Harry Triguboff pays $25 million for site in Ryde

Alistair WalshDecember 7, 2020

Meriton boss Harry Triguboff has paid $25 million for a site in Ryde in Sydney’s inner north west.

He plans to build a $200 million 269-unit development on the 1.08 hectare site on Church Street.

The site already has approval for a development which pleased the apartment tycoon.

"I started in the suburbs of Meadowbank and Ryde like I started in many other suburbs," Triguboff told The Australian.

"It's a very good site, the plans are approved. It takes longer to get council approvals than to build it. I like the position and I like the fact it's got an approval."

He is expected to start building a series of six to eight storey buildings by the end of year.

The site has three street frontages and potential for water views.

It was sold by CBRE’s Matthew Ramsay, Frank Oliveri and Peter Vines.

Ramsay said he had been on the verge of selling it to a Chinese group.

“We had an offshore group in due diligence that expired and Meriton came in. And we locked up a deal with them in a week or 10 days."

"We have a lot of interest from offshore, and there are four large groups from Melbourne also looking at Sydney properties. As well, a lot of the medium-size developers are taking the next step up and looking at sites worth $30 million to $40 million."

Triguboff reportedly bought the site from the Motive Properties, run by South African Adam Kaplan.

Alistair Walsh

Deutsche Welle online reporter

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