Looks like they may go with the sales scheme? if nothing else a little variety
Central Equity will build its biggest tower yet on a Southbank site it quietly acquired for $40 million this year.
The Melbourne-based builder is seeking to develop a 67-level structure with 782 flats on sites between 71-87 City Road, opposite the Eureka Tower (which contains 556 apartments in 92 levels).
One of Central Equity's blocks was until recently owned by the family who founded the Portmans clothing chain. Another was owned by businesswoman Eve Mahlab and her husband Frank, while Paul Lofitis, of Lofts Quarries, also sold his low-rise Southbank offering to Central Equity following an off-market deal managed by CBRE.
The acquisition gave the builder an enviable 2100-square-metre rectangle parcel capable of accommodating numerous towers; LK Property Group is developing a 37-level, 246-unit complex on a 972-square-metre site at 57-61 City Road.
Central Equity developed Southbank's first high-density apartment buildings but in two decades, its tallest local towers have been about 40 levels.
It has also applied to Planning Minister Richard Wynne to replace three adjoining sites between 268-274 City Road with a 60-level structure. It bought this 1431-square-metre site only in May following a campaign managed by Conquest Estate Agency. That collection of warehouses includes one leased to the Fabrique Club nightclub.
Central Equity's 67-level proposal was one of a flurry to land on Mr Wynne's desk prior to a new state levy, which, for large skyscrapers, would tax $1.30 for every $1000 spent on development costs.
Assuming a new tower costs $100 million to build, a developer has saved itself some $130,000 lodging by June 30.