This article is from the Australian Property Journal archive
DEVELOPER Cedar Woods has acquired a 43 hectare site in Melbourne’s north for $56.65 million.
The land was purchased from P. & A.M. Micelotta with deferred payment terms out to November 2022.
Located within the approved Wollert Precinct Structure Plan (PSP), the land will be developed into a masterplanned community of more than 500 lots.
Managing director Nathan Blackburne said the site provides the company with further exposure to Melbourne’s northern growth corridor and is only 6km north of its high performing Carlingford land estate.
“As well as a proposed town centre, the Wollert PSP provides for a future train station, schools, community facilities, walking and cycling paths, and public open space.
“The acquisition further demonstrated the Company’s disciplined approach of 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.
“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,” Blackburne said.
This acquisition is the fifth for Cedar Woods in just over 12 months and it expects this project will contribute to earnings within three years.
