Meriton in new Mascot buy

The Meriton group is stepping up an already large presence in the Sydney suburb of Mascot by buying a development site for $25 million.

The holding at 133 O’Riordan Street is approved for 99 apartments.

Meriton’s head of acquisitions David Ritch yesterday said the new purchase in Mascot is a great value add to Meriton’s portfolio in the area.

“The purchase price equates to around $2,700 per sqm of approved gross floor area which represents a significant discount to previous land values”

The O’Riordan Street purchase, which settles in October, comes as Meriton, headed by founder Harry Triguboff, is actively pursuing sites despite signs the residential market has peaked.

Last month Meriton cemented a $245 million deal to buy the balance of the beachfront Little Bay Cove project.

Mr Ritch said the O’Riordan Street buy was the latest endorsement of Meriton’s absolute faith in Mascot.

“It’s evolved as a great place to live, thanks in part to Meriton’s contribution but principally because of its easy access to the CBD and the airport.”

Meriton last year completed the four-tower Mascot Central, which has more than 1200 apartments and serviced suites and delivered Mascot a 5000sqm alfresco-style retail precinct that includes a full-scale Woolworths supermarket and 16 speciality and food retailers.

Today, after a buoyant sales run, only three remain for purchase at the Mascot Central site.

The group has five other Mascot projects under way that together will provide close to 1300 apartments and hotel suites.

One of those is across the road from the new O’Riordan Street site and consists of 237 rental apartments, and a second Meriton Suites Sydney Airport hotel.

Spectrum, at 42 Church Road, will have 347 large apartments spread across four towers.

Kiara, at 1-5 Kent Road, consists of three towers with 239 apartments and is on the verge of a sellout with only 6 left.

The neighbouring Kiara North’s twin towers will house 246 apartments which are to be retained and rented by Mr Triguboff.

Meriton also has chosen Mascot to introduce its luxury Platinum Collection to the Sydney market.

The Gardeners Road VIDA will have 46 apartments spread across two buildings.