Two giants round out Central Equity's massive development pipeline
2015 shapes as a pivotal year for Central Equity with three current sizebale planning applications for the Southbank-based developer set to underpin their intentions for the coming years. After highlighting 71-87 City Road during October, the wraps are now off 268-274 City Road on Southbank and 556-558 Lonsdale Street within Melbourne's CBD.
The latter two if delivered in their initial form would have a joint development value approaching $350 million. Coupled with 71-87 City Road the three proposals which are still before the Minister for Planning and DELWP would all comfortably surpass the 200 metre height benchmark, a first for Central Equity which has for years elected to stick with towers of lesser height.
While the towers will almost invariably be subject to design refinements as they pass through the planning process, they do represent Central Equity's next tranche of high density projects. In recent years Central Equity like many other developers in the Melbourne apartment market has enjoyed robust demand for its product which has seen a handful of their projects sell heavily in next to no time.
The towers at planning are a continuation of Central Equity's penchant for not tinkering with their winning formula. Doig Architecture and Guilford Bell & Graham Fisher Architects are the design firms behind either tower highlighted below, each having an established relationship with the prolific developer which has yielded many residential projects over recent years.
268-274 City Road development summary
- Design: Doig Architecture
- Proposed: 70 level tower at 222 metres
- Historic building onsite retained within podium structure
- 570 apartments: 237 x 1BR, 271 x 2BR, 62 x 3BR
- 273sqm ground floor retail tenancy
- Provision for 221 vehicles and 309 bicycles
- Level 10 amenities including terrace, pool, cinema and gym
- Estimated development cost: $120 million
556-558 Lonsdale Street development summary
- Design: Guilford Bell & Graham Fisher Architects
- Likely to be titled Melbourne Grand Apartments
- Site area: 2,187sqm
- Proposed: 67 level tower at 233 metres to top
- 889 apartments: 100 x studio, 262 x 1BR, 366 x 2BR, 161 x 3BR
- 3 ground floor retail tenancies
- Provision for 308 vehicles and 275 bicycles
- Amenities including pool, gym, theatre room, function room and common area
- Estimated development cost: $200 million
556-558 Lonsdale Street and 268-274 City Road join 71-87 City Road as Central Equity's projects which are still at planning, with all three lodged just prior to the implementation of the Metropolitan Planning Levy which commenced on 1 July 2015. In addition, 54-68 Kavanagh Street was granted a planning permit in recent days, allowing for a further 597 dwellings.
Brookfield Multiplex has established itself as Central Equity's builder of choice, with three builds for the developer in progress. Southbank's 1 Balston Street is at piling while 612 Lonsdale Street and 601 Little Lonsdale Street are well into construction.
Overall Central Equity has approximately 1,410 apartments currently under construction, 597 approved by way of 54-68 Kavanagh Street and 2,241 seeking approval as per the initial planning submissions mid year.