apartment sales have been ahead of expectations for the 48-storey tower on the fringe of the Sydney CBD, where there are few comparable projects.

The Harbourside Residences will include 263 apartments with water and city skyline views. Sales have topped $700m. Cashed-up buyers have spent $24.5m, $20m and a further $20m securing off-the-plan four-bedroom subpenthouses on level 46 of the yet-to-be-built tower.