Cedar Woods has laid down $15.5 million to scoop up the site next to one of its Western Australian projects.
The developer has added the 9.78ha greenfield site next to its Incontro development at Subiaco in Perth’s inner west.
Planned for the site are more than 200 apartments in two to three buildings, with designs to suit a range of buyer profiles including downsizers and young professionals, according to Cedar Woods.
The infill site was one of the few remaining large undeveloped parcels of land in Subiaco, the developer said, and sits less than 5km from the Perth CBD.
“It benefits from established community amenity including schools, public transport and entertainment precincts,” Charter Hall said.
The site was acquired from the City of Subiaco with settlement expected by July, subject to procedural requirements. Cedar Woods anticipates the additional landholding to contribute to company earnings from 2027.
Cedar Woods managing director Nathan Blackburne said the acquisition was consistent with the company’s strategy to grow its national portfolio with projects diversified by geography, product type and price point.
“This acquisition supports the provision of much-needed housing supply, especially for apartments, which are in high demand and experiencing record low vacancy rates and rental growth,” he said.
Cedar Woods WA manager Ben Rosser said the acquisition would allow it to extend the life of its Incontro development.
At that development, 41 townhouses and 110 apartments have been completed.
Subiaco remains one of the most sought-after suburbs in the western capital, with a plethora of apartment and townhouse developments rising.
In August, Perth developer Australian Development Capital filed plans for a five-storey residential building comprising 31 apartments in a mix of one, two and three-bedroom units, at 64 Price Street.
And in June, Subiaco Developments submitted plans to boost the height of it plans for 22-24 Hood Street from six to nine storeys.
