Join our daily newsletter At The Bell to receive exclusive market insights
- Cedar Woods Properties (CWP) has acquired a 21.7-hectare site in Melbourne’s north for $30 million
- The site is adjacent to the company’s existing Mason Quarter project in Wollert, with payment deferred until 2022
- Cedar Woods will use the combined project for a master-planned community of around 800 lots, plus two school sites
- The company expects the additional Woolert landholding to contribute to earnings by 2023
- Cedar Woods is up 1.26 per cent, trading at $6.45
Cedar Woods Properties (CWP) has acquired a 21.7-hectare site in Melbourne’s north for $30 million in Wollert.
The site is adjacent to the company’s existing Mason Quarter project in Wollert, purchased for $30 million from a private landowner, with payment deferred until 2022.
Cedar Woods will use the combined project for a master-planned community of around 800 lots, plus two school sites.
Cedar Woods expects the additional Woolert landholding to contribute to earnings by 2023.
“We’re confident that the Melbourne land subdivision market will benefit from continued housing demand and perform well as Victoria continues its economic recovery,” said Cedar Woods Managing Director, Nathan Blackburne.
“We’ve seized the opportunity to acquire a neighbouring site to leverage the Mason Quarter brand and the amenity we will establish within the Wollert community”.
Located within Wollert’s approved development precinct, Mason Quarter will benefit from a proposed town centre, a future train station, schools, community facilities, walking and cycling paths, and parks.
Cedar Woods is up 1.26 per cent, trading at $6.45 at 1:20 pm AEDT.
