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- Cedar Woods (CWP) increases its portfolio with the $49.5 million purchase of an 86-hectare property in Eglinton, Western Australia
- The development site will add approximately 1200 lots to Cedar Woods’ development pipeline and is projected to contribute to the company’s profitability over 11 years
- The addition of the Eglinton project takes the company’s total portfolio to approximately 10,700 lots and units
- The acquisition will be funded by the company’s existing corporate financing arrangement, which is being expanded to accommodate the acquisition
- Shares in Cedar Woods Properties are up 1.76 per cent to $5.77 at 3:03 pm AEDT
Cedar Woods(CWP) has considerably increased its portfolio with the $49.5 million purchase of an 86-hectare property in Eglinton, a suburb in Perth’s developing north-west development corridor.
The development site will add approximately 1200 lots to Cedar Woods’ development pipeline and is projected to contribute to the company’s profitability over an 11-year period, beginning in FY24.
The addition of the Eglinton project takes the company’s total portfolio to approximately 10,700 lots and units.
The Eglinton property, 45 kilometres northwest of Perth’s CBD, was bought from a private vendor, Eglinton Estates, with approved district and local structural designs, as well as subdivision authority for the first 275 lots.
Cedar Woods’ master-planned community design for the property includes many residential neighbourhoods, a primary school, a commercial centre and open space.
The beach is 1.9 kilometres away, and the location is positioned near current commercial, educational and recreational amenities, as well as several job centres, including Joondalup.
The site will benefit from being within 500 metres of the new Eglinton railway station and Perth-Yanchep rail line, both of which are presently being built as part of the WA Government’s METRONET initiative and are scheduled to open in 2023.
Nathan Blackburne, Managing Director of Cedar Woods, said the company is pleased to commence the building of a new community on such a high-quality site, and that the first phases at Eglinton would be available to consumers in FY23.
“The site provides the company exposure to Perth’s popular north-west growth corridor which has traditionally accounted for approximately 25 per cent of total metropolitan Perth land sales,” Mr Blackburne said.
“Cedar Woods’ development at Eglinton will benefit from continued demand for new housing, the Government’s delivery of METRONET and the proposed Mitchell freeway extension to Romeo Road.”
The acquisition will be funded by the company’s existing corporate financing arrangement, which is being expanded to accommodate the acquisition and retain surplus capacity, with the financiers’ agreement already granted.
Shares in Cedar Woods Properties are up 1.76 per cent to $5.77 at 3:03 pm AEDT.
