AND FINALLYREAL ESTATE INVESTMENT TRUSTS & FUNDS

Cedar Woods completes $26m sale

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CEDAR Woods has settled on the $26 million sale of the Victorian government’s new Emergency Communications facility in Williams Landing to Hellenic Property Investments.

The Perth-based company had just pulled its full year guidance amid market uncertainty due to the coronavirus outbreak.

Recently completed, the 3,126 sqm building at 107 Overton Rd in Melbourne’s western growth corridor has a 15 year pre lease to the Victorian government and will be used for emergency call taking and dispatch services.

Hacer was the builder partner.

Hellenic Property Investments is the property arm of Hellenic Club of Canberra and entered into the $25.93 million sale agreement in July of 2018, reflecting a yield of 5.4%.

Cedar Woods said it remains on track to complete pre-sold developments scheduled for delivery in the current financial year, and has more than $80 million in finance facility headroom. Revenue from the sale will contribute to its full year earnings.

Managing director of Cedar Woods, Nathan Blackburne said the group holds a significant pipeline of undeveloped sites at Williams Landing that will continue to be developed over the next 10 years, with approximately 17 hectares of development land still available for a mix of office, retail and residential projects.

According to economist MacroPlan Dimasi, Williams Landing has the capacity to host up to 23,000 jobs once fully developed.

Cedar Woods sold Target’s new national headquarters at 2 Kendall St within the project for $58.23 million in June of 2017 to Centuria Metropolitan REIT. The Wesfarmers-owned discount department store had signed a decade-long lease over the 10-storey building’s eight levels of office space, totalling 12,919 sqm.

Last year, the group completed a $27 million strata office development with 47 office suites

at 111 Overton Rd, which had completely sold out prior to construction beginning. The building incorporates a 1,525 sqm medical centre on the ground floor that was sold to Barwon Investment Partners Pty Ltd for $8.2 million earlier in 2019.

Cedar Woods is now selling strata office suites at 101 Overton Rd, which has commenced construction.

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