This article is from the Australian Property Journal archive
BILLIONAIRE Harry Triguboff’s Meriton Properties has shifted focus from the CBD to the suburbs, snapping up a 2.8 hectare site in Sydney’s north west that was owned by struggling developer Dyldam.
The sale comes shortly after $1.1 billion of Dyldam’s projects were put at risk when eight development sites in Sydney and Brisbane were repossessed by receivers.
Meriton paid $68.5 million for 263-273 and 277-281 Pennant Hills Rd, bordering Shirley St in Carlingford. It offers potential to hold has many as 1,300 apartments, and a permit had been obtained for five buildings of up to 11 storeys with 450 apartments that marked the first stage of the project.
The site was put up for sale in November when receivers Newpoint Advisory, acting on behalf of senior secured lender Global Galaxy Holdings III, appointed Colliers to the marketing campaign. Global Galaxy Holdings III is reportedly owed $74.6 million. Hong Kong-based companies BECL Strategy Holding Limited and Mission Sino Limited are junior secured creditors, and are owed $82.6 million.
HLB Mann Judd’s Barry Taylor and Todd Gammel, joint administrators of several Dyldam entities that owned the property, suggested in a creditors report it could fetch between $68 million and $85 million.
According to the Housing Industry Association’s Housing 100 report, Dyldam was kicking off construction of more than 2,200 units in New South Wales.
Dyldam entities had been placed in liquidation since the middle of 2019 due to insolvency and failure to pay taxes. Earlier this month, McGrathNicol took control of the Sydney and Brisbane development properties after HLB Mann Judd were appointed to 22 Dyldam companies at the end of last year.
Among the sites were the Pitt St property in western Sydney’s Merrylands, home to $808 million development The Opera that slated for eight buildings with 1,200 apartments. Residents are set to move into the first tower this year.
The $150 million Dover project in Fairfield, the Chalk Hotel in Brisbane, and multiple western Sydney sites are also now with receivers.
