Minor player plan slows synergy

THE merger talks between Cedar Woods and Menzies Court highlights the synergy between the two companies.

Both are heavily involved in land sales in Mandurah and Cedar Woods was also the teaching ground for Menzies Court chief executive officer Ross Neumann.

Mr Neumann was the founder and managing director of Cedar Woods Properties Limited for 10 years prior to joining Menzies Court.

Menzies Court gained prominence in 1998 when it became involved in Port Bouvard, taking two options worth $13 million over the troubled project held by Wannanup Development Nominees and the Wannanup Development Trust, which were placed under receivership.

In March the company announced plans to develop Stirling Lakes, a 54-hectare site adjacent to the Mitchell Freeway and Karrinyup Road, Stirling.

The company’s annual report shows that total sales by the company exceeded $33 million, and achieved a profit after tax of $7 million. An independent valuation at June 30 indicates the company’s assets are worth $85 million and net assets of $66 million.

Cedar Woods, under the leadership of CEO Paul Sadleir, achieved sales of $21.5 million during the 1999-2000 year and achieved a profit after tax of $3 million on assets of $36 million.

Since its listing on the Australian Stock Exchange in 1994, Cedar Woods has developed land at Helena Valley, Warnbro Gardens, Port Mandurah and Mariners Cove.

With housing sales showing signs of declining in the short term, the company embarked on a diversification program which saw it venture into the commercial and industrial Westpoint Business Park with joint venture partner AMP. Westpoint Business Park also marked the first time the company had moved beyond WA. Westpoint is a 275-hectare land holding located on the site of the former RAAF Laverton airfield in Victoria.

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