Harry Triguboff's Meriton Group has acquired the final available development plot at Sydney's Green Square for an undisclosed sum.
The 811 Elizabeth Street Zetland site is 9,693sqm and zoned for mixed use development. It has three street frontages and was marketed last year through Knight Frank’s Eugene Evgenikos, Tim Holtsbaum, Dominic Ong and Adam Bodon.
The site sits diagonally opposite the aquatic leisure centre, which will include a 50-metre outdoor pool set within a ‘beach pool’, indoor pools and gym, a park, native landscaping, and play equipment.
Last year, Mr Evgenikos said the sales team was anticipating interest from offshore and local developers. “This is a premium site, and we are expecting a high level of interest. South Sydney is recognised as one of the most sought-after urban regeneration precincts in Sydney, and Green Square is considered the jewel in the crown.
Knight Frank’s Director, Residential Site Sales, NSW Tim Holtsbaum last year said, “A broad range of major local and international developers are already active in the precinct, including Bridge Hill Group, Crown, Deicorp, HiFu, JKN, Leighton, Meriton, Mirvac and more.
“The dynamics of this site makes it a very attractive proposition. Recent residential site offerings in the area include Mirvac’s The Finery at Waterloo, which is recording strong launch sales with over 75 per cent of the first stage release of 118 apartments and terraces sold,” said Mr Holtsbaum.
The Green Square Town Centre development area is 278 hectares, and will eventually be home to 30,500 new dwellings. This includes approx. 10,000 now under assessment or construction. When fully completed after 2030, Green Square’s total population is expected to reach 61,000.
The site was once occupied by Daimler Chrysler and was purchased by AMHA Properties in 2006 for $15.956 million.
By 2030 Green Square will be home to 61,000 new residents and 22,000 new workers.
Gunyama Park Aquatic and Recreation Centre - Image courtesy of City of Sydney and Andrew Burges Architects with Grimshaw and TCL.
Video - Urban redevelopment video footage courtesy of the City of Sydney. Linked from YouTube.