Central Equity brings its Focus back to Southbank
Already a prolific developer in the area, Central Equity is preparing to launch what could be Southbank's only new major apartment release for the year.
Central Equity has dubbed 71-87 City Road Focus Apartments and intends to launch the project this year. Registrations are open for the development which will eventually sit at the southern end of Southbank between two hotel developments under construction, namely Holiday Inn Express and Adina Southbank.
Focus Apartments is a 50 level skyscraper that holds approval for just under 600 apartments, split between 252 one, 208 two and 131 three bedroom apartments, with a singular four bedroom apartment capping the project. Central Equity's final apartment balance for the project has yet to be revealed.
Southbank's overall apartment market has seen limited new apartment projects released over the past 18 months due to softening investor demand, although projects such as Palladium Tower and Melbourne Square are still substantial projects in their own right.
Central Equity initially sought to create a larger tower at across 71-87 City Road. When it first hit planning under the design guidance of Doig Architecture it was to have been 67 levels and 225 metres.
The eventual permit at 50 levels saw almost 200 apartments and approximately 75 metres shaved off the tower form. Three years will have passed since its initial planning submission during mid-2015 to when it is launched for sales as Focus Apartments.
Central Equity will target both owner-occupiers and investors for the tower, which includes multiple colour schemes, balconies for each apartment and floor-to-ceiling double glazed windows. Amenities onsite will include a pool, sauna, gym, theatre, resident lounge, and barbeque area whilst concierge services are also intended.
With the approaching the launch of Focus Apartments, Urban Melbourne's Project Database shows only 268-274 City Road as Central Equity's sole high-rise project in waiting among a quartet of sizeable apartment towers.
It is an approved Doig Architecture-designed scheme spanning 55 levels or the best part of 190 metres. 475 apartments are included within 268-274 City Road, as it retail at ground level, 215 car spaces, 313 bicycle bays and communal facilities for residents at level 8.
Both City Road projects aside, Central Equity has the remaining two high-rise developments under construction. Southbank Place fronting Kavanagh Street is approximately half height and includes 500 plus apartments, whilst Melbourne Grand on Lonsdale Street is at the very infancy of its construction and includes approximately 650 apartments.
Central Equity also has a number of current land releases in Melbourne's west.