Cedar Woods Offloads 2,500sq m Wooloowin Value-Add Site

ASX-listed Cedar Woods Properties has listed a proposed 2,500sq m mixed-use development site in Brisbane’s inner-north.

The 22 Morris Street, Wooloowin site includes a 595sq m heritage-listed Convent building constructed in 1912 by the Sisters of Mercy.

The site has community-use zoning and suits a variety of code-assessable community uses including childcare.

Cedar Woods acquired the property as part of the 3.6ha site at 60 Bridge Street, Wooloowin from the Sisters of Mercy Brisbane Congregation.

The developer plans to deliver a new medium-density integrated housing community featuring about 280 dwellings and a 4,000sq m public park.

Preliminary approval was obtained in late 2018 for the entire masterplanned community.

Cedar Woods is proposing to subdivide the Convent site from the parent lot, with approval anticipated by May 2020.

Selling agents Hunter Higgins and Nick Wedge of Colliers International have been appointed by Cedar Woods to sell the site.

“It is rare to see a site this close to the CBD with existing community zoning – we expect strong interest from owner-occupiers like childcare operators and other community uses, as well as value-add developers and investors seeking opportunities within these sectors,” Higgins said.

Wedge said that the preliminary approval requires the preservation of the Convent building but allows for its adaptive reuse.

“Hence why we see this as an opportunity for childcare operators as they like working with existing buildings,” Wedge said.

Cedar Woods senior development manager Peter Starr said the company made the decision to divest the site to concentrate on the delivery of its 280-lot integrated housing development, which it is preparing to launch in the coming months.

“Our focus is on developing a premium residential community and selling this parcel will allow us to secure the right operator to help us deliver on our broader vision for the site,” he said.

“With a position alongside the Holy Cross Primary School and well serviced by transport links to surrounding areas and the city, the Convent site is well-suited to a variety of community uses and we believe will attract strong interest as a result.

“It will also benefit from a position alongside our new masterplan, which will feature a mix of terrace homes, apartments, heritage residences and parkland.”

Expressions of interest close Thursday 9 April 2020 at 4pm.

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