Harry Triguboff snares site from receiver

The 1.24 hectare block is permit-ready for seven towers.

Harry Triguboff has bought a permit-ready apartment development site at Castle Hill, west of Sydney.

The nonagenarian, via his Meriton Group, is paying $50 million for the 1.24 hectare parcel covering 24-34 Fishburn Crescent and 2-12 Sexton Avenue.

Nearly 300 dwellings are earmarked for the Castle Hill amalgamation.

Seven buildings are planned, between nine and 10 storeys, all up with 295 units.

Knight Frank’s Mark Litwin, Grant Buplett and Dominic Ong represented KordaMentha, which in May was appointed receiver and manager for the owner, Hong Kong’s KWG Group, which was marketing the project as Castle Island Hill Showgrounds.

The agents promoted the offering as The Showgrounds Collection.

Busy year for Meriton

With 13 lots, the Castle Hill site is 400 metres from the Showgrounds station and 24 kilometres from town (story continues below).

KWG’s proposal included an outdoor cinema.

The acquisition comes five months since Meriton paid $67.5m for a 52 year old Surfers Paradise building on 3534 square metres near a 76 level residential skyscraper he recently completed, Ocean.

Also in May the company outlaid over $130m for under-utilised buildings overlooking the Brisbane Botanic Gardens, again with plans for apartments.

The group recently completed its first Melbourne project too, a serviced apartment complex at 140 King Streeet – a property purchased four years ago.

Mr Triguboff also turned 90 in May.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.