Mertiton Group has acquired an apartment site in South Sydney's Mascot for an estimated $67 million, according to the Australian Financial Review.
The site at 671-683 Gardeners Road reportedly has development approval for 242 units and the potential to increase it to 299.
Speaking to the AFR, Meriton sales director James Sialepis said, "It makes perfect sense for Meriton to capitalise on the hard work it has put into establishing this area as an urban renewal area by purchasing more sites in Mascot and its surrounding areas," he said.
The newly acquired site is adjacent to another Meriton developement - Mascot Central - which had a sell-out first release.
The sale was managed by Meriton Group's acquisition's manager Angelo Mantsis and Colliers International's James Bellew and Williams Gathercole.