Sixty Apartment owners in Macquaire Park are breathing easier now that Harry Triguboff has settled on his acquisition of their apartments – his first strata-unit site amalgamation in his 56-year career.
Meriton has not disclosed the cost of its new acquisition, but sources reveal the price to be $53.3m. Contracts were exchanged last December and were settled on the 19th March.
Whilst the legislation allows for the sale of a building when at least 75% of owner agree, Meriton was only prepared to acquire the building if all owners agreed to sell, as opposed to forcing owners to sell. “We’re not here to force sales by reluctant owners" said Mr Triguboff.
“Meriton wants to give certainty to all owners that it is a real buyer and a fair buyer and to give them a firm grasp on when they’ll be paid.”
David Ritch, head of acquisitions, said Meriton had received number of approaches from committees acting for buildings where the 75 per cent threshold had been reached.
The 4,227sqm site is part of the Waterloo-Cottonwood garden precinct and occupied by five strata buildings and backs on to the Wilga Reserve. Under planning rules, the land has a 4.5:1 FSR which should allow approx 230 apartments to be built within the 14-level height limit.
Meriton are yet to submit a development application for the site, however based on our estimated yield under the current LEP, the purchase price, the site represents a value of $231,000 per approved apartment.
Mr Triguboff said the site, which to Macquaire Centre, Macquarie University, and the Macquarie Park train station, is in " the best part of Macquarie Park, the project is not too big, and the height allows for good views. The units will be empty in a few months and we hope to start building quickly.”
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