ASX-listed Cedar Woods has announced that it has sold its third office building in Williams Landing for $25.93 million.
The building at 107 Overton Road has been purchased by Hellenic Property Investments, a subsidiary of the Hellenic Club of Canberra.
The deal was struck on a yield of 5.4 per cent.
Construction on the property has commenced following the naming of the Hacer Group as the builder.
As construction is not yet finished, the terms of sale dictate that Cedar Woods will develop the property and hand it over in financial year 2020.
“The level of sales and the progress we’re making across our portfolio is particularly pleasing and provides a strong platform for full-year 2019 and full-year 2020,” Cedar Woods managing director Nathan Blackburne said.
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The sale comes just a few months after Cedar Woods announced that it would pre-sell the building.
The property will come fully-leased to the Victorian government for 15 years with two five-year options embedded.
The other two buildings in Williams Landing that have been pre-sold by Cedar Woods are the Target head office and 111 Overton Road. The Target headquarters was pre-sold mid last year to Centuria Metropolitan Property Trust and is expected to settle in the coming financial year.
Cedar Woods has a significant stake in the Williams Landing area including twenty additional sites in the town centre as well as the Williams Landing shopping centre.
