Harry Triguboff's Meriton group has continued its push into Mascot, buying a $25 million development site with approval for 110 apartments.
The 3605sq m site at 551-559 Gardeners Road is currently home to three two-level warehouse, office buildings in a move representing a GFA of $2700 per square metre.
Meriton describes itself as the dominant developer in the suburb, which has become infamous in recent months due to the Mascot Towers.
But Meriton is about to finish its seventh project since 2015 in the Sydney suburb, nearing completion on the 111-apartment Escada development in Haran Street, with most of the stock now sold.
Harry Triguboff, Australia's wealthiest real-estate developer, described the latest acquisition as a “restock of the site cupboard”.
He says his latest Gardeners Road buy reflects that the days of a softer property market are “fast coming to an end”.
“We’ve done an immense amount of development at Mascot in the past four or five years - the suburb’s become not only a Meriton favourite but a favourite with buyers,” Triguboff said.
“So much so that we don’t have a lot to offer buyers.”
Triguboff made his first move into the Melbourne market earlier this year purchasing a 792sq m CBD site at 140-146 King Street, his first venture into Melbourne's market since starting Meriton six decades ago.
The new Mascot Gardner also site sits near 444 Gardeners Road, a site that marked Melbourne based developer Tim Gurner’s first entry into the Sydney residential market when he secured the rights to develop it for about $24 million in 2016.
Meriton kicked off two 13-level buildings on an 8000sq m site at 256 Coward Street a few months ago after purchasing the site for $82.5 million in May last year.
But Triguboff says the Unity development, slated for completion in late 2020, to comprise 305 apartments will be retained by the property magnate.
The latest transaction was managed by Lyncorp’s Kenjamin Lin on behalf of vendor Bravo Global.
Other Meriton developments in Mascot include the four tower Mascot Central, with 1200 apartments and a Woolworths-anchored retail precinct.