Harry Triguboff buys a Mascot site for $67 million

Billionaire Harry Triguboff's Meriton Group has made its first apartment site purchase in almost a year, paying around $67 million for the property at Mascot near the airport.

It has development approval for 242 units and the potential to increase it to 299.

The 671- 683 Gardeners Road site is adjacent to Meriton's Mascot Central development on Kent Road.

The property was sold with a short-term leaseback to the vendor Jewel Fine Foods. Jewel bought 683 in 2004 at $2.79 million from the Townson Property Group, then 671 in 2010 for $7.5 million having traded at $7.6 million five years earlier. 

The Australian Financial Review advise the sale was negotiated by Meriton's group acquisitions manager Angelo Mantsis and Colliers International's James Bellew and William Gathercole.

His last known purchase was in April last year with $90 million for the six hectare balance of British American Tobacco’s Pagewood property.

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