Melbourne’s ‘apartment king’ planning ‘iconic’ tower for Gold Coast’s Surfers Paradise

MELBOURNE’S apartments king is planning a tower worth “hundreds of millions” overlooking the ocean in Surfers Paradise.

The Gold Coast’s Surfers Paradise: A new ‘iconic’ tower could be on its way to the skyline.

CENTRAL Equity, Melbourne’s apartments king, is planning a tower worth “hundreds of millions” overlooking the ocean in Surfers Paradise.

It has revealed its plan after spending $4 million this week to further enlarge a Garfield Tce site it has owned since 2007.

The move means Central Equity has spent around $12 million in the past 11 months to lift the holding from 811sqm to 3259sqm.

Karl Kutner, a director of the private development company, yesterday that the site would be used for a “substantial and iconic” building.

Central Equity has revealed its plan after spending $4 million this week to further enlarge a Garfield Tce site it has owned since 2007.

It will mark a Gold Coast debut by Central Equity, which Mr Kutner said had three towers with 1500 apartments under way in Melbourne and five towers with 2500 apartments in the pipeline.

“The enlarged site maximises views north, east and south to the ocean and west to the Hinterland and the river,” he said.

“Our building will appeal to both owner-occupiers and investors and we are aiming to start construction in 2017.”

Mr Kutner said Central Equity already was working on plans and on a development application.

The company acquired its Garfield Tce site in 2007 but its plans for a luxury one-a-floor apartment tower, Luxe Private Residences, were scuttled by the 2008 arrival of the GFC.

Zayn Mahammad, Dan Thorpe and Harry Rayner at Surfers Paradise beach. Photo: John Gass

Last August Central Equity paid $3.8 million for a neighbouring property at 6 Frederick St.

Earlier this year it bought the Mabrouka low-rise at 10 Frederick St for $4.098 million after the owners of the nine units offered to sell.

This week it secured the three-level Majorca building at 14 Frederick St, buying the nine titles for around $4 million.

Ray White Commercial’s Brad Merkur, who has handled all of Central Equity’s Frederick St buys, yesterday said that amalgamating Majorca “did not come easily”.

“The exercise started well but ended up taking close to three months,” he said.

Central Equity, since it was started 30 years ago, has built projects worth billions of dollars in Melbourne.

The company, which was listed from 1987 to 2006, has branched into housing and land subdivision and has a pipeline of more than 2000 lots.

Mr Kutner, commenting on speculation last month that the company might be sold, said offers to buy Central Equity “come and go’ all the time.

“The business is set up to move to the second generation but we would be foolish to not hear offers,” he said.

“However, it’s head down and work hard as we’re very busy and it’s business as usual.”