Cedar Woods confirms purchase of $15.05m development site in Subiaco, WA
22 August 2018
Cedar Woods are pleased to announce the purchase of 133 Salvado Road, Subiaco in Western Australia for $15.05m, with settlement to occur in July 2020.
As notified in May 2019, Cedar Woods contracted to buy the site conditional upon due diligence. Due diligence on the landmark, 1.4ha development site has been completed and the Company has elected to proceed with the acquisition. The focus will now turn to completing the design and obtaining planning approvals.
Managing Director Nathan Blackburne said the acquisition is consistent with the Company’s track record of securing development sites in sought-after suburbs at favourable points in the property cycle.
“This is an inner suburban site with excellent credentials being close to the city, train stations, retail parks and amenities. We expect to deliver a quality medium density residential development comprising a combination of townhouses and apartments”, said Mr Blackburne.
Cedar Woods has around 2,700 townhouses and apartments within its national development pipeline of 9,600 lots, making it one of the larger built form residential developers in the country.
“We’ve been delivering over 300 apartments and townhouses a year and have a proven methodology for generating strong returns from these projects and in creating product that our buyers are very satisfied with”.
“Around the country, we are seeing increasing demand for new housing options in long-established areas with typical buyers being young families looking for an affordable buy-in price in the area they’ve grown up in, as well as downsizers looking for premium, compact homes”.
“The proposed development also supports State Government efforts to improve housing diversity and deliver on new housing targets in established areas. We think it’s an optimal time to buy sites, based both on the extent of policy support and the point we are at in the property cycle”, said Mr Blackburne.