One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Harry Triguboff

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If it happens, the sale of Harry Triguboff’s Meriton empire will probably stand forever as the biggest residential property deal in Australia, and make the the 81-year-old billionaire the richest person in Australia.
Gina Rinehart’s wealth, which <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.brw.com.au%2fp%2flists%2frich-200%2f2014%2fbrw_rich_list_gina_rinehart_m7ycsmzbKAfToPc7CQvJ5N" target="_blank">BRW reckoned was $22 billion in June</a>, is plunging in line with iron ore prices. Her ongoing family lawsuit, the cost of building her Roy Hill mine in the Pilbara, and non-receipt of half a billion dollars from the sale of her Galilee Basin coal interests aren’t helping her fortunes. Only yesterday America's <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.forbes.com%2fprofile%2fgina-rinehart%2f" target="_blank">Forbes magazine cut her estimated wealth</a> from US$18 to US$12 billion -- still enough to put Rinehart at the top of its list of the 50 richest Australians, but she's clearly peaked.
Triguboff, on the other hand, is on the rise thanks to booming property prices in Meriton's three key markets -- Sydney, Brisbane and the Gold Coast. BRW's Rich List <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.brw.com.au%2fp%2flists%2frich-200%2f2014%2fbrw_rich_list_harry_triguboff_eDO3uvrTTyl8oEGGsqxV4N" target="_blank">put his fortune at $5.5 billion</a>, and Forbes <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.forbes.com%2fprofile%2fharry-triguboff%2f" target="_blank">now ranks him as the second-richest Australian</a> after Rinehart, worth US$5.6 billion (up from US$4.3billion a year ago), trumping Frank Lowy and James Packer.
Triguboff's wealth is in Meriton, his privately owned apartment developer he built from scratch and owns outright. Triguboff, still hands-on, is well past the usual retirement age and has no clear succession plan.
Notwithstanding awards including his AO, colour always surrounds Triguboff, an imposing figure famous for blueing endlessly with tough Sydney lord mayors like Frank Sartor and Clover Moore, and near-constant controversy <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.smh.com.au%2fbusiness%2fproperty%2fmeritons-war-of-world-tower-20130104-2c8xn" target="_blank">over building and design quality</a>, Meriton's practice of vendor-financing and <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fgoddardsolicitors.com.au%2fmedia%2ffeud-hangs-regis-towers%2f" target="_blank">warring for control of bodies corporate</a>, and on and on. In one <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.smh.com.au%2farticles%2f2004%2f11%2f06%2f1099547432537%3ffrom%3dstorylhs" target="_blank">2004 case </a>Triguboff and his wife, Rhonda, were dragged before the Residential Tenancies Tribunal and ordered to pay almost $3,000 compensation to two of their tenants for failing to fix an oven in a Bondi Junction flat.
That 50-year career comes to a head with the touted sale of Meriton -- named after the street in Gladesville, in Sydney's inner-west, where Triguboff pulled off one of his earliest successful unit developments in the '60s.
Triguboff has been talking about selling Meriton for almost a year, most often to a mooted Chinese buyer like huge developer Country Garden, but no investment bank has been appointed to conduct a formal sale price, fueling scepticism in the market that a deal is even happening.
And as Jonathan Chancellor has <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.propertyobserver.com.au%2fforward-planning%2finvestment-strategy%2fproperty-news-and-insights%2f39600-harry-triguboff-s-hopes-hit-15-billion-for-meriton" target="_blank">pointed out</a>, the asking price keeps going up, from <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.afr.com%2fp%2fbusiness%2frich_lister_harry_triguboff_mulls_dMyzinTOaL5wJ60cTWElzI" target="_blank">$6 billion in April 2014</a> (although that was just the development business) to <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.propertyobserver.com.au%2fforward-planning%2finvestment-strategy%2fproperty-news-and-insights%2f37329-meriton-s-harry-triguboff-says-10-billion-is-his-asking-price" target="_blank">$10 billion by October</a>, to $12 billion then -– in an interview with <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.theaustralian.com.au%2fbusiness%2fharry-triguboff-wild-about-a-15bn-deal-on-meriton%2fstory-e6frg8zx-1227197593769" target="_blank">The Australian this week</a> -- the eye-popping figure of $15 billion.
That asking price would make Meriton worth more than listed developers like Mirvac, which has a market capitalisation of $7 billion (a multiple of 15 times next year's expected earnings), Lend Lease (capped at $9 billion or 14 times forward earnings) or Stockland ($10 billion capitalisation, or 16 times earnings). None of these are directly comparable to Meriton, however.
Just before Christmas, for the first time in its history, Meriton <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.meriton.com.au%2fblog%2fmeriton-the-year-in-review%2f" target="_blank">put a value</a> on its net property assets including the thousands of apartments it owns, claiming they had leapt in value 21% from $6.1 billion to $7.4 billion in 2014. Meriton also said an external valuation by Grant Samuel (not released) suggested that the whole company was worth between $10 billion and $12 billion when recurring income was taken into account.
There is no way to verify these figures: Triguboff controls the Meriton empire through shareholdings in 10 private companies and dozens of directorships. He would not be interviewed for this story or respond to written questions, but company insiders told Crikey that Triguboff was in no hurry to sell Meriton, and if he were to sell, he would not split the company.
On the one hand, even as some of the froth comes out of housing markets, Triguboff is clearly hoping to get out at the top. On the other hand, the rapidly depreciating currency is making Meriton more attractive to an overseas purchaser.
Morningstar head of property research Tony Sherlock said that, accepting Meriton's stated $7.4 billion net asset value, a rough valuation of the whole business at $10 billion could be supportable, based on a set of plausible assumptions about the development business -- a 15% profit margin on sale of 3,000 units a year worth $600,000 each on average, less 30% tax, creates after-tax profits of $189 million per annum, which, at an earnings multiple of 12-14x, would value the development business at $2.3 billion to $2.6 billion. Whether those numbers are sustainable is anyone's guess.
Based simply on the numbers that have been canvassed publicly, Sherlock says, there will be "no interest at $15 billion, casual whiffs at $10 billion, and strong interest at $8 billion".
Sherlock does not think a sale will happen: "From a risk perspective an overseas buyer would feel more comfortable with the Australian dollar at 75c than 100c. But I think a lot of people think property is expensive, so why would you be rushing in to buy expensive assets? People want some value on the table, but at $15 billion, I think he's leaving none."
This article first appeared on <a href="https://www.crikey.com.au/" target="_blank">Crikey</a>.
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How much is Meriton really worth? Harry Triguboff's sale price possibilities

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<a href="https://www.forbes.com/profile/harry-triguboff/" target="_blank">Forbes</a> has estimated property developer Harry Triguboff's net worth at US$5.6 billion (A$7.1 billion).
The result puts the Meriton founder second on Forbes' list, but he remains a fair way behind mining magnate Gina Rinehart, whose wealth is valued at US$11.7 billion (A$15 billion).
This year, Triguboff had the greatest gain of anyone on Forbes' 50 Richest Australians list, with their estimate jumping US$1.3 billion (A$1.67 billion) over twelve months. The rise is attributed in part to the interest in new Australian property from Chinese buyers, but the end figure itself was most likely taken from speculation around the sale of Meriton, which <a href="/news/harry-triguboffs-hopes-hit-15-billion-for-meriton">Triguboff recently priced at A$15 billion</a> (US$11.65 billion).
Long time BRW Rich Lister Maurice Alter, of Pacific Shopping Centres, was named a billionaire by Forbes for the first time, with an estimated net worth of US$1.3 billion (A$1.67 billion). Another shopping centre mogul, John Gandel is valued by Forbes at U$3.6 billion (A$4.6 billion).
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Highrise Harry Triguboff rises to heights of Forbes Australia rich list

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Harry Triguboff has said that Meriton’s strata management arm has little to do with competing with other strata management companies, and all to do with service offering.
Triguboff told Strata Live that while buyers are educated when it comes to buying a property, these buyers avoid getting involved in strata management of their own buildings due to the legislation and responsibilities.
“One of the reasons we started our own strata division, is so we could help owners with that process. We already offer buyers vendor finance, we guarantee tenants for investors and we manage their apartments," Triguboff said.
“Managing the strata in our buildings is something we probably should have started years ago."
“Who knows the buildings better than we do?  Every brick, every pipe, every cable has fallen into the hands of a Meriton expert."
 The service is an additional offering for owners if they opt to use it, with many choosing to do so. Some now fear that legislation changes will stop them from using the service.
“It is not about competing with other strata companies.  I think many of the strata companies would agree that Meriton has given them a great deal of business over the years,” Triguboff said.
“It is about constantly improving and implementing new services that are for the betterment of our lot owners.”
Picture of Harry Triguboff courtesy of Wikipedia/Creative Commons.
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Harry Triguboff

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