Following last week’s news that Sydney developer Crown Group was foraying into the Melbourne market, Harry Triguboff’s Meriton has purchased its first development site in the city.
With an established presence in the New South Wales and Queensland apartment markets, Meriton will finally make the move to Melbourne after 56 years with the purchase of the site at 140-146 King Street for a cool $29 million.
140 King Street (Image source: Rothelowman)
Currently home to a vacant office and retail building, the 792sqm site has planning approval for a 57-storey building with 263 apartments, designed by Rothelowman architects.
Triguboff, who established Meriton at age 30 in 1963, has amassed a personal fortune of $12.31 billion, ranking at number 3 on The Australian’s list of richest people in the country.
He said the move to Melbourne was “exciting,” representing a complete presence for the brand along the eastern coast.
“Guests have been asking for a long time, ‘when are you coming to Melbourne’, but it hasn’t been the opportune time, until now,” Triguboff said. Speaking of the “great location” at King Street, he said that “early discussions with local government made us feel very welcome – they want us to get started quickly!”
Harry Triguboff (Image source: The Australian)
Aiming to commence construction later this year, Meriton Construction Director David Cremona said the company will issue requests for tender shortly. He also spoke of Meriton’s commitment to hiring local builders and trades for the project.
The completed development will operate as serviced apartments, under the Meriton Suites brand.
Header image source: Rothelowman
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