Cedar Woods sells Masters store for $36m

Cedar Woods Properties has sold the Masters Home Improvement store at its Williams Landing project in Victoria to an undisclosed buyer for $36 million.

The sale of the 13,500 square metre store was an early welcome for the developer, which had targeted a sale date in the first half of the 2016 financial year.

The company said the sale represented a 6 per cent yield.

Managing director Paul Sadleir said the sale highlighted the quality of the Williams Landing project.

“As a result of the earlier than expected sale, the timing of settlements from our residential projects has been adjusted, in keeping with our objective of delivering consistent annual growth in profits and dividends for shareholders,” Mr Sadleir said.

“Accordingly, some settlements previously planned for the fourth quarter of the 2015 financial year are now due to occur in July.”

Cedar Woods maintained a FY15 net profit forecast of $41 million which, if achieved, would be a record result for the company.

“Pre-sales are currently at a healthy $75 million, putting Cedar Woods in a strong position heading into FY16,” Mr Sadleir said.

Settlement for the Masters store sale is scheduled for June.

Cedar Woods shares were 0.3 per cent lower at $5.40 per share at 2:50pm.