20/09/2019 - 11:13

Cedar Woods to acquire second Perth infill site

20/09/2019 - 11:13

Bookmark

Upgrade your subscription to use this feature.

Cedar Woods Properties is preparing to launch a second urban infill project in Perth, after entering an agreement to acquire a 12.4-hectare site in Hamersley for $21.2 million.

Cedar Woods to acquire second Perth infill site
Cedar Woods' new Hamersley site is in close proximity to its strong-performing Ariella Estate. Photo: Cedar Woods Properties

Cedar Woods Properties is preparing to launch a second urban infill project in Perth, after entering an agreement to acquire a 12.4-hectare site in Hamersley for $21.2 million.

The ASX-listed developer announced late yesterday it had signed a conditional contract with landowner Broadcast Australia to acquire a large plot of land located at 179 Erindale Road.

The deal is subject to Broadcast Australia, which owns a comprehensive television and radio transmission network and distributes services for ABC and SBS, obtaining planning and environmental approvals for residential development. 

Cedar Woods managing director Nathan Blackburne said it was optimal timing to make acquisitions in Perth’s sputtering residential property market.

“Perth’s north-east growth corridor, where the company’s strongest performing Ariella Estate is located, has been an area of interest for us,” Mr Blackburne told the ASX.

“The Hamersley site increases our exposure to this corridor, which is characterised by good demand and limited supply.”

The Hamersley acquisition follows Cedar Woods earlier this year acquiring a former TAFE site at 133 Salvado Road in Subiaco, where it will launch its first infill development in Western Australia.

Cedar Woods is planning to create a mix of townhouses and apartments at the site.

While the developer hasn’t yet created an infill project in WA, it is well experienced in other states, with more than 2,700 townhouses and apartments in its national development pipeline of 9,600 lots.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options