Central Equity is a prolific developer of high-rise apartments in Melbourne and offices linked to the company’s directors have bought a row of fashion shops in the city’s east for more than $30 million.
Family offices associated with the directors of Melbourne development giant Central Equity have spent more than $30 million buying up a row of high-end fashion outlets on High Street, Armadale – but have no plans yet to build apartments above them.
Property records show companies, whose directors include Central Equity co-founder Dennis Wilson and director Darren Blankfield, have contracted to purchase 1087-1095 High Street, a 1174 sq m corner block with six ground-floor shops and offices above.They also purchased the neighbouring two-level building at 1075 High Street, which occupies a smaller 856 sq m block and is leased to luxury women’s clothing designer Perri Cutten.
Full-year accounts published in November, show Central Equity made profits before income tax of $18.5 million off revenue of $87 million for the 12 months to June 30, 2022. Both were down on the prior year – revenue of $231 million and profit of $83.4 million – due to the timing of settlements and fewer project starts because of surging construction costs.It is understood there are no plans at this stage to activate an existing permit at 1087-1095 High Street Armadale, which allows for a five-level project consisting of 10 luxury apartments in a design by architects Fender Katsalidis.
Both acquisitions were struck on yields below 3 per cent – standard for High Street, Armadale, which had a vacancy rate last year of 5.1 per cent, down from 9.1 per cent in 2021, according to the
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