Renters rush Mascot Central

AUSTRALIA’S biggest apartment developer, Meriton, is in the midst of a rental rush at its four-tower Mascot Central project, with young families to the fore.

All of the 110 available apartments in Mascot Central’s completed first building, The Strand, have been leased and tenants have moved their focus to Mascot Central’s second tower, The Bond.

Victor Toscano, Meriton’s head of Residential Leasing, said 15 leasing deals a week were finalised in The Strand, which was completed in April.

“The interest is equally strong in The Bond, in which all 205 apartments are being leased.

“The rates being achieved are testimony to what Mascot Central offers its residents and to Mascot as a location.”

Mr Toscano said rents ranged from $590 a week for one-bedroom apartments through to $1000 a week for three-bedroom apartments.

Mascot Central, when completed later this year, will have 1196 apartments, with 386 of those in a designated serviced apartment building.

A 5000sqm retail precinct anchored by a full-line Woolworths supermarket opened on April 30 and it includes cafes, restaurants, a medical centre and specialty shops in an alfresco mall-type setting.

Mascot Central also has a childcare centre and five-star resort-style facilities, including indoor aquatic centre with heated lap pool and spa, gymnasium and sauna.

Mr Toscano said 60 per cent of Mascot Central’s tenants were young families and they favoured the bigger apartments.

“There’s no doubt that being able to go downstairs to buy your groceries or have a coffee is a winner for Mascot Central residents.”

“Our feedback also is that being 100 metres from a train station, 5km from the city’s heart, and 2km from the airport is a major factor in people choosing to live in Mascot.”

Meriton, headed by founder Harry Triguboff, bought Mascot Central’s Kent Road site from the Goodman Group for $100 million in 2013.

It endorsed its faith in Mascot by spending $43.4 million the following year to buy a 7820sqm site, home to a warehouse and indoor sports centre, on the corner of Kent Road and Bourke Street.

A three-tower project called Kiara was launched in May, with 110 apartments selling in the first few days.