| Meriton | |
| Industry: | Construction and serviced apartments |
| Foundation: | 1963 |
| Founder: | Harry Triguboff |
| Products: | Apartments |
| Owner: | Harry Triguboff |
| Homepage: | Meriton.com.au |
Meriton is an Australian property developer and construction company[1] founded by Harry Triguboff AO, its managing director, in 1963. Meriton sells apartments and also operates serviced apartments accommodation under its Meriton Suites 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 17 locations.
On 13 November 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 $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 15,000 apartments in its development pipeline. In recent years, Meriton has shifted focus to providing retail, recreational and childcare facilities alongside residential and serviced apartments.
In July 2018, Meriton was fined $3 million for manipulating TripAdvisor reviews.[6]
In January 2022, the company was the victim of a data breach that is believed to be orchestrated by cybercriminals. Staff and guests have been contacted letting them know that their personal information may have been accessed during the leak. It is believed almost 2000 people were affected by the breach and contacted by the company.[7]
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 $9,750 each, and the car space was an extra $500.
In 1969, he built a development of 18 apartments in Meriton Street, Gladesville, 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 Australian Securities Exchange in 1969, 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.
World Tower in Sydney, opened by Prime Minister John Howard, was completed in 2004 and is Sydney's tallest residential building.[8]
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.[9] The revised design later won an International Property Award for the Best Residential High-Rise Development in Australia.[10]
Infinity Tower on Herschel Street, Brisbane, was completed in 2014 and was Brisbane's tallest building from 2014 to 2016.[11]
Meriton has a total of 7 shopping centres known as Meriton Retail Precinct. The majority of the precincts have Woolworths and Coles supermarkets as anchor tenants.[12] [13] [14]
The company has received a number of awards.