Multiplex complete Southbank Central for Central Equity

Multiplex has completed Central Equity’s $300 million high rise residential apartment tower in Southbank, Southbank Central.

The 48-level tower 1-13 Balston Street in Southbank comprises 485 one, two and three bedroom apartments.

Southbank Central also features a six level podium with retail, car parking and resident facilities including an indoor swimming pool and gymnasium.

Double-glazed floor-to-ceiling windows capture views of Southbank.

Central Equity has one bedroom plus study apartments listed at $449,000.

There are two bedroom offerings at $545,000.

There are three bedroom apartments listed for around $1 million.

Graham Cottam, Multiplex's regional managing director in Victoria, said Southbank Central delivered on time and to an exceptional standard for residents.

The completion of Southbank Central represents Multiplex’s 15th project for developer Central Equity, with the contractor having delivered towers including Southbank Grand, Southbank One and City Tempo apartment buildings - all of which are HIA award winning developments.

Multiplex has also completed a number of new residential projects in the Melbourne CBD over the last 12 months including Hengyi Pacific’s Light House, ICD Property’s Eq.Tower, and Salvo Property Group’s Platinum Tower.

It also has several residential projects set for completion including LK Property Group’s Capital Grand, Fragrance Group‘s Premier Tower and Hengyi Pacific’s Swanston Central in Carlton. 

Central Equity recently dismissed suggestions as to the existence of "ghost" apartments.

The developer –  which claims to have built half of the skyscrapers in Melbourne's Southbank – took a swipe at market doomsayers.

Financial reports for the company show it booked a record $145 million profit from $507 million revenue last financial year.

"Central Equity projects are enjoying very low vacancies resulting in effectively full occupancy," the group's directors, Eddie Kutner, Dennis Wilson and John Bourke, said in an annual report.

"The low vacancies (less than 2 per cent) are underpinning the rental market and providing solid and recurring rental returns," their report noted.Central Equity said its Melbourne development pipeline had swelled to $3.2 billion.

"Lack of affordability has created a pent-up demand which not only underpins pricing but will also act as a cushion against future shocks, if any," the group said.

Central Equity will concentrate now on sales its Melbourne Grand project at 560 Lonsdale Street, a 58-level apartment tower with 650 plus apartments.

Demand has shifted towards larger two and three-bedroom apartments, it acknowledged.

One bedders start at $499,000, two bedders from $599,000 and three bedders from $889,000.