Spectrum to be Mascot’s latest

Harry Triguboff, Australia’s largest developer of apartments, is poised to again exhibit his passion for the Sydney suburb of Mascot by releasing a new four-tower project, Spectrum.

Apartments in the 42 Church Avenue project received DA approval last week from the Sydney Control Planning Panel and will launch its sales campaign next month, a move that comes as Mr Triguboff’s Meriton group has three other Mascot projects under way.

Last year Meriton completed the four-tower Mascot Central, a project that included the biggest retail-dining precinct undertaken by the 54-year-old group.

Mr Triguboff yesterday said that Mascot, because of its enviable location within easy reach of the Sydney CBD and the airport, was a development gem.

“Meriton first put a toe in the Mascot water way back in 2014 and I’ve become increasingly bullish about Mascot on the back of our successes there.

“It’s a prime target for owner-occupiers and investors and is a hotspot with renters.

“We have set out to improve the suburb’s lustre and vibrancy by offering people a lifestyle rather than just apartments in which to eat and sleep and Spectrum takes us even further down that path.

“The major shopping and dining precinct that we’ve added to Mascot will be just across the street for Spectrum residents.”

Spectrum will have 347 large upmarket apartments spread across four buildings of up to 13 levels and is to be built on a 1.11-hectare site bought for $75 million in 2014.

The project, which ultimately will have three street frontages and will include a central park connecting its towers, has been designed by the award-winning team at Crone Architects in tandem with Meriton’s in-house design team.

It will take shape 100 metres from the Mascot Train Station and will be within easy reach of universities, colleges, schools and parks and recreation facilities such as the future Green Squares Gunyama Park and Aquatic Centre.

The Spectrum apartments will have floor-to-ceiling glass which will bathe them in natural light and also capitalise on views over the grand central park towards Sydney CBD.

There will be an average of seven apartments a floor, all with functional square layouts, and many will have media rooms or a study.

James Sialepis, Meriton’s director of sales, said the ‘go button’ was being pushed on Spectrum on the back of figures which showed the suburb was a standout in terms of capital and rental growth.

“Apartment values were up by at least 8 per cent in the 2015-16 year and we believe the momentum continued in the year that’s just ended.

“Likewise, rents were up by between 4 and 14 per cent and, from our experience as rental managers, the demand remains solid.

“Our vacancy rate consistently sits below 1 per cent.”

Mr Sialepis said Spectrum represented a further step forward in Mascot apartment standards, with Meriton making an immense effort to add ‘finer’ touches to the project’s apartments.

“Kitchens will feature 40mm Caesarstone benchtops, standout splashbacks, bronzed smokey-mirrored barbacks and European appliances that will include externally-ducted rangehoods, gas cooktops, dishwashers and microwave ovens.

“We have included bathrooms with Caesarstone benchtops, frameless glass showers, freestanding baths, wall-mounted floating basins and toilet suites with concealed cisterns.

The biggest of the Spectrum one-bedroom apartments will be 69sqm, with two-bedroom units of up to 100sqm and three-bedroom ones peaking at 117sqm.

Spectrum’s resort-style facilities are to include a 20-metre heated indoor pool, gymnasium, and landscaped podium gardens with under-cover garden areas, and children’s play equipment.

Meriton completed its biggest Mascot venture, Mascot Central, mid-2016, with more than 1200 apartments either sold or retained.

The group moved on to construction of Kiara on Kent Road, in which it is verging on a sell-out of all 233 apartments nearly a year ahead of the project’s completion.

In May Meriton paid $67 million for a site on Kiara’s northern boundary and has already completed demolition.

The 7176sqm property will be home to the three-tower Kiara North, in which all apartments will be retained by Meriton.

In Gardeners Road, Meriton is forging ahead with VIDA, a boutique development which introduces the group’s luxury Platinum Collection to the Sydney market.