30/05/2011 - 09:25

Cedar Woods in Woolies lease deal

30/05/2011 - 09:25

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West Perth-based property developer Cedar Woods has announced a major leasing agreement with supermarkets giant Woolworths to underpin its $1.5 billion master-planned residential community, Williams Landing, in Melbourne.

West Perth-based property developer Cedar Woods has announced a major leasing agreement with supermarkets giant Woolworths to underpin its $1.5 billion master-planned residential community, Williams Landing, in Melbourne.

Under 20-year leases, the 2,500-lot Williams Landing development's town centre will be home to a Woolworths supermarket, a Big W discount department store and a Masters home improvement store, with a total leased area of 24,500 square metres.

Managing director Paul Sadleir said Cedar Woods was now undertaking detailed design works, and subject to completion of statutory approvals, construction finance and specialty leasing, the first stage of the Williams Landing town centre was expected to open in 2013/14.

"Woolworths is one of Australia's leading retailers and their commitment to three anchor tenancies at Williams Landing is an important outcome for the project," Mr Sadleir said.

The total cost for the first stage of the town centre development is expected to be around $130 million, and will include one further supermarket and a range of specialty stores, cafes, restaurants and offices.

Approximately 800 residential lots have been sold at Williams Landing since 2008.

"There has been strong interest in living at Williams Landing because of its location just 19 kilometres from the Melbourne CBD and its proximity to the new train station, future shopping and offices," Mr Sadleir said.

"This agreement with Woolworths underpins the town centre development which provides the company with many other opportunities in future stages within the 50 hectare town centre area."

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