Meriton Apartments Group CEO Harry Triguboff has struck a deal to purchase the 11 hectare Little Bay Cove waterfront development in Sydney’s eastern suburbs at close to $245 million, according to The Australian.
Triguboff bought the development from Malaysia’s TA Global Bhd, who have reportedly been involved with the project since 2010.
Located off Anzac Parade in Little Bay, Sydney, the site provides existing infrastructure, including roads and landscaping, and is already complete and the site is masterplan-approved for a combination of single-lot housing, town houses and luxury apartments – with an opportunity to add value by increasing the number of dwellings.
Little Bay Cove features over 11 hectares of land including civil works complete along with masterplan development consent which allows for immediate commencement. All remediation, site works, roads, park landscaping and infrastructure have been completed. The site is fully serviced with all required amenities, including water, electricity and gas.
Knight Frank said that Little Bay Cove is expected to benefit from the NSW Government’s CBD and South East Light Rail project, currently under construction down Anzac Parade, providing links to the CBD. It is also just 10 minutes’ drive from Sydney’s international airport.
According to The Australian, Mr Triguboff dropped prices for his new wave of apartments by 5 per cent over the past year, saying demand is strong but the crackdown by the banking regulator has taken buyers out of the market.
“Meriton group is pushing ahead with a huge development pipeline, starting with nearly 1000 units in Sydney in the past two months in the inner and middle suburbs of Mascot, Rosebery and Homebush,” The Australian said.
“He has also settled the sale of just over 1,000 Sydney units over the same time frame.”
The property was marketed for sale via an expression of interest campaign, which launched 28 February 2017.