Cedar Woods Properties has acquired a 43-hectare site in Melbourne’s north for $56.65 million to accommodate a master planned community of more than 500 lots.
The site is located six kilometres north of Cedar Woods Properties’ Carlingford land estate and within the approved Wollert Precinct Structure Plan.
When the Wollert Precinct is built, the land will be within walking distance to a proposed town centre, train station, schools, walking and cycling paths and public open space.
The land was purchased from P & AM.Micelotta, with deferred payment terms out to November 2022.
The ASX-listed developer expects the project to contribute to earnings within three years.
Cedar Woods Properties managing director Nathan Blackburne said the acquisition demonstrated the company’s disciplined approach to using its 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,” Mr Blackburne said.
“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.”
This is the fifth acquisition Cedar Woods Properties has made in the past 12 months.
