Central Equity spends c$80m on Victorian housing sites
Central Equity has acquired two Victorian low-density housing sites.
At Deanside, 25 kilometres west of Melbourne, the group has spent c$58 million for a 29.94 hectare parcel at 137-235 Sinclairs Road.
Until 2017 considered part of Plumpton, the property has the potential to yield c470 lots.
Avid, Dahua, Growland, ID_Land, Moremac, Villawood, Wel.Co and Wolfdene are other developers in the area.
Two years ago, Goldfields spent $20m on a 12ha block in the neighbouring Fraser Rise.
Armstrong Creek
At Armstrong Creek, south of Geelong, Central Equity has outlaid c$21.5m for a 13.42ha parcel capable of being subdivided into over 200 lots.
The holding, 371-379 Horseshoe Bend Rd, is opposite a proposed primary school (story continues below).
ID_Land and Wel.Co, again, control residential development sites in the pocket.
The latter, in April, sold a commercial component abutting one – the Armstrong Creek Town Centre – for $55.6m to Home Co Daily Needs Trust.
Central Equity director Karl Kutner said the latest acquisitions are part of a strategy to broaden its Greenfield development pipeline.
The group is actively seeking infill sites for medium density projects too, he added.
Biggin & Scott Land’s Frank Nagle and Andrew Egan brokered the Sinclairs and Horseshoe Bend road deals.
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