Harry Triguboff’s biggest-ever project one step closer

The booming demand for rental properties has prompted developer Harry Triguboff to launch sales of his biggest-ever development earlier than planned.

The $3bn Pagewood Green development by Meriton on the former BATA site on Bunnerong Rd. Sales of stage 1 have been brought forward to September 2016 to meet increasing rental demand.

The $3 billion Pagewood Green project is one step closer, with developer Meriton bringing forward the sales launch of the first stage to meet the growing demand for rental properties.

The mixed-use development on the old British American Tobacco Australia site next door to Westfield Eastgardens will see 3000 apartments constructed over the next decade.

The launch of stage one, the Allium — which includes four towers of between 16 and 20 storeys — has been brought forward by several weeks to September.

The majority of the 487 apartments housed within have been skewed towards family buyers and investors, with each including three large bedrooms.

An artist's impression of Pagewood Green.

Meriton boss Harry Triguboff said bigger apartments are in short supply in the eastern suburbs, and therefore deliver the strongest rental increases, which are up 5 per cent.

“We’ve almost been caught off guard by the rental demand we’re experiencing for our projects, especially from families, in areas like Mascot, Zetland and Waterloo,” Mr Triguboff said.

“Pagewood will be the same and investors will be chasing the rental returns. It’s a suburb with a lot of atmosphere and we’re going to make it even better.”

Australia's richest man, Meriton developer Harry Triguboff. Photo: Jerad Williams

The Allium will overlook The Lakes golf course and the city, and feature central-podium gardens on the fifth level, above-ground parking and a pool, spa, sauna and gym.

The towers will also sit next-door to Pagewood Green’s new Central Park — 8000sq m of green open space — and house a childcare centre and retail and dining space.

Mr Triguboff said he expected Pagewood’s proximity to the proposed Kingsford light rail stop to add another dimension to the suburb’s appeal.

Meriton bought 10.5ha of the Pagewood Green site for $140 million in 2013 and bought a further 6ha for $90 million in 2015 — the company’s “biggest-ever deal” in terms of cost and size.

The Allium - the first stage of Pagewood Green by Meriton.

A new street through the Pagewood Green site will link Bunnerong Rd to Banks Ave and is proposed to host a number of bus stops to link the routes from the bus interchange at Westfield Eastgardens.

Among the other Meriton projects on the horizon is the $70.7 million Kiara development at Mascot, incorporating 235 large apartments across a four-storey residential podium and three 10-storey residential towers above, a childcare centre, two new public streets and open space.

On nearby Kent St, residents are already living in stage one of the $250 million Mascot Central development, with the second stage being snapped up.