MIRVAC last week announced that it has obtained planning approval for its landmark residential apartment development at Harold Park, in the inner-Sydney suburb of Glebe, following a meeting of the Central Sydney Planning Committee.

The permit allows for the construction of approximately 1,250 dwellings in buildings ranging from 3 to 8 storeys. The proposed development also includes over 7,500 square metres of non-residential floor space and 3.8 hectares of public open space.

Mirvac said the approval will enable work to commence on site in early August, in line with its development program, following three years of planning studies and assessment and extensive community consultation.

Mirvac CEO, Apartments & Commercial, John Carfi called the project 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," Mr Carfi said, adding the Mirvac is in "a position to provide a solution to that need, whilst establishing a benchmark for sustainable residential development."

According to Mirvac, the site will exceed the State Government's Building Sustainability Index ("BASIX") requirements by 25 per cent.

Sustainability initiatives include 35 per cent 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.

Mirvac also said that since its marketing launch in November last year, more than 180 of the 296 apartments and terraces in the first residential Precinct have been sold off the plan, with the first stage expected to be completed in 2014.

The 10.63 hectare Harold Park site was formerly used for harness racing. The Rozelle Tram Depot also operated on the site from 1904 to the 1960s. The site is approximately 2.5 kilometres from the Sydney CBD and adjoins approximately 13 hectares of public parkland to the north.