Cedar Woods has celebrated a decade of development in Victoria by acquiring a seven-hectare development site in Melbourne’s north-west for $12 million.
The site, in St Albans, is located 17 kilometres from Melbourne’s CBD and is in close proximity to public transport links.
The Perth-based land developer said the site had the potential for the construction of up to 200 dwellings.
Cedar Woods’ Victorian state manager, Nathan Blackburne, said the site was a strategic acquisition to extend the company’s Victorian development pipeline.
“Cedar Woods now has considerable experience creating residential communities in well-located urban in-fill sites which leverage existing and proposed infrastructure such as our Banbury Village project in Footscray,” Mr Blackburne said in a statement.
“The acquisition gives the company further exposure to sites located adjacent to major government infrastructure projects and will provide homebuyers with the opportunity to live in close proximity to a train station, established shops, the St Albans Activity Centre and Victoria University.”
The acquisition coincides with Cedar Wood’s tenth anniversary in Victoria, Mr Blackburne said.
The company’s first acquisition in Melbourne was the RAAF Williams airfield site, which is now the under-construction Williams Landing master-planned development.
Cedar Woods is also developing residential projects in Footscray, Lalor and Camberwell.
Its total Victorian landholding totals almost 3,000 lots, plus 50 hectares of mixed use land, accounting for 41 per cent of the company’s nationwide land bank.
“Despite a softer residential property market In recent times, Cedar Woods is optimistic about Victoria’s prospects and we are very interested in further investments here,” Mr Blackburne said.
“The fundamentals of the Melbourne residential market remain solid with strong population growth, low unemployment and a tight rental market.
“We will continue to acquire quality sites in Melbourne which leverage off existing and proposed infrastructure.”