This article is from the Australian Property Journal archive
DEVELOPER Cedar Woods has secured a $35 million temporary loan extension for the completion of Target Australia’s new office headquarters in its masterplanned Williams Landing development.
The debt facility increase will remain in place until settlement of the sale of the completed project to CenturiaProperty Funds Limited,expected in the middle of next year.
Centuria acquired the purpose-built, 13,000 sqm A-grade building of eight levels for $58.23 million last June for the Centuria Metropolitan REIT. Target is relocating from North Geelong and signed a 10-year lease at 2 Kendall Street, which traded at a 6.5% yield.
ANZ and Bankwest are providing the facility, which takes Cedar Woods’ total limit from $205 million to $240 million.
Meanwhile, Cedar Woods has sold more than 50% of the final major residential land offering within Williams Landing, which is positioned in Melbourne’s west.
The Woodbury Release went to the market in January and has 22 lots ranging from 234 sqm to 534 sqm, priced between $299,000 to $445,000.
It is surrounded by Addison Park and wetlands, which includes five hectares of open space.
The community is within Wyndham City, one of the country’s fastest growing municipalities. Census data showed 55,500 people moved to the area between 2011 and 2016, at a growth rate of 34.4%.
On completion, Williams Landing is forecast to be home to around 10,000 residents.
Australian Property Journal
