TRIGUBOFF TAKES APARTMENT PORTFOLIO ABOVE 3000 UNITS
Written on the 2 February 2017 by Business News Australia
HARRY Triguboff has reached a new milestone with his property investment portfolio by breaching 3,000 apartments.
The 3,066 apartments, all in Sydney, have been accumulated over 15 years by the Meriton group founder and owner and are worth more than $3 billion.They are in addition to nearly 4,500 serviced apartments owned by Meriton and a further 3,000 apartments managed by the company.
Triguboff, last year ranked as Australia's richest person with a $10.62 billion fortune, is expected to add hundreds more residential apartments to his holdings this year.
Victor Toscano, Meriton's head of residential leasing, says the vacancy rate for the 6,000-plus apartments' rent roll is 0.06 per cent."This year we hit an alltime record, signing up 134 tenants in one week and battled to keep up with demand, which is great for both Triguboff and for our investor clients," he says.
The Triguboff-owned apartments produced income of $79.57 million in the 201516 year.
"A lot have been added to Triguboff's portfolio since June 30, so the income figure is expected to top $100 million in the latest financial year," says Toscano."Triguboff is capitalising on an ever stronger rental market for brand new apartments in Sydney, which he regards as one of the greatest cities in the world.
"He's extremely comfortable when it comes to keeping apartments because his company has built the blocks and knows everything about them.
"He's always insisted, be it for his own apartments or for those that are sold, that each building has a dedicated onsite manager."Triguboff's holdings are spread across 11 Meriton projects in the suburbs of Chatswood, Lane Cove, Chiswick, Rhodes, North Sydney, Waterloo, Zetland and Mascot.
The holdings often involved whole buildings, such as Mascot Central."When Mascot was completed early last year, a building with 205 apartments was retained and put into the leasing pool.
"The first big block that was retained was at Bondi Junction, where the 305 apartments have since been converted to serviced apartments."The company, founded by Triguboff in the 1960s, is Australia's biggest owner of hotels, with 17 properties that are home to a total of 4469 serviced apartments in Sydney, Brisbane and the Gold Coast.
Business News Australia
Author: Business News Australia