Amid falling property prices and predictions of an unlikely glut in Australia’s major cities, the Meriton Group has listed the 199-unit Meriton Suites North Ryde with an asking price of about $150 million.
Meriton chief executive, Harry Triguboff, blames government taxes and credit restrictions that have started to hit foreign buyer demand for the headwinds in the market.
Triguboff told the Australian Financial Review earlier this week that the situation was “very bad”.
"When we start saying that stamp duty for foreign buyers should be 12 per cent instead of 4 per cent, that is called stupid."
[Related reading: Harry Triguboff Buys Sydney's Little Bay Cove for Estimated $245 Million]
Meriton Group, Australia’s largest apartment developer, currently operates 17 Meriton Suites properties across Australia. JLL Hotels & Hospitality have been appointed to market the sale for the largest serviced apartment complex in the Macquarie Park area. Meriton acquired the site in 2012.
“The property is well-established with a high occupancy in the order of 90 per cent and strong annual year-on-year revenue increases,” JLL Hotels & Hospitality Group chief executive Craig Collins said.
Collins said there were solid demand drivers in the Macquarie Park area for hotels including the Macquarie Park Business Centre, Westfield, Macquarie University and various hospitals.
Meriton Group have four new Sydney projects totalling 1850 units currently underway with other new projects starting shortly in Sydney and on the Gold Coast.
Expressions of interest for Meriton Suites North Ryde close on 22 February.