This article is from the Australian Property Journal archive
AFTER fielding numerous off-market enquiries, Cedar Woods is bringing its Williams Landing shopping centre asset to market.
ASX-listed Cedar Woods Properties Limited will sell Stage 1 of the shopping centre and the opportunity to acquire a portion of adjacent land for potential future expansion in an open market process via an expressions of interest campaign.
The group developed the Williams Landing Shopping Centre (WLSC) before opening its doors in 2014.
Located within the Williams Landing town centre, around 20km south-west of the Melbourne CBD, WLSC is anchored by a full format Woolworth supermarket and comprise 30 additional speciality stores, a childcare facility and office space.
“Williams Landing Shopping Centre represents a premium asset located in the heart of the town centre, well served by transportation and located in a region that has consistently been one of the fastest growing in the country,” said Nathan Blackburne, managing director at Cedar Woods.
The shopping centre is strategically placed, sitting adjacent to the Williams Landing Train Station, bus terminal and boasting easy access to the Princes Freeway.
“The asset now has a mature value and we believe the divestment will strengthen the Company’s capital position and better position the company to take advantage of future acquisition opportunities in our core development business as they arise,” added Blackburne.
Cedar Woods intends to retain a further 16-hectares of high value land in the Williams Landing town centre. With the land earmarked to be progressively developed into residential, office and other space over the coming years.
The group has continuously backed the Melbourne’s western growth corridor, most recently launching its Hewitt Apartments development in the $2.5 billion Williams Landing masterplanned community. while in 2021 purchasing sites in Fraser Rise and Fieldstone for a combined $63.5 million.
Cedar Woods is targeting a sale completion for the Williams Landing Shopping Centre prior to the close of the financial year at 30 June 2023.
Though the group also notes “there is no certainty a sale will proceed”.
Established in 1987 and listed on the ASX in 1994, Cedar Woods currently has more than 20 projects across the country and a pipeline of more than 10,300 lots, including residential apartments and townhouses and commercial lots.
