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Triguboff Triples Money On Northern Beaches Property

Sunland1

Property mogul Harry Triguboff has tripled his money on the sale of his three hectare site in Warriewood, in Sydney’s Northern Beaches, selling to listed developer Sunland Group for $18 million.

Meriton Group acquired the land in 2009 for $5 million and reportedly put it back on the market after high-density apartment blocks were knocked back.

The site, located at 18 Macpherson Street, is now earmarked by Sunland for a residential community and will comprise 81 townhouse residences, with an estimated end value of $80 million.

Pending planning and design approvals, the project is expected to launch in 2016.

Warriewood is located 26 kilometres north of the Sydney CBD and forms part of the growing Northern Beaches region.

This latest site acquisition complements Sunland’s existing portfolio in the region, which includes a prime six hectare site in the neighbouring suburb of Ingleside.

Last month, Sunland launched Dahlia Residences in North Kellyville, a new $127 million master planned community comprising 124 free-standing family homes, 24 terrace homes and 15 land lots, set over multiple stages.

The first stage completely sold out in three weeks.

The purchase will add to Sunland’s national portfolio which as at 30 June 2014 comprised 5,556 residential housing, urban development and multi-storey products with a total end value in excess of $3.2 billion, providing a healthy pipeline of premium quality developments to be delivered over the next three to five years.

Settlement for the acquisition is due in 12 months.

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Article originally posted at: https://theurbandeveloper.com/articles/triguboff-triples-money-on-northern-beaches-property