Some 3.8 hectares of new parkland will open to the public for the first time at the official opening of Harold Park, the site of a former paceway, this weekend.

Located next to the Tramsheds food precinct and community centre, the park features a custom-built playground, shaded barbecues, tables, and cycling and walking paths.

Lord mayor Clover Moore says the dedication of one-third of the Harold Park development to public open space was a huge win for local residents.

"The City fought hard over many years to retain control of the planning decisions for Harold Park, rather than lose them to the old State Part 3A planning laws that robbed communities of having a say," says the Moore.

"Together with the local community we had many important wins on this site, including the dedication of 3.8 hectares of new public open space which was formerly private land.”

"The new public park links to nearby Bicentennial, Federal, Jubilee, Pope Paul and Blackwattle Bay parks, as well as the Glebe Foreshore, creating a continuous 20.6 hectare green corridor for this inner city area.

"The park also includes an extensive stormwater harvesting and treatment scheme - the second largest in the local area. The system will provide 80 per cent of the irrigation needs at Harold Park, Jubilee Oval and the northern end of Federal Park."

The City has also planted a wildlife corridor and created tree canopies to encourage more birds, lizards, bees and other insects to call Harold Park home.

People walking and riding bikes will enjoy new paths that improve access from local neighbourhoods to the harbour foreshore parks in Glebe.

The custom-built playground includes slides, swings and a timber climbing-stack for children to explore.

The park's design incorporates elements from the local environment and the area's history. The shelters reflect the shapes on the sandstone cliff face next to the park, while the patterns on the shelters echo pressed metal ceiling designs found in nearby 20th century homes.

The new Tramshed Garden features native plants and is a modern interpretation of the paceway's original rose garden.

"Completing Harold Park is the first stage of our broader plan to protect and enhance our treasured harbour foreshore and parklands at Glebe, Annandale and Forest Lodge," says Moore.

Harold Park Paceway operated from 1890 to 2010, making it the oldest continuously operating paceway track in NSW. Several local streets, including Gratton Close, Cullen Close and Scotsman Street all commemorate winners of the track's signature 'Miracle Mile' race.

"Working in partnership with the City and the community, we have answered the call for more well-designed and sustainable housing close to the city, creating much more than terrace homes and apartments, but a truly great legacy and place to live," says Mirvac's general manager of Residential Development NSW, Toby Long.