ResidentialLindsay SaundersThu 29 Oct 26
Harry Triguboff Breaks Little Bay Deadlock with 505-Home Plan
Malcolm Turnbull was prime minister when “Highrise” Harry Triguboff put his foot on a site at Little Bay in Sydney’s east.
Finally, the billionaire Meriton founder, 93, is moving ahead on the coastal holding, albeit with scaled-back plans for 505 homes.
The NSW Housing Delivery Authority has recommended the project at 1406–1408 Anzac Parade be declared state significant, allowing the developer to pursue updated plans for the 11ha site.
The proposal comprises low-rise buildings of two to five storeys. The first stage is expected to deliver at least 100 homes, including 3 per cent as affordable housing.
Triguboff bought the site for $245 million from a Malaysian group in March of 2018, but it has remained vacant amid years of planning disputes with the Randwick City Council.
The latest proposal is a significant departure from the developer’s previous ambitions for the site.
Triguboff had argued that the land should accommodate 5000 homes before proposing 2600 apartments across two 27-storey towers in 2025.
That larger scheme was rejected by the Housing Delivery Authority last year, with the authority citing concerns including the proposal’s planning merits and affordable housing commitments.
Triguboff said the new state-significant pathway would allow Meriton to prepare modern plans rather than rely on approvals dating back almost 20 years.
The developer said he was also working with the state to reduce construction costs, arguing that building an apartment in NSW costs about $250,000 more than in Queensland.
Harry Triguboff has an estimated net worth of $32.29 billion, according to the Financial Review Rich List.
