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National property company Cedar Woods Properties Limited has begun its year off with a flourish, offloading a suburban shopping centre for $60 million
Cedar Woods said it had accepted an unconditional offer for $60 million to sell the Williams Landing Shopping Centre in Melbourne’s western suburbs.
The sale also includes 1ha of land next to the site described as ready for development.
The centre was built in 2014 and includes Woolworths as an anchor tenant plus 30 specialty stores, a childcare centre and two floors of office space.
While Cedar Woods would not name the buyer, it confirmed they were experienced in purchasing and managing shopping centres.
Settlement for the shopping centre is due on March 15, 2024 while settlement for the adjacent land is due in the second half of this year.
Cedar Woods expects a net profit after tax of $16.8 million from the sale.
Developing and then selling sites is Cedar Woods’ core strategy, according to Cedar Woods managing director Nathan Blackburne.
“Having developed Williams Landing Shopping Centre and seen the asset mature, this sale is consistent with our strategy of adding value to our developments and then recycling capital back into the business and new opportunities,” Blackburne said.
“We have generated a strong profit, further strengthened our balance sheet and have retained land for a string of development opportunities that will support earnings over coming years.”
Cedar Woods has a pipeline of more than 15 commercial, residential and mixed-use development-ready sites in the Williams Landing suburb to be developed and sold over the next few years.
It was formed in 1987 and has 35 projects across Australia with a pipeline of more than 9700 lots.
These include the Ellendale masterplanned community near the Brisbane CBD and Solaris in the Perth suburb of Forrestdale.
Williams Landing is in the City of Wyndham growth corridor, 20km south-west of the Melbourne CBD.
It neighbours suburbs including Point Cook, Laverton, Hoppers Crossing and Truganina.
