Meriton Acquire new Resi site in Epping

Meriton apartments have acquired a DA approved site in Oxford Street Epping, in a $55m deal with Goodman.

The property at 37 Oxford Street comprises a 4,970sqm site with a DA approval for 22,361sqm of GFA in a 30 storey residential tower above a 3 storey mixed use podium and basement car park. The design accommodates approximately 257 residential apartments.

The property originally formed part of the Cambridge Office Park, one of the original assets in the Macquarie Goodman Industrial Trust. The existing improvements consist of a 3 storey office building providing 3,518sqm of NLA. The property is currently vacant but available for short term lettings.

Goodman sold a larger part of the site (8314sqm) to Poly Global in a $110m deal in 2014. Poly proceeded to develop 500 apartments on that site. That price reflects $220,000 per apartment.

In a reflection of the softer conditions that has since prevailed, the latest deal with Meriton price represents just $214,000 per approved apartment site.

The Epping Town Centre has seen a significant increase in apartment projects in the last 5 years. CBUS are the currently completing the largest of these, The Langston, a 3 tower scheme comprising 462 apartments.

Apartments in the Langston project are still available to buy with agents offering $15,000 rebates on 1 bedroom apartments.

More apartments are planned for the suburb. The redundant Sydney Metro worksite at 242-244 Beecroft Road has recently been approved by the State Government and is likely to be put to the market by Landcom in the near future. The approved scheme provides for 3 towers, up to 15 levels with 432 apartments. Based on the Goodman site sale, the property should fetch close to $95m.

On the south side of the town centre, the Austino Group have been attempting to gain approval for at 2-16 Epping Road and 2-4 Forest Grove. An original application for 390 apartments was refused by Council and subsequently appealed by Austino, with the Land and Environment Court currently considering a revised application for 293 apartments.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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