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- Cedar Woods has purchased a $15.05 million development site in Subiaco, Western Australia
- The company plans on building townhouses and apartments
Cedar Woods has purchased a $15.05 million development site in Subiaco, Western Australia.
The company plans on building townhouses and apartments, which is similar to other projects Cedar Woods is working on around the country.
In May, the company announced it wanted to buy the property. Due diligence on the landmark has been completed and Cedar is now going through with the acquisition.
The property is on Salvador Road and is close to the city and train stations.
Cedar is a leading national developer of residential and commercial properties. It was established in Perth, in 1987, and has grown to become one of Australia’s leading real estate companies.
Managing Director Nathan Blackburne said the acquisition is consistent with the company’s track record.
“This is an inner suburban site with excellent credentials, being close to the city, train stations, retail and parks. We will deliver a quality housing development comprising of townhouses and apartments,” he said.
Cedar has around 2,700 townhouses and apartments around Australia, over 9,600 lots, making it one of the larger built form residential developers in the country.
“We’ve been delivering over 300 apartments and townhouses a year and have a proven methodology for generating strong returns from these projects and in creating product that our buyers are very satisfied with,” Nathan added.
The company says the new acquisition supports State and Local Government efforts to improve housing diversity.
Cedar will now focus on the property’s design and approvals.
