This article is from the Australian Property Journal archive
DEVELOPER Cedar Woods have sold two-hectares of shopping centre land in Perth’s Eglinton to Woolworth’s development arm Fabcot for $13 million.
Cedar Woods accepted an unconditional contract from Fabcot Pty Ltd for the land, which is part of the 86-hectate landholding purchased for the masterplanned Eglinton Village community in November 2021 for $49.5 million.
The community is inclusive of residential neighbourhoods, a primary school, commercial hub, open space and the shopping centre site.
The sale, after attributable development costs, marks a significant value uplift for the portion of the site with a significant up-front return of capital.
The shopping centre site is expected to be anchored by a Woolworths supermarket and supported by specialty stores.
“Having obtained approvals permitting the development of a neighbourhood centre at Eglinton Village, the sale of this land is consistent with our strategy of adding value to our developments and then recycling capital back into the business for new opportunities,” said Nathan Blackburne, managing director at Cedar Woods.
Cedar Woods retains a 1,200 pipeline of residential lots at Eglinton Village, which has been the group’s top performing project over the last six months.
Eglinton Village has seen strong and consistent sales rates over the period and has seen average lot prices increase by 25% in recent months.
