SKYSCRAPER developer Central Equity has abandoned plans to redevelop the former Kingsway Motel, in South Melbourne, and has instead listed the site for sale.

The former ASX-listed developer can expect to make about $15 million for the 2092 square metre property, which includes two terrace houses, and the prominent, white, six level, 41 room motel at the north-east corner of Park Street and Eastern Road.

Central Equity paid $6.25 million for the property just over three years ago, before obtaining a permit to more than double the number of apartments on the site, opposite the Latrobe Reserve.

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