Meriton Buys Prime Dee Why Site

Apartment complex development company, Meriton, has bought a prime site on Sydney’s northern beaches.

According to The Australian, more than $50 million is believed to have been paid for the Dee Why Town Centre site, which it plans to turn into a $340 million apartment, retail and office complex.

The development will feature four separate towers ranging in height from 7 to 18 levels. It will house over 450 apartments, its own 4,000 square metre supermarket, various retail and office components and a town square with landscaped grounds and open air cafes, leading back into a variety of shops and arcades.

The towers will contain one and two-bedroom apartments, each with rooftop gardens and stunning views. Meriton is expecting a lot of interest from first home buyers, locals wishing to downsize from their current homes and also investors from overseas. Construction of the complex is expected to begin some time in 2015.