Cedar Woods buys Geelong housing site

Cedar Woods is quietly purchasing a low density housing site at Corio, in Geelong’s north.
The 18.6 hectare Plantation Road parcel, also facing the Princes Freeway, costing $34.9 million, can yield c400 lots.
The bulk of the homes are expected to be single storey with three and four bedrooms, targeted to entry level buyers.
Parks will also form part of the master-plan, though the site abuts the Sutcliffe Reserve.
Settlement is scheduled next January.
The land is expected to contribute to earnings from FY27.
The deal comes a week since we reported the ASX listed developer sold a childcare centre development site within its Mason Quarter estate, in Melbourne’s north Wollert.
Oreana Property Group was that buyer (story continues below).
Counter cyclical buy: Cedar Woods
Cedar Woods managing director Nathan Blackburne described the Corio purchase as counter-cyclical, with activity in Geelong subdued in recent years.
“The Geelong housing market is forecast to enter a period of undersupply with a significant housing shortfall expected,” according to the executive.
“We are capitalising on the opportunity now to ensure we are ready to respond with affordable land supply, in a sub sector that is tipped to outperform in Victoria when it recovers,” he added.
“The site is one of the largest undeveloped parcels…within Corio, situated less than 10 kilometres from the centre of Geelong, close to the Princes Highway and Avalon Airport.
“With our strong balance sheet, Cedar Woods remains well positioned to continue our strategy of diversification, strengthening our portfolio with quality product that can provide supply into a housing market where projected supply shortfalls are significant”.
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