Harry Triguboff predicts strong property bounce for Parramatta
Rich-lister Harry Triguboff has tipped Parramatta to weather the property market storm better than most suburbs across Greater Sydney.
Australia’s richest property developer Harry Triguboff has predicted Parramatta will emerge from a cooling market as a powerhouse on the back of billions of dollars being pumped into new infrastructure and major transport upgrades.
The 85-year-old property baron, worth an estimated $12.77 billion, is one of the few developers around Australia who can withstand a downturn as he doesn’t need to be knocking on banks’ doors for loans.
Speaking exclusively with the Advertiser, Mr Triguboff said there were “a lot of positives at Parramatta, both today and in the pipeline” amid a collapse in Sydney house and apartment prices of up to 10 per cent over the past year.
“I believe things will improve quickly,” the Meriton founder and managing director said.
“We have built in Parramatta for more than 40 years.
“We know the area extremely well and are very excited to see it moving ahead so quickly.
“The new Parramatta Light Rail and Bankwest Stadium will be major positives.”
He said while there was still a “big demand” for apartments and serviced apartments in the west, “developers must be careful not to go into debt”.
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“Also, they should not have empty apartments,” Mr Triguboff said.
“Apartments are very easy to lease so, even if sales are down, there is income.”
His latest development in Parramatta — the $322 million Charles and George project — is set to be determined by the Sydney Central City Planning Panel in the next few months.
It consists of two towers, 57 and 66 storeys, the latter of which, if approved, would be the tallest outside of Sydney CBD.
In all, the project — located on a corner site on George and Charles streets — will have 767 residential units, 216 serviced apartments, 2329sq m of retail floor space, a childcare centre, a commercial gym and five basement levels containing space for a total of 640 cars and 188 bicycles.
Meriton has also committed to making a $7.2 million payment to Parramatta Council for urban renewal improvements.
Urban Taskforce CEO Chris Johnson said Parramatta had “clearly turned a corner” in recent years, “from having a few squat medium-rise towers to a city of tall, slender towers”.
“Harry Triguboff has always been a trendsetter in understanding the preference by many people to live in an apartment that is well located and affordable,” the former Government Architect said.
“His endorsement of Parramatta as an emerging urban centre means its future is now assured.”
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