Cedar Woods sells Target HQ for $58m

Cedar Woods Properties has found a buyer for a commercial development in Melbourne suburb Williams Landing, which is currently under construction and will become the Australian headquarters for Wesfarmers-owned department store chain Target.

Cedar Woods today announced it would sell the Target HQ to Centuria Property Funds Limited, with the deal worth $58.2 million.

Cedar Woods will continue to develop the building, with handover and settlement expected in the first quarter of the 2019 financial year.

The 12,919 square metre office building is located in a prominent position in Cedar Woods’ Williams Landing estate, adjacent to a train station.

Cedar Woods chief operating officer Nathan Blackburne said the deal reflected a yield of 6.49 per cent, which he described as a strong result for the company.