High demand for larger apartments in Mascot continues to drive Meriton’s development plans

Meriton, Australia’s biggest, best and most trustworthy apartment builder, lies at the heart of Australia’s urban transformation and is responding to buyer demand for larger luxury apartments in the burgeoning Sydney suburb of Mascot with the lodgement of a DA for ‘Kiara’, a highly anticipated new development of up to 239 high quality, spacious apartments.

The newest addition to the Meriton portfolio, located at 1-5 Kent Road in Mascot, will be an elegant three-tower, thirteen-level development of stylish oversized apartments designed by award winning architects Turner. ‘Kiara’ will be a mix of one, two and three-bedroom apartments with direct access to lush parklands, striking floor-to-ceiling glass to maximise the natural light and west-facing views over the inner eastern suburbs out to the CBD.

Designed to provide buyers with more 3 bedroom apartment options with only the highest quality finishes, apartments will feature generous open-plan living spaces and large outdoor entertaining areas, sleek gourmet kitchens and spacious bedrooms with mirrored built-in robes. The development will offer an indoor recreational complex with heated pool, sauna, spa and gymnasium. New lush parklands and landscaped rooftop gardens in the complex will also provide residents with an array of lush, green areas to unwind and relax.

Meriton also intends to submit a DA to improve the surrounding streetscape and create more parkland for residents by extending out to a neighbouring site at 637 Gardeners Road in Mascot, Meriton’s recent landmark purchase and fifth site in the suburb.

While there is a growing trend across the country for building apartments that are smaller, Meriton is committed to creating some of the largest apartments in the area to accommodate families within its Mascot developments.

“Meriton is continuing to create more luxurious 3 bedroom apartments in Mascot using the highest quality, experienced architects and builders because that’s what we believe the market requires. Kiara will bring a new era in apartment living for Mascot by allowing families to live in a central position at a price that is not much higher than a 2 bedroom apartment,” says Meriton Founder and Managing Director Harry Triguboff.

Recent buyer interest in Meriton’s nearby Mascot Central mixed-use development and retail precinct has proven demand in this city fringe locale is sky-high. Mascot Central’s first stage release, ‘The Strand’, has sold out of its 300 units prior to completion with owners moving in during April 2016. Final stage ‘The Parque’ apartments have now been released and 40 per cent sold with strong sales to both local and overseas buyers.

“Kiara residents will benefit immensely from the local urban renewal investment that Meriton has made through the development of Mascot Central, its retail precinct with Woolworths and childcare facilities which will open in April, 2016. The location is superb, just five kilometres to the city, two kilometres to Sydney Airport and with excellent transport links including Mascot train station,” says Meriton Sales Director James Sialepis.

“We’re confident Kiara’s investors should also expect an impressive rental return, especially on the larger 3 bedroom apartments which are in short supply. With the median 3 bedroom house rent in Mascot currently returning investors only $700pw, we anticipate Mascot Centrals’ 3 bedroom apartments to return $900+pw coupled with huge depreciation benefits,” he said.

‘Kiara’ is located at 1-5 Kent Road, Mascot and was purchased by Meriton in 2014 for $43 million. It was the former ‘Indoor Central Mascot’ activity centre.