Wraps off new ‘sweet’ release Polo
DEVELOPER the Meriton group, with its initial stage of a major Rosebery lifestyle project ‘consumed’ by eager buyers, is unfurling the wrapper on a new release of apartments and terrace homes.
The Polo Collection, neighbouring the new Rosebery Park, will be the latest addition to The Gallery, a Rothschild Avenue project on a former Minties confectionary factory site and which ultimately will have 895 ‘homes’.
The Polo name, like Mint, is intended to convey that The Gallery is offering buyers the sweet life – spacious and tasteful residences set in over 7000sqm of gardens and parks and with resort-like resident facilities and a childcare centre.
The Gallery is evolving as a collection of unique low-rise buildings, terrace homes and penthouse apartments.
Debut stage Mint’s 187 apartments have been rapid sellers, with more than 90 per cent sold and with one buyer paying a Rosebery apartment record of $3.22 million for one of the penthouses.
Meriton founder Harry Triguboff says prices have held up extremely well in Rosebery and in the nearby suburbs of Alexandria, Mascot and Zetland.
“These are areas in which Meriton is more than happy to buy more land.
“The rents are very strong because of the very desirable ambience these areas offer, especially to young people, the availability of work, and the proximity to the city.”
James Sialepis, Meriton’s director of sales, says Polo continues the high standards set by Meriton at Mint.
“Meriton, by nature, is a market pacesetter in every sense of the word and The Gallery reinforces that.
“It’s a $1 billion development only 4km from the Sydney CBD and on the doorstep of the $13 billion Green Square urban renewal project.
“The release of Meriton’s third stage has been brought forward due to the high level of demand we experienced in our first stage.
“Meriton, from day one, determined that The Gallery would set a benchmark for the area and provide buyers with a gift-wrapped lifestyle.
“We are achieving that by offering apartments of copious size and refined quality, terrace-home options, and an array of on-site resident recreational and relaxation options.
“We appreciate design flair and we’re bringing in new architects for each of The Gallery’s stages and at Polo, SJB and Tribe Studios have added their own mix of special ‘flavours’.”
Mr Sialepis says Meriton projects in Rosebery ‘comprehensively’ have outperformed other projects in the area in rental terms, with the median weekly figure for one-bedroom apartments rising from $513 in 2013 to $600 in 2017, which he says compares with a peak of $550 for ‘rival’ projects in today’s market.
In the same comparable timeframe, two-bedroom Meriton apartments have gone from $654 a week to $800 which compares with a median of $680 for ‘rival’ projects in 2017, or $120 a week above competing stock.
“Our rents reflect the quality and lifestyle we are offering our residents and illustrate how important having Meriton on-site professionals managing our buildings can be in maximising investor returns,” says Mr Sialepis.
“I’m sure Polo will be no exception in that regard.”
The Polo apartments are to be set in buildings of up to seven storeys surrounded by tree-lined boulevards and with uninterrupted views of the surrounding parklands and internal gardens.
Residents will have the use of a grand communal park with a multi-purpose court, a sports lawn, a table-tennis area, a barbecue and picnic area, and an array of play equipment.
They also will have access to pools, saunas, gymnasiums and an on-site childcare centre for over 80 children, plus the chance to relax in a parkside retail precinct.
Polo’s 275 apartments, many with large studies, average from 56 to 121sqm and 15 north-facing terrace homes averaging 140sqm will have rear courtyards and private entrances with prices starting from $15,000.
Meriton bought the 4.9ha former warehouse and industrial property in Rosebery Avenue for $190 million in 2015 and The Gallery is intended to pay tribute to a past that includes its Mintie days.
The Gallery’s buildings feature ribbons of herringbone tile, designed to hint at wrapped candy boxes.
Residents at The Gallery, which is due for completion in 2020, will be on the doorstep of Gunyama Park and Aquatic Centre and, by being close to the Green Square train station, only a five-minute ride from the CBD.