Meriton

Meriton
Industry Construction
Founded 1963
Founder Harry Triguboff
Products Apartments
Owner Harry Triguboff
Website www.meriton.com.au

Meriton is Australia's largest apartment developer and also the country's biggest residential home builder [1] founded by Harry Triguboff AO, its managing director, in 1963. Meriton sells apartments and also operates serviced apartments accommodation under its Meriton Serviced Apartments brand in Sydney, Brisbane, and the Gold Coast.

In 2007, it was estimated the company was building about 1,200 apartments each year.[2] By 2010 this figure had increased to 2,000 units.[3] It is estimated that over the past 50 years, Meriton has built more than 65,000 residential apartments on the east coast of Australia. It also offers serviced accommodation in 13 locations.

On November 13, 2013, Meriton celebrated its 50th anniversary with a party on Sydney Harbour for more than 300 current and former employees, friends, family and dignitaries from the political and business world.

2014 was a record year for the apartment developer, with the company’s annual turnover rising more than 50 per cent to AU$2 billion, bringing it to 11th place in IBISWorld's 2014 Top 500 Companies, up from 29th spot the previous year.[4] The HIA-COLORBOND® steel Housing 100 named Meriton as Australia’s largest residential home builder, up more than 5000 housing starts, from 2573 in FY2013-14 to 7929. Based on this figure, new homes by Meriton accounted for around 10 per cent of all multi-unit dwellings commenced in Australia, and 29.5 per cent of all multi-unit dwellings commenced in New South Wales. Meriton projects equated to approximately 0.05 per cent of Australia’s GDP.[5]

Meriton has about 15000 apartments in its development pipeline. In recent years, Meriton has shifted focus to providing retail, recreational and childcare facilities alongside residential and serviced apartments.

History

Meriton got its start after a young Harry Triguboff built his first home in Roseville, Sydney, in 1960; the builder he'd hired let him down so he completed the job himself and developed a taste for construction. He then took on an eight-block apartment project in Tempe in 1963 with just three staff: the apartments sold for $9750 each, and the car space was an extra $500.

In 1969, he built a development of 18 apartments in Meriton Street, Gladesville NSW, which gave rise to the company name.

'High-Rise Harry', as he became known, built his fortune on tapping into a perceived need for affordable apartment housing,particularly in the rush of post-war migrants from countries where inner-city apartment living was commonplace.

After floating Meriton on the stock exchange in 1969, Harry Triguboff bought back all the company's shares in 1973. Meriton has since remained a privately owned company, shielded from the vicissitudes of the global financial markets.

A downturn in the property market in the 1970s saw Meriton withdraw some of its apartments for sale, and rent them out instead. Residential leasing now forms an important aspect of its business. The other arms of Meriton include strata property management and property financing.

In 1984, Meriton expanded interstate to Queensland, with a focus on Brisbane and the Gold Coast.

Properties

Infinity Tower under construction, April 2013

World Tower in Sydney, opened by former Prime Minister John Howard, was completed in 2004 and is Sydney's tallest residential building.[6] Meriton tower in Brisbane, Infinity Tower, the tallest building in Brisbane.

Infinity on Herschel Street, Brisbane, is set to be 81 storeys high and is due for completion at the end of 2013.[7]

The Soleil site in Adelaide Street was the company's first project in Brisbane. The initial design was rejected by the Brisbane City Council because of design and potential traffic issues.[8] The revised design later won an International Property Award for the Best Residential High-Rise Development in Australia.[9]

Awards

The company has received a number of awards.

See also

References

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