Property Development

Cedar Woods pays $56.65 million for 43 hectare Wollert farm

Cedar Woods pays $56.65 million for 43 hectare Wollert farm
Written by The ReReport
As seen in the Source link, written by on 2019-10-31 17:09:18

Cedar Woods has snapped up a 43 hectare farm in Melbourne’s
north east suburb of Wollert for $56.65 million.

It is the fifth major residential development site acquisition
in just over a year for the Perth-based ASX-listed builder.

Located within the Wollert Precinct Structure Plan, the
parcel has the potential to accommodate a master planned community in about 500

The land was
purchased from P. & A.M. Micelotta with deferred payment terms until November,

However, Cedar
Woods said, it expects the project to contribute to earnings within three

The developer added that the new site is walking distance
of proposed amenity including a town centre, train station and school.

The parcel is about six kilometres north of another Wollert housing estate Cedar Woods is building, Carlingford.

Counter cyclical buy on favourable terms

Cedar Woods managing director Nathan Blackburne said the
acquisition “demonstrated the company’s disciplined approach to utilising its strong
balance sheet to build its project portfolio at optimal times in the property cycle.”

“Consistent with our strategy of counter-cyclical
purchasing, we’ve acquired this quality land development opportunity under favourable
settlement terms, in a location characterised by high population growth and relative
proximity to the city compared to other growth areas.

Wollert is about 26 kilometres from the city, adjoining another burgeoning suburb, Craigieburn.

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,” Mr Blackburne said.

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”.

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