Harry Triguboff’s real estate firm Meriton Group, Australia’s largest apartment developer, is moving forward with plans for several new complexes in Sydney, including its most expensive acquisition ever.
Meriton plans to develop a 900 unit residential complex in the Rosebery neighborhood. The firm paid $177 million for parallel sites there, the most the fifty year old firm has ever paid for a development site.
Triguboff expects the development to be worth as much as $900 million. He told The Australian, “I look upon the sales price of the whole project, so what I pay for land is only a small portion of what I get for it. This is only one part of it and therefore it’s of low importance.”
In other Meriton news, it is also planning a 400 unit 14 story residential building in Sydney’s Mascot area. It acquired the 1, 100 square foot industrial site which fronts Church and Bourke streets for $70 million. The new development is expected to cost $124 million and will include ground floor retail space, recreation facilities, a 90 place childcare center and three levels of basement parking for 744 cars.
But local residents are not happy with the plan. They say that it would stand out on a street that now has mainly smaller single family homes. Armin Roth, who lives there, told Sydney’s Daily Telegraph that, “Allowing a 14 story building on this block would seriously encroach on the traditional value this area enjoys for lifestyle and neighborhood and an array of human values that have been upheld in the past.’’
Harry Triguboff countered that the plan had been prepared with the local council. He also pointed out that Meriton will contribute $9 million to improve local infrastructure and landscapes.
He said, “We believe our Coward St apartments will only enhance the neighborhood with new facilities for locals including a childcare center and two retail boutiques; the apartments themselves are very spacious, many with double garages. We’re seeing interest from families to couples and singles who all look forward to being part of such a vibrant existing community.’’
Established in 1963, Meriton is Australia’s largest residential apartment developer. The private company has designed, developed and built more than 60, 000 apartments across the east coast of Australia and some of the tallest residential towers in Sydney, Brisbane and the Gold Coast.