Mirvac gets planning go-ahead on Harold Park, where 30% of sales have been to first home buyers
Mirvac has obtained planning approval for its $1.1 billion residential development at Harold Park, in the inner-Sydney suburb of Glebe, where already 180 sales have been secured in the project.
The approval was by the Central Sydney Planning Committee (CSPC) which gave the green light to the redevelopment of the former Harold Park paceway following nearly three years of planning studies and assessment.
More than 180 of the 296 apartments and terraces in the first residential Precinct have been sold off-the-plan.
First home buyers have made up 30% of the off-the-plan buyers to date with an average age of 34 years."They're buying anything from a studio to a $1.5 million terrace," Mirvac's development apartments chief John Carfi says.
The developer is now looking forward to pushing ahead and delivering Harold Park, he says.
The announcement follows earlier approval from the City of Sydney in June for remediation, infrastructure and services diversions to the site.
“It is one of the most significant residential urban renewal projects in decades being strategically located close to the Sydney CBD, public transport, shopping villages, schools, universities and healthcare facilities.”
“There is no question that New South Wales has an urgent need for more housing,” said Mr Carfi.
“We are in a position to provide a solution to that need, whilst establishing a benchmark for sustainable residential development.”
“Harold Park will open up a site that has been untouched for over 100 years,” said Mr Carfi.
"Our plans for this historic redevelopment include the dedication of over 35% of the 38,000 square metre site for the creation of parkland, allowing the City of Sydney to fulfil its vision of a continuous green belt linking the suburbs of Glebe, Annandale and Forest Lodge to the harbour foreshore," Carfi says.
Mirvac will also dedicate land to the City of Sydney for the development of affordable and seniors housing.
Mr Carfi says Harold Park aims to incorporate environmental and social sustainability initiatives.
Sustainability initiatives include 35% of the site being dedicated to public open space, new pedestrian and cycleway connections, water harvesting, stormwater filtration and retention, green roofs, the use of recyclable materials and energy efficient appliances.
"Harold Park will not only exceed the State Government’s Building Sustainability Index (BASIX) requirements by 25%, but open up a site that has been gated and locked away for over 100 years," he says.
He says Harold Park has the highest proportion of open space of any urban renewal development in the City of Sydney, and at 1.25:1, the lowest density.
"There is no question that New South Wales has an urgent need for more housing," says Carfi. "We are in a position to provide a solution to that need while establishing a new benchmark for sustainable residential development."
"It is one of the most significant residential urban renewal projects in decades being strategically located in close proximity to the Sydney CBD, public transport, schools, universities and healthcare facilities."
Since its marketing launch in November last year, over 180 apartments and terraces of the 296 in the first residential precinct have been sold off-the-plan, with the first stage expected to be completed in 2014.
