Real Estate Mogul Purchases Second Mascot Development Site

The Meriton Group, brainchild of real estate developer Harry Triguboff, is set to purchase its second Mascot development site, bringing the already ample holdings of this firm to over AU$300 million in potential development sites across Sydney.

Already valued as the country’s sixth richest individual, Triguboff recently purchased over 17,150 square metres at 200 Coward Street, Mascot for an estimated AU$47 million. The same plot was sold in 1998 for AU$11 million to the Queensland Local Government Superannuation Board as a locale for public sector employees and their loved ones.

Meriton has been on a buying spree of late. Last month, the group spent AU$39 million to purchase property in Lane Cove. This is on top of plans to spend over AU$300 million on a residential skyscraper featuring 440 apartments.

Triguboff has made quite a name for himself since his first purchase of land way back in 1963, when the then-clerk bought up property in the Sydney suburb of Tempe.

Source: http://www.propertyobserver.com.au/developments/harry-triguboff-buys-mascot-site-for-$47-million-with-plans-for-400-apartments/2013062562656