Featherbrook

CENTRAL Equity is believed to be paying about $24 million for a 20.5 hectare parcel of land in Melbourne’s western suburb of Point Cook.

Sources say the privately owned developer, which made its name building Southbank skyscrapers in the 1990s, will land bank the 275 Sneydes Road site until it can get a new low density housing project approved.

The site needs to be rezoned and was not marketed with a permit.