RESIDENTIAL PROPERTY

Cedar Woods taps into townhouse demand

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CEDAR Woods is looking to meet heightened demand for off-the-plan townhouses in Melbourne’s city-fringe, with a new luxury development in North Melbourne.

88 Leveson will include 15 three- and four-bedroom townhouses designed by architects Genton and interior design practice, Adele Bates.

“In every project we undertake, our primary focus is developing in areas with access to amenity, creating quality homes, and building community, which are all evident in our latest North Melbourne project,” said Patrick Archer, COO at the ASX-listed Cedar Woods.

The new project is well placed, sitting  just two kilometres from the Melbourne CBD and within close proximity of Errol Street, the Queen Victoria Market, University of Melbourne and the Melbourne Biomedical Precinct.

“The location of 88 Leveson makes it highly desirable to a range of purchasers, particularly professionals working in the nearby employment precincts as well as those upgrading from apartments,” said Archer.

“When considering off-the-plan, purchasers need to feel confident and secure in the outcome of their new home and 88 Leveson provides that clear vision in a convenient location, only two kilometres from the city,” said Archer.

Each townhouse will include a private outdoor entertaining space, Miele appliances, with expansive living spaces and flexible floor plans.

Additionally 88 Leveson will include personal lifts and private rooftop terraces and will target a 6 star energy rating.

“The volume of enquiry has been outstanding thus far at the pre-release phase and we anticipate demand to continue strongly until the end of the year,” said Mark Dayman, director of project sales at Marshall White, who are marketing the project.

National residential listings were reported falling once again over September,  down 25.9% compared to this time last year, with Melbourne seeing a slight increase for the month after a period of declines.

“This is a result of the lack of off-the-plan townhome opportunities within inner Melbourne and the current dearth of residential listings,” said Dayman.

Cedar Woods recently added two development sites in Melbourne’s western growth corridor to its development pipeline, for a combined of $63.5 million.

While the group also posted return to pre-pandemic performance levels with a net profit after tax of $32.8 million for the financial year, bouncing back by 61% from a COVID-19 stricken FY20 and surpassing its guidance of $32 million.

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