This article is from the Australian Property Journal archive
HARRY Triguboff's Meriton has paid $48.5 million for a development site at Lewisham in inner-western Sydney.
Selling agent Colliers International residential development executive Ray Younes, said the site was hotly contested by Australia’s major developers who were circling the parcel.
The site has master plan approval for a mixed-use development, designed by Tony Owen Partners and developed by Lewisham Estates P/L, comprises seven buildings ranging between four and 10-storeys over two basement levels.
“The vendor had a vision to rezone the property from industrial to residential to create housing options for the area.
“The development plans have great potential and Meriton recognised this. Rarely does a site generate such competition amongst the big players like this one did, fuelled by its proximity to the CBD, access to three stations, including light rail, and approval for 400-plus apartments and 3,000 sqm of public open space accessible to the wider community,” he added.
Colliers International residential development director Guillaume Volz said that Meriton has made several astute NSW site acquisitions totalling circa $150 million in the last 12 months.
“Despite the changes to the Government stimulus package this year, developers continue to show confidence in the market,” he said. “At the end of the day it always comes back to the old adage of supply and demand, and prime Sydney opportunities like this Lewisham site presented are finite.”
Property Review
