Merrylands: $1.1 million sale of the Gladstone Village unit breaks record for suburb

A 25-year-old first homebuyer celebrated two milestones after buying a $1.1 million off-the-plan apartment in western Sydney and smashing a record for the suburb.

A 25-year-old first homebuyer from Cabramatta not only bought his first home at Merrylands but broke a suburb record when he purchased the three-bedroom off-the-plan apartment for $1.1 million.

The sale of the 237sq m home, which is part of the under-construction Gladstone Village, smashed the price record by more than $300,000 after a three-bedroom, three-bathroom, one-car townhouse fetched $795,000 in March.

The Pitt St unit has two bathrooms, two car spaces and is part of the $800 million Aland development, where more than 40 per cent of the first stage has already been sold.

“Apartments in The Gladstone Village are selling fast because there really is nothing else out there that compares,’’ Aland chief executive officer George Tadrosse said.

He said the 365-apartment complex was one of the last remaining pockets along Sydney’s rail network to be developed and the central location, close to Stockland shopping centre, was also drawing investors.

There are more than 360 apartments over three blocks in The Gladstone Village.

“While homebuyers are drawn to the quality of the build and its great location, investors are keen to capitalise on the high rental yield and low vacancy rates of new apartments in the suburb,” Mr Tadrosse said.

As at the end of March, the expected rental return for a two-bedroom apartment in The Gladstone Village was $520 a week compared with Merrylands’ average of $460 a week and greater Sydney’s $495 a week.

Overall vacancies in the suburb remain low at just 2 per cent, SQM Research says.

A swimming pool is one of the retreat features of the complex.

The complex, comprising three buildings up to 20 storeys, is expected to be completed in the second half of 2023 and contains studios from $499,0000, one bedroom units from $544,000, two bedrooms from $619,000 and three-bedders from $819,000.

Common areas include “resort-style amenities” including a rooftop swimming pool and barbecue facilities with about 2400sq m of retail and commercial space.

The Gladstone will be neighbours with the 346-apartment Mason and Main complex at Merrylands Rd, which is slated to be a buzzing food and beverage precinct to revitalise the suburb’s main street.

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Originally published as Merrylands: $1.1 million sale of the Gladstone Village unit breaks record for suburb