Harry Triguboff's Meriton spends nearly $70 million on Carlingford apartment development site

The 2.8 hectare site was bought from the Dyldam development group

Harry Triguboff's Meriton spends nearly $70 million on Carlingford apartment development site
Harry Triguboff's Meriton spends nearly $70 million on Carlingford apartment development site

Harry Triguboff’s Meriton has spent $68.5 million on an apartment development site at Carlingford, 22 kilometres from the Sydney CBD.

The 2.8 hectare site was bought from the Dyldam development group.

The triangular site is located at 263-273 and 277-281 Pennant Hills Road.

There was existing DA approval for 450 apartments lodged in 2011, with Colliers signalling there was “significant opportunity to improve planning outcome” given the addition of an  adjoining 4,500sqm amalgamated since the DA was approved.

The extra holding was secured in late 2017 at a cost of $10.48 million, according to CoreLogic.

The predominantly zoned R4 High Density Residential site came with an FSR of 2.3 : 1 and height from 27-33 metres.

Carlingford has a $720,000 median price for its existing units, with realestate.com.au calculating its units rent for $450 per week reflecting a rental yield of 3.3%. 

Based on five years of sales, Carlingford has seen a compound growth rate of 2.1% for houses but negative -0.2% for its units.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Development Site Apartment Development Carlingford

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