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.
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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.
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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.
