Harry Triguboff buys Mascot site for $47 million with plans for 400 apartments

Harry Triguboff’s Meriton group has bought its second Mascot development site this year, adding to a war chest comprising $300 million worth of development sites across Sydney.

Triguboff, Australia’s sixth richest man with a fortune estimated by BRW at $4.95 billion has acquired a 17,150 square metre site at 200 Coward Street, Mascot in Sydney’s southern suburbs for $47 million.

It last sold for $11 million in 1998 when acquired by the Queensland Local Government Superannuation Board, the trustee of LGsuper, a super fund for current and former Queensland local government employees and their spouses.

It comes just a month after Meriton spent $39 million on a North Shore Sydney service station in Lane Cove from Bob Rose’s Rose Group with plans to build a $300 million residential tower development featuring 440 apartments.

The Mascot site on the corner of Coward and O’Riordan Streets currently operates as a multi-unit industrial estate with tenants including chocolate maker Lindt.

An apartment development on the site would overlook Mascot Park with Mascot railway station and town centre just a short walk away.

It was sold by Michael Crombie and Jonathon Canavan of Colliers International following a tender process which closed on June 12 and with the potential for 380 apartments.

Crombie tells Property Observer, while there has been no planning in relation to the site, the expected number of units if a compliant scheme is proposed is around 401 units.

He confirmed that Meriton was the buyer.

“The site has exchanged with a three month settlement date, not subject to anything,” he said.

It has proposed mixed-use residential zoning.

In February this year, Triguboff announced that Meriton had acquired a 31,500 square metre industrial site in Mascot for $100 million from industrial landlord Goodman Group. He plans to build 1,000 apartments on the 19-33 Kent Road site near Sydney airport.

Meriton is currently selling more than 2,000 apartments off-the-plan having spent around $300 million on development sites in the past 18 months”.

Triguboff's first project dates back to 1963 when as a clerk, he built his first block of units in the Sydney suburb of Tempe.

May 2013 – Lane Cove

Harry spends $39 million on a North Shore Sydney service station with plans to build a $300 million residential tower development featuring 440 apartments. The 150 Epping Road site in Lane Cove is acquired from Bob Rose’s Rose Group, which received development approval for the site in August last year.

February 2013 - Mascot

Harry acquires a 31,500 square metre industrial site for $100 million from industrial landlord Goodman Group. The sale is confirmed by Goodman after Meriton leaks it to The Australian. He plans to build 1,000 apartments on the 19-33 Kent Road site near Sydney airport.

February 2013 – Olympic Park

Harry pays a reported $22 million plus to buy a 15,000 square metre site with plans for 300 apartments in Sydney’s Olympic Park. The site offers strong transport links, is a corporate hub with over 100 companies based around the sporting complex bringing in more than 10,000 employees every day.

October 2012 - Rosebery

Harry acquires a former industrial property in Rosebery in inner south-east Sydney with plans to build 200 apartments. Meriton pays $21 million for the site.

August 2012 - Waterloo

Harry purchases on McEvoy Street in Waterloo, with plans for 220 apartments.

July 2012 - Lewisham

Harry spends $48.5 million to buy the controversial Lewisham Estates development site which has amended potential for between 377 and 430 units. He boasts that he'd beaten Frasers Property, Toga, Crown Group and Ralan to win the tender. Charlie Demian of the Demian Group paid $8.5 million for the site in 2005.

March 2012 – North Ryde

Harry pays $25 million for a Macquarie Park development site in North Ryde, with plans for a $200 million apartment development covering 330 apartments. The site at 88 Talavera Road, across the road from the Macquarie Shopping Centre and close to Macquarie University, was acquired from property developer St Hilliers, whose construction arm was placed in administration two months later (May 2012) St Hilliers had acquired it in 2007 for $23.5 million.

March 2012 - Chatswood

The biggest site acquired by Harry in 2012 is on Thomas Street in Chatswood on Sydney’s north shore, with approval for 547 apartments. Meriton pays $50 million for the Thomas Street car park with plans for two towers of 29 stories each, one of which will be retained by Meriton as serviced apartments – a growing part of the Meriton business.

December 2011 – North Sydney

Harry acquires a 922 square metre site for serviced apartments at 80 Arthur Street. The sales price is not disclosed. The vendor was the Medi-care Centre Foundation, which acquired the land and office building in 1988 for $14.1 million.

December 2011 – Zetland

Harry acquires a site at South Dowling Street with plans for 400 apartments and “excited by the prospect of further development in the Green Square precinct”. The initial design includes five buildings ranging in height from seven – 20 levels with 360-degree views. Meriton plan to provide a mix of 1, 2 and 3 bedroom apartments with a retail component strip.