- Real estate developer Cedar Wood Properties, has purchased a 43-hectare site in Melbourne’s north for over $56 million
- The site is located within the Victorian Planning Authority’s major 1400-hectare precinct
- This project brings Cedar’s national portfolio to over 10,000 dwellings and lots which is in line with its diverse strategy and strong balance sheet
- Cedar Woods shares are slightly up by 0.28 per cent, with shares trading for $7.04
Real estate developer Cedar Wood Properties, has purchased a 43-hectare site in Melbourne’s north for $56.65 million.
The site is located within the Wollert Precinct Structure Plan (PSP). This is a precinct covering more than 1400 hectares and is bound by Craigieburn Road East to the south, Summerhill Road in the north, Curly Sedge Creek in the west and the reservation for the future E6 to the east.
As well as a proposed town centre, the Wollert PSP provides for a future train station, schools, community facilities, walking and cycling paths, and a public open space.
The proposed Cedar Woods development is located within walking distance of these planned structures.
The acquisition of this exciting new development expands Cedar Woods’ Victoria portfolio.
Currently, the company’s Victoria portfolio consists of nine completed real estate developments and 12 that are in progress.
Its national portfolio however, consists of over 10,000 lots.
“This acquisition takes our national portfolio to more than 10,000 dwellings and lots, and boosts our Victorian holdings which we expect to benefit from strong forecast population growth and housing demand,” Managing Director Nathan Blackburne said.
The land was purchased from P. & A.M. Micelotta, with deferred payment terms out to November 2022.
The company expects the project will contribute to earnings within the next three years.
“This [acquisition] is the fifth for Cedar Woods in just over 12 months, in line with its strategy to grow its national portfolio, diversified by geography, product type and price point,” Nathan added.
Cedar Woods shares are slightly up by 0.28 per cent, with shares trading for $7.04 at 1:12 pm AEDT.