Cedar Woods buys Subi site

Cedar Woods Properties has purchased a Subiaco development site from the City of Subiaco for $15.5 million, with plans to build more than 200 apartments on the site.

The West Perth-based land developer today announced the acquisition of 2 Upham Street, which is alongside its Incontro project in Subiaco. 

The 9,784 square metre site is expected to accommodate more than 200 apartments across two or three buildings, alongside Cedar Woods’ existing 41 townhomes and 110 apartments.

Cedar Woods managing director Nathan Blackburne said the acquisition was consistent with the company’s strategy to grow its national portfolio of projects.

“Cedar Woods has a history of successfully acquiring or partnering on strategically located infill sites that can generate strong returns for shareholders and excellent products for customers,” he said.

“This acquisition supports the provision of much-needed housing supply, especially for apartments, which are in high demand and experiencing record low vacancy rates and rental growth.”

Settlement is subject to the city satisfying procedural requirements to sell the property.