Central Equity to Sell South Melbourne Hotel After Abandoning Redevelopment Plans

Since the economic downturn, the cashed up Central Equity has reweighted its development site portfolio, snapping up properties that will yield much larger projects, than Park Street.

In the immediate area, Central Equity recently paid Crown Casino $13.1 million for its former training college at the corner of City Road and Power Street, and is proposing to build a 43-level, 513 unit complex on a part of it.

In the CBD, Central Equity purchased the eastern most part of the former Age site, in Lonsdale Street, and is proposing two major towers.

Kelemen Commercial and Kliger Wood are marketing the former Kingsway Motel at 142 Park Street, which has since been rebranded bizMOTEL.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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