On The QT: Closer at last to big dream

FOR 10 years one of Melbourne’s biggest property developers has been working on a prime Gold Coast project.

An artist’s impression of the tower Central Equity planned before the latest addition to its Surfers site.

THE Gold Coast ambitions of Melbourne’s biggest high-rise developer have evolved into a long-spun ‘tall’ story.

Central Equity, a decade after first shaping plans for a debut tower on the tourist strip, is reaching for the sky.

It has unveiled plans for a 47-storey building in Surfers Paradise, one that will have nearly 500 apartments and will include a streetfront cafe.

Ten years ago Central planned a 17-level tower for a site that fronts Garfield Tce and Frederick St but the global financial obstructed progress.

In February, after adding an adjoining property to the site, the debut project was back on, this time with a 26-level tower mooted.

Central Equity, a decade after first shaping plans for a debut tower on the tourist strip, is reaching for the sky.

Move forward eight months and the site has been enlarged again and, with it, Central’s ambitions.

Judging by the lusty year it has enjoyed on its home turf, Melbourne, the company is financially well equipped to turn its ambitions into reality.

The private company, which in its 30 years has built apartments worth billions of dollars, has just had its best year ever — a record net profit of $130 million.

Central is no doubt hoping the Surfers Paradise tower, which needs development approval, will help it keep up the earnings momentum.

The planned tower has been made possible by the company spending some $12 million in the space of 14 months to enlarge its original 811sqm holding.

Today, thanks to the addition of a house and two low-rise unit blocks, it owns a 3239sq m holding that is only 80m or so from the beach.

The site’s size has enabled Central to work up a plan that includes 171 serviced apartments for short-term letting and 319 residential apartments.

The towers 44 apartment levels will sit on a three-level podium that will include resident facilities and one level of parking. There also will be basement parking.

Central is also proposing four Frederick St loft apartments in a two-level building on the podium.

The tower, assuming it is given the green light, could well be under way by mid-2017.

No doubt residents in surrounding buildings will watch its progress with interest and some probably with a little apprehension.

It will look down on buildings such as the beachfront Beaches, at 29 levels, Mariner Views, at 26 floors, and ‘shorty’ Ultima, at a mere 12 storeys.

Central appears determined to make its debut project memorable and it can point to numerous gongs it has received in Melbourne, including twice winning Victorian apartment project of the year, to show its credentials.

The once-listed company’s Melbourne activities aren’t confined solely to the apartments sector. It also has several land subdivisions.