By Aimee Chanthadavong

Mirvac Group has bought Harbourside Shopping Centre located in Sydney’s Darling Harbour for $252 million.

The 21,039 square metre CBD retail centre spans across three levels with a focus on food, restaurant and entertainment categories.

“Harbourside presents an opportunity to gain greater market share in the Sydney CBD area by acquiring a key retail asset with exposure to the strongly performed food, catering and entertainment categories," said Mirvac CEO and managing director Susan Lloyd-Hurwitz.

“The acquisition provides us a repositioning opportunity and gives Mirvac a dominant position in the catchment together with our existing Broadway Shopping Centres.”

Mirvac said reposition opportunities will be focussed on re-mixing existing tenancies by up-scaling the food and fashion offerings and supporting the entertainment focus. It also plans to capture the increased international trade that will result from the $3 billion urban regeneration project of the the adjoining Sydney International Convention, Exhibition and Entertainment Centre and new hotel. At the moment, the site currently attractions approximately 13.7 million visitors a year.

The sale is expected to be completed in January 2014.