Meriton’s Symphony a double hit

The Meriton group has orchestrated a development hit with its Symphony towers at Zetland, racing to a sell-out before completion and achieving bullish rents.

The $200 million four-building Symphony, fronting Epsom Road, is due for completion within days.

The ‘all sold’ sign went up at the 220-apartment project last week when a three-bedroom maisonette penthouse sold for $2.315 million – the highest price achieved at Symphony.

Meriton, Australia’s apartment developer and headed by industry veteran Harry Triguboff, embarked on a leasing campaign on behalf of buyers in May and struck immediate success.

“We’ve been nearly run over in the rush,” says Victor Toscano, Meriton’s head of residential leasing.

“We’ve been achieving higher then expected rental prices that top averages for Zetland and the supply of available apartments has dwindled rapidly.”

Mr Toscano says the rush has left only a handful of apartments in the first release with the final stage due for completion towards the end of the month.

He said the rents being achieved ranged from $590 a week for a one-bedroom apartment through to $1050 for apartments with three bedrooms.

“The fact that there is such lusty demand from tenants at those figures is a tribute to Symphony’s quality, its extra-large apartments, features such as timber-look tiles in kitchen and living areas, and the location close to Green Square Station.”

Symphony has been built on a 1.3ha site, bought for $47.5 million in 2014, that was owned by US group Goodrich Control Systems.

It neighbours the $13 billion Green Square urban renewal project and Gunyama Park, which is evolving into a world-class aquatic and sports centre.

The apartments have views over Green Square to the Sydney CBD, which is 5km away, and beyond.

Symphony, in which the buildings are up to 11 levels, has been designed by Allen Jack + Cottier Architects, which won a design competition run by Meriton.