Cedar Woods continues Victorian expansion

Perth-based Cedar Woods Properties Ltd has acquired the former South Pacific Tyres site in Barkly Street, Footscray for approximately $10.5 million.

The 9 hectare site lies adjacent to Whitten Oval and West Footscray railway station and is one of the largest urban infill opportunities in Melbourne.

The acquisition sees the property developers and investors continue its expansion into the Victorian residential market following its purchase of the former Laverton Airfield from the Commonwealth Government.

Cedar Woods' state manager Nathan Blackburne believes the acquisition provides the company with a substantial infill site that is ready for residential development and only 6.5 kilometres from Melbourne.

"The acquisition of the South Pacific Tyres site will allow Cedar Woods to take advantage of the excellent location and, at a broader level, diversify the company's interests in Victoria," Mr Blackburne said.

The site is earmarked for residential rezoning which will occur through Maribyrnong City Council.

The company has also entered into discussions with the Western Bulldogs regarding the integration of the planned residential development with the $20 million redevelopment of Whitten Oval which is funded by the Federal government, Forever Foundation, State government and the AFL.

The development concept for the site comprises over 200 dwellings in a range of densities. The project will be in the form of a small lot subdivision with higher density product in key locations on the site. A mixture of housing and land product is expected to be offered to the market.

Cedar Woods expects the first stage of development will be ready for sale in 2008.