Cedar Woods buys Melb property for $23m

Property developer Cedar Woods Properties has bought a 2.55 hectare residential development site in a Melbourne suburb for $22.5 million with plans to build 70 new homes and townhouses.

Cedar Woods' Victorian state manager Nathan Blackburne said that the Cornell Street site offers exceptional development potential in a blue ribbon suburb.

"We're very pleased to have purchased this property. Housing in Camberwell is highly sought after and there is very little supply of new housing. Proximity of the suburb to numerous private schools, shopping precincts and the CBD makes it very attractive. We are fortunate to find such a well located development site in this long established part of Melbourne.

"We're looking at around 70 new homes and townhouses, integrated with the existing walking track between Riversdale Road and Lynden Park.

"These homes will be of high quality with contemporary design and spacious living areas. We will work with our design and architecture teams to deliver something truly special."

Mr Blackburne said that the Camberwell location, only 12 km from Melbourne's CBD and the integrated nature of the development would make it particularly appealing to purchasers.

The median price of homes in the suburb is around $1.3 million.

Cedar Woods will start design activities immediately and settle on the Cornell St property in January 2011.