Listed WA developer Cedar Woods Properties Limited has made a $10.5 million acquisition in the Melbourne suburb of Footscray.
The company says the site is one of the largest urban infill opportunities in Melbourne, and that it has had talks with Melbourne AFL team the Western Bulldogs about integrating the residential project with the $20 million redevelopment of the Whitten Oval, which is being funded by the federal government, Forever Foundation, Victorian state government and the AFL.
Whitten Oval adjoins the nine-hectare Cedar Woods site, a former tyre factory.
Cedar Woods Victorian state manager, Nathan Blackburne said the site presented an exceptional urban renewal opportunity with great attributes, including proximity to public transport and shops, as well as being adjacent to the substantial open space proposed in the Whitten Oval redevelop-ment.
“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 development concept for the site comprises more than 200 dwellings in a range of densities, and is pending rezoning.
Cedar Woods last year opened an office in Melbourne to oversee the development of the former Laverton Airfield, bought from the Commonwealth.
The Laverton project is a 275ha infill site that is proposed to be fully integrated with a planned regional transport node comprising a railway station, bus terminal and freeway interchange, and will accommodate an activity centre and residential develop-ment.
Last year, Cedar Woods announced a net profit of $12.4 million for the year to 30 June, an increase of 21 per cent over the profit of $10.25 million achieved in the previous year.
Cedar Woods isn’t the only WA company making an impact in Victoria, with the Melbourne office of listed developer Peet and Co undertaking seven land developments in Victoria.
Late last year, Melbourne’s urban growth boundary was extended, benefiting two Peet land holdings, in Craigieburn and Greenvale