Sydney serviced apartment market hots up with two major transactions

George Sell George Sell Uploaded 14 August 2014


Australia: Developer/operator Meriton and operator Toga have spent a combined AUS$260 million on sites earmarked for serviced apartments.

Meriton has spent $190 million on parallel sites in Rosebery, bought from Dexus Property Group. The price represents the highest sum paid for a site in the company's 50-year history.

Meriton boss Harry Triguboff said the project, which will include private sale residential unit s and serviced apartments, would be worth about $1 billion on completion, and added that he is on the lookout for more sites.

"To buy land is not difficult - to build is more difficult. The reason we are buying more land is because the sales are very buoyant, and more importantly our progress in the actual building (of apartment projects) is very good."

Toga is reported to have paid $58m for a prominent waterfront site  in Balmain. Sold by the Roche Group, the Sydney Harbour-front site has development approval for 102 residential apartments, 19 serviced apartments and 1425 square metres of commercial and retail space


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