Meriton secures biggest buyer in its 60-year history

After 60 years developing apartments, Harry Triguboff has found his largest buyer, with a Chinese-born entrepreneur buying 165 units in four of Meriton’s residential towers.

After 60 years developing apartments, Harry Triguboff has found his largest buyer.

After 60 years developing apartments on the east coast, multi-billionaire developer Harry Triguboff has found his largest ever buyer, with a Chinese-born entrepreneur purchasing 165 units across four residential towers.

The buyer, who has permanent Australian residency, has tipped the entire lot of 165 apartments – mainly two bedroom units – into Meriton’s rental pool, after paying around $1m for each unit since he began acquiring them three years ago.

“He has done purchases in blocks of 40 units, 50 units, and 20 units,’’ Meriton sales director James Sialepis told The Weekend Australian.

“He rings and says he likes them and away he goes. He’s been to the sites, he’s done his due diligence and sees how well the unit blocks are maintained.”

Mr Sialepis said the buyer has met Meriton founder, Mr Triguboff, who is worth $26bn, a couple of times.

“He likes the fact that Harry retains some units in each block himself, meaning all apartments are well maintained.”

An artist’s impression of Meriton’s Cypress Palms towers in Surfers Paradise.

The Chinese buyer, who is based in Sydney, has purchased in Meriton’s towers in the inner and western suburbs including Zetland, Mascot, Lidcombe and Pagewood.

He is now looking at acquiring more investment apartments on Queensland’s Gold Coast where Meriton is developing the Cypress Palms, Australia’s second tallest residential tower.

All up, Meriton has three new towers on the Gold Coast – either completed or under construction.

Mr Sialepis said all the properties purchased by the Chinese-born buyer are under the property management of Meriton and have been successfully leased out.

“The bulk buyer’s purchase has added much needed rental stock to a very under-supplied market,” Mr Sialepis said.

On the Gold Coast, Meriton has just started construction on the 1308-unit of Cypress Palms on Cypress Avenue, Ferny Ave, and Surfers Paradise Boulevard with sales to begin in late May.

Apartments in the taller tower of the Cypress Palms development will be for sale. The tower will rise 302m in comparison with Melbourne’s Australia 108 building, which has a height of 316.7m.

Meriton’s recently completed Ocean tower fronting 84 The Esplanade, Surfers Paradise comprises 740 units. Only two units remain for sale in the tower.

Meriton also has two beachfront towers under construction called Iconica. Fronting 152 The Esplanade, Surfers Paradise the towers comprise 627 units. The tower are 51 and 77 levels high. Meriton will retain one tower for rentals and the other is being sold to individual apartment buyers.

Meriton apartments in Zetland, Sydney. Picture: NCA Newswire / Gaye Gerard

“On the Gold Coast, the rents are very strong, demand is ridiculously strong. Trying to find a unit for lease is very tough,” Mr Sialepis said.

“We are getting investors buying up there and renting the units out until they are ready to retire, some are looking to move to Queensland down the track.

“In the old days people would buy apartments and lock them up and have them as holiday houses but the rentals are too attractive for that at the moment.”

The average weekly rental cost of a Gold Coast apartment is $1100 for a two-bedder.

Originally published as Meriton secures biggest buyer in its 60-year history