Acacia down to five

The Meriton group is on the verge of wrapping up a $200 million selloff of revitalised apartments in a development it has retained on the doorstep of the Sydney CBD for nearly a decade.

The 215 apartments are in Acacia, an Ultimo community where buildings of between four and 13 levels are set in landscaped gardens.

Meriton founder Harry Triguboff elected to keep and lease the apartments when the 71 Jones St project was completed in 2009.

Eighteen months ago a major Acacia modernisation program was embarked upon and the apartments subsequently were put on the market.

Today, after a buoyant sales run, only five remain in the Meriton name.

James Sialepis, Meriton’s director of sales, yesterday said the vibrancy exuded by the apartments in the wake of the updating program had struck an immediate chord with buyers.

“We’re elated with the market’s response, which is a tribute to the quality of the revamp, to Acacia’s location, and to pricing being substantially below available new stock.

“From an investor point of view, the apartments have lined up as winners because they achieve similar rentals to brand‐new apartments but at a far lower capital cost.

“Acacia owners are only a stroll into Sydney’s heart and an easy walk to the likes of the Sydney Fish Market, which is heading for a $250 million revamp, and Sydney University.”

Mr Sialepis said Acacia was being sold as part of an ongoing program to roll over and ‘replenish’ the Meriton rental pool.

The group has a portfolio of more than 6000 residential apartments in Sydney, Brisbane and the Gold Coast.

The Acacia modernisation program included replacing living, dining and common area carpets with timber‐look tiles, new bedroom carpets, European kitchen appliances and upgraded cabinetry and splashbacks, and upgraded bathrooms with frameless‐glass showers.

The apartments at Acacia, which all come with a car park, range from studios through the units with three bedrooms and a study and three‐bedroom maisonettes.

Resident facilities include an aquatic centre with heated lap pool, sauna and spa, and a gymnasium.

The unsold Acacia apartments comprise two one‐ bedroom units, three with one bedroom plus a study, and one with two bedrooms.

The prices start at $807,000 and peak at $1.094 million and rental returns currently been achieved range from $600 per week for a one bedroom unit through to $1200 per week for a three bedroom.