Central Equity to Sell South Melbourne Hotel After Abandoning Redevelopment Plans

SKYSCRAPER developer Central Equity has abandoned plans to redevelop the former Kingsway Motel, in South Melbourne, and has instead listed the site for sale.

The former ASX-listed developer can expect to make about $15 million for the 2092 square metre property, which includes two terrace houses, and the prominent, white, six level, 41 room motel at the north-east corner of Park Street and Eastern Road.

Central Equity paid $6.25 million for the property just over three years ago, before obtaining a permit to more than double the number of apartments on the site, opposite the Latrobe Reserve.

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Central Equity Pays About $24 Million For Point Cook Site

CENTRAL Equity is believed to be paying about $24 million for a 20.5 hectare parcel of land in Melbourne’s western suburb of Point Cook.

Sources say the privately owned developer, which made its name building Southbank skyscrapers in the 1990s, will land bank the 275 Sneydes Road site until it can get a new low density housing project approved.

The site needs to be rezoned and was not marketed with a permit.

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Central Equity Wastes no Time Proposing New Southbank Tower

HIGH rise apartment developer Central Equity hasn’t wasted any time proposing a new skyscraper for a site it recently acquired in Southbank.

The developer is planning a 43-storey, 513-unit complex for the 141 -1 55 City Road site, which it purchased from Crown Casino for about $13 million late last year.

A second building is also expected to be developed on the 2,527 square metre site, formerly the casino’s training college.

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Two More Major Apartment Towers Set For Melbourne’s Southbank

MELBOURNE’s fast-gentrifying inner-city suburb of Southbank is about to see another major development.

Salvo Property Group has unveiled plans to develop two apartment towers totalling 850 units.

Construction of the project on City Road will start with pre-sales reach 70 per cent, director Mario Salvo told the AFR.

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Central Equity Pays Crown Casino $13.1 Million For Southbank Site

MAJOR apartment developer Central Equity has purchased Crown Casino’s outgoing training college in City Road, Southbank.
The former ASX-listed developer, now commandeered by directors Eddie Kutner, Dennis Wilson and John Bourke, paid $13.5 million for the site this week.
The property includes two historic buildings between 141 and 155 City Road, and sits on 2,527 square metres of land. Sources expect the site to be redeveloped into at least two apartment towers, but this could not be confirmed with a Central Equity representative, who was unavailable for comment. CB Richard Ellis marketed the site.

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