Woolworths secures growth corridor site
Cedar Woods is celebrating a “significant” value uplift selling a shopping centre development site at its best performing housing estate this year, to Woolworths.
The two hectare parcel, part the Eglinton Village, 44 kilometres north of Perth, is costing the retailer’s development arm, Fabcot, $13 million.
Cedar Woods paid $49.5m in November, 2021, for the greater 86ha parcel making way for the community.
In Eglinton, the master plan contains 1200 dwellings, a primary school, commercial centre and parkland, as well as the neighbourhood shopping centre Woolworths will now deliver.
The group describes the estate as its top performing over the past six months with “strong, sustained” stage sell-outs and an average lot price rise of 25 per cent.
Enhances overall project return: Cedar Woods
The Eglinton Village mall will also contain specialty stores and a car park.
“Fabcot has extensive experience in owning, developing and managing shopping centres, which Cedar Woods considered would benefit the Eglinton Village community,” managing director, Nathan Blackburne, said (story continues below).
“The sale of this land is consistent with our strategy of adding value to our developments and then recycling capital back into the business for new opportunities,” he added.
“The sale result, after attributable development costs, is a realisation of significant value uplift for this portion of the site and enhances overall project return, with significant up-front return of capital,” according to the executive.
Cedar Woods is behind 35 Australian housing estates with a total 9000 dwellings – a mix of low, medium and high density.
Communities typically contain commercial elements too – retail and, occasionally, offices.
In February it banked $60m selling a 10 year old shopping centre and adjoining mixed use development site at Williams Landing, in Melbourne’s south west.
Stonebridge’s Justin Dowers and Kevin Tong were the agents.
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