Cedar Woods Properties has bought the former Bushmead Rifle Range site located at Hazelmere from the Department of Defence for $18 million.
Cedar Woods Properties has bought the former Bushmead Rifle Range site located at Hazelmere from the Department of Defence for $18 million.
The announcement is below:
Listed property developer Cedar Woods Properties Limited has been successful in its bid for the purchase of the former Bushmead Rifle Range site located at Hazelmere, in Perth's eastern suburbs.
The 273 hectare site was sold by the Department of Defence on behalf of the Commonwealth of Australia via a public tender process to Cedar Woods' wholly owned subsidiary Dunland Property Pty Ltd for $18,000,000, with settlement in July 2010.
The land is located 16 kilometres north east of the Perth CBD within the suburb of Hazelmere and adjacent Cedar Woods' Helena Valley Private Estate. Cedar Woods has undertaken extensive development throughout Helena Valley over a number of years and the success of its developments within this locality augers well for the Bushmead site.
Cedar Woods' Western Australian State Manager, Mr Stuart Duplock said that he was delighted in achieving a successful result in the tender.
"We're very pleased with the outcome. The Bushmead site represents a strategic acquisition which will add value to the company's existing portfolio and generate strong returns in the medium term. The general area is highly sought after and there is limited supply of vacant lots and new housing. The natural beauty of the site in terms of existing vegetation and topography lends itself to a sustainable development and delivery of something truly special." Mr Duplock said.
Given its proximity to the Perth CBD, Perth airport, Midland regional centre and strong connectivity via regional road networks, the site is in a prime location for future redevelopment.
The majority of the site is currently zoned for public purposes under the Metropolitan Region scheme and City of Swan Local Planning Scheme and the land will require rezoning as well as planning, environmental and development approvals prior to subdivision.
Contained within the site are defined areas including Conservation and Habitat Tree Protection Zones. The site is expected to yield between 600 and 900 residential lots, depending on lot sizes and planning outcomes.
Cedar Woods' strong balance sheet has enabled it to take advantage of this opportunity. The Bushmead acquisition is part of a broader strategy to acquire unique sites which enable the company to add value through town planning and design. It is also a good fit with the company's strategy to acquire and deliver premium residential projects.
