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Meriton has moved into the second phase of its Carter Street, Lidcombe project, submitting a development application to add 10-storeys to an already-approved residential tower.
The building is one of four towers in Meriton's Carter Street development, which forms part of the broader Sydney Olympic Park Strategic centre.
The application relates to 1-5 Carter Street, which will now comprise a 23-storey mixed-use development of 386 residential apartments with ground floor child care and car parking from the basement to level two.
The application was made by Karimbla Constructions Services, a division of Meriton. The estimated cost of the additional work is $13.7 million.
Related reading: Showground Station Precinct Reveals Plans for 3600 Homes
Meriton bought the site from Goodman Group’s large-scale Sydney Olympic Park in 2015 which was Meriton’s biggest purchase up to that time at $250 million. The industrial precinct was capable up holding up to 1300 apartments.
Phase one included the development of two 22-storey towers, which is now being marketed as “The Retreat” by Meriton.
The NSW government endorsed the Carter Street Priority Precinct as a priority precinct as part of the 2012-13 budget on the basis of its location as part of the broader Sydney Olympic Park Strategic Centre which is designated to accommodate significant jobs and housing growth.
Related reading: Triguboff Sells More Apartments, Warns Against Falling Foreign Property Buyers
In all, there are plans for 5,500 new homes including townhouses and apartments at Carter Street over the next 20 years plus retail facilities, a business park, new primary school, new 1.8-hectare park and new links to Sydney Olympic Park and parklands.
Goodman sold a major parcel to Chinese-led developer Australia YMCI in 2016 for $660 million which was an Australian record for a development sale. YMCI received development approval for a residential and retail project consisting of three residential buildings.
Goodman began moving to rezone about $1 billion of industrial property for residential uses in 2012.
