Mirvac gains DA approval for Sydney Olympic Park as second building sells

Development has been approved for Mirvac's Sydney Olympic Park development Pavilions.

The developer have slated 705 new homes for the site. 

The approval came the day before the launch of Verde, the second building at Pavilions from Mirvac.

Since weekend launch, 68 first home buyers have purchased at Pavilions.

Around one-third of the apartments in Verde are prioritised for the first home buyer.

Toby Long, Mirvac’s General Manager, Residential Development NSW & Major Projects said, the strength of our sales to first home buyers means we are building a strong community of new property owners who will play an integral role in the future of Sydney Olympic Park.

“We are delighted to see so many young people grab the opportunity to invest in their future and we look forward to helping them on this journey,” he said.

“Demolition of existing buildings began last week, a significant milestone in the development timeline, and with DA approval we are now very pleased to be in a position to begin construction on program.

“The NSW Government has identified Sydney Olympic Park as a priority growth area and critical to its plans to provide jobs, homes and recreation in the Sydney to Parramatta corridor.”

Mirvac began selling the first of four buildings at Pavilions in February this year when launchingThe Right Start, an initiative that allows pre-qualified first home buyers to exchange on a five per cent deposit with the remaining five per cent paid in two annual instalments.

The four buildings at Pavilions range from nine to 35 storeys,

More than 75 per cent of the apartments and terrace homes at Pavilions have sold.

Mr Long said the government has set a target of 10,700 new homes for 23,500 new residents, 34,000 new jobs, new schools and more shops, cafés and parks for Olympic Park that will revitalise the entire area, creating a vibrant new town centre alive with the people who live and work here, not just those who come to attend an event.

“This is a vision for city building in a prime location midway between the established CBD of Sydney and the emerging CBD of Parramatta," he said.

“It sits within the knowledge corridor where the jobs of the future are being created in employment centres such as Ryde and Macquarie Park,” said Mr Long.