Cedar Woods settles Target building

4 December 2018

Cedar Woods Properties Limited is pleased to announce settlement of the sale of the new Target Head Office at Williams Landing, Victoria, following construction completion occurring ahead of schedule.  

Cedar Woods pre-sold the 12,960 square metre, nine level building to Centuria Property Funds Limited for $58 million. Target commenced the relocation of staff to Williams Landing in November and will soon relocate remaining staff.  

The early settlement will have a positive impact on Cedar Woods’ first half earnings resulting in more even half years. Cedar Woods continues to forecast a strong uplift in profit in FY19. 

The development marks the first of a significant pipeline of commercial projects held by the company, two of which are already underway and fully presold.

The Company has previously announced the completion of pre-sales at 111 Overton Road strata offices, currently under construction, and the pre-sale of 107 Overton Road to Hellenic Property Investments, which is fully leased to the Victorian State Government.  

Cedar Woods’ Managing Director Nathan Blackburne said settlement of the Target Head Office building represented a milestone for the Company as it delivers on its commercial pipeline.  

“The location of Williams Landing, 20 kilometres west of Melbourne, and its proximity to first-class amenities including rail, the freeway and retail, is a very attractive proposition for business,” Mr Blackburne said. “The demand for office space and the calibre of tenants highlights the strength of the precinct.”  

“Target’s relocation results in the injection of around 800 staff to Williams Landing, which will serve as a major boost to our town centre, benefitting the shopping centre, restaurants and other busineses”.   

“Looking forward, we have a pipeline of over 20 commerical and residential sites in the town centre at Williams Landing, which supports our strategy of growing a national portfolio diversified by geography, price point and product type.”