Central Equity spends c$80m on Victorian housing sites

The Deanside parcel (centre), between the Western Freeway and Taylors Road.

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).

A c200 lot subdivision is expected at the Armstrong Creek site.

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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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.