Cedar Woods kicks off Williams Landing office, lists mall

Over $80 million is expected for the Williams Landing Shopping Centre and adjoining land.

Cedar Woods this week kicked off construction of its fifth standalone office at Williams Landing, south west of Melbourne – another strata, called Boston Commons.

At 89 Overton Road, the Hames Sharley penned project will rise seven storeys with 77 suites between 45-96 square metres.

The mall, opposite four strata office buildings and two apartment complexes.

Third level units offer outdoor terraces of 8-52 sqm.

Williams Landing Shopping Centre opened in December, 2014.

Most spaces – 98 per cent – were sold down as of January.

The retail investment derives annual income of $4.1 million.

Williams Landing is replacing 275 hectares of an ex-Laverton RAAF base.

Cedar Woods acquired the land for the project for $10m in 1998.

Boston Commons

Boston Commons is due for completion in mid-2024; it is also designed with NBN infrastructure, end of trip facilities, two conference centres and onsite parking

It will be delivered by Hacer Group which has constructed the region’s five other commercial buildings including Target’s headquarters (2 Kendall St) and in Overton Rd, strata offices at 101, 107 and 111.

“Williams Landing is fast emerging as one of the leading destinations for suburban offices in Melbourne’s west,” Knight Frank’s Nick Bisset, who marketed the latest suites, said.

“Since its launch to market in October, 2021, Boston Commons has received strong interest from both local business owners and investors,” he added.

Shopping centre, land for sale

Meanwhile, Cedar Woods has listed the Williams Landing Shopping Centre at 100 Overton Rd – the centrepiece of the estate’s 50ha town centre, which is expected to contain 200,000 sqm of office and retail space.

The mall which is on offer covers about 10pc (5.5ha) of that, with 10,945 sqm and over 400 car parks.

Anchored to Woolworths, with 26 specialty stores, four kiosks, 12 commercial suites and a childcare centre, it returns $4.1m per annum (story continues below).

The Williams Landing offering includes a 2.4 hectare tract.

The offering also includes a 2.39ha Priority Development zoned tract, offering development upside.

When the group announced it would list the asset last November, value was put at c$81m.

Boston Commons will contain 77 suites and two conference centres.

“Williams Landing Shopping Centre represents a premium asset located in the heart of a thriving mixed-use town centre,” Cedar Woods chief operating officer, Patrick Archer, said.

“[The centre] is well served by key rail and road links [the wider estate has 1.8 kilometres frontage to the main western rail line and this property is 500 metres from Williams Landing station] and is located in a region that has consistently been one of the fastest growing in the country,” he added.

To date, Cedar Woods has subdivided 2000 low density housing lots at Williams Landing.

It has also completed two of four apartment buildings.

Stonebridge Property Group’s Justin Dowers and Kevin Tong have the listing.

“Rarely do we see centres 20km from the Melbourne CBD with over two hectares of Priority Development Zone land adjoining,” Mr Dowers said.

“They just never come up,” he added.

“When you’re at Williams Landing Shopping Centre, you can see multiple five-to-six level buildings opposite,” according to the executive.

“This gives you confidence of what Williams Landing Shopping Centre can be in the future, it’s unlimited”.

Mr Tong said with China’s borders now open, an influx of investors are seeking to deploy their capital here.

Five Melbourne neighbourhood shopping centres transacted in 2022, according to the agency.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.