Development heavyweight Meriton has scooped up a $50-million site in Sydney’s north-west.
The acquisition by Harry Triguboff’s Meriton is a 1.24ha site at 24-34 Fishburn Crescent and 2-12 Sexton Avenue in Castle Hill in Sydney’ss north-west.
The site is approved for a seven building, 300 apartments development.
The local arm of previous owners Hong Kong-based KWG Group declared insolvency earlier this year.
KordaMentha was appointed the receivers and managers.
The property has a $59.5-million mortgage with $57.3 million owed to Dragons 519 Limited, which is based in the Cayman Islands.
Construction costs, builders collapsing, rising interest rates, taxes, and even the NSW building commissioner exposing projects is handing players like Triguboff the opportunity to acquire key sites.
According to Ray White Western Sydney commercial director Peter Vines, all those factors have led to more sites coming to the market as projects become unfeasible.
That is, until a big player like Triguboff steps in.
DLN, Arva and Giles Tribe Architects were the architects on the Castle Island project, as it was named by the KWG Group.
Walking paths, multiple green spaces, a community hub, barbecue dining, outdoor cinema, a library, gym and children’s play areas were all included in the original plans for the site.
The green spaces included three elevated sky gardens.
In July, Triguboff told media that planning systems must change to allow more investors to buy property to create more available rentals.
“But if the government threatens investors daily that they will charge too much, what investor will ever come here?” Triguboff said.
“Until the latest efforts to entice big foreign firms to come, we provided rental accommodation from within Australia.”
He also weighed in on the statre of the construction industry.
“There are more builders who have gone bankrupt than anyone else,” Triguboff said. “Very few succeeded.
“Councils and the planning department must find reasons to approve not to delay.”
