Cedar Woods sells modern west Melbourne mall
Cedar Woods has sold a 10 year old mall and adjoining mixed use development site for $60 million.
Williams Landing Shopping Centre, which settles on March 15, and the land, which wraps around part of it, due to transfer in the second half of this year, are trading to an as yet undisclosed major fund manager.
The result reflects a 6.8 per cent net passing yield.
The vendor expects to book a net profit of c$16.8m this financial year from the disposal.
Proceeds will be tipped into other projects, Cedar Woods managing director, Nathan Blackburne, said.
Stonebridge’s Justin Dowers and Kevin Tong were the agents.
Cedar Woods divests trophy asset
Developed in 2014 at 100 Overton Road, near the suburb’s train station and the Princes Freeway/Palmers Road interchange, Williams Landing Shopping Centre is anchored to Woolworths with 30 specialty stores, a childcare facility and offices across two floors.
Buildings, with a net lettable area totaling 10,946 sqm, cover about 10pc of the 5.5ha block (story continues below).
There are also over 400 car parks.
The mall forms part of a 50ha Major Activity Centre zoned pocket of Cedar Woods’ master-planned Williams Landing housing estate, 19 kilometres west of Melbourne’s CBD – some c200,000 sqm of commercial product is expected.
“Willams Landing is a great success story for Cedar Woods,” chief operating officer, Patrick Archer, said last year, adding the group has also delivered c2000 land lots and four apartment towers.
It has also completed six office buildings, four sold down as strata offices recently.
The developer has nine Victorian projects and holds some 13ha of mixed-use development sites.
More to come.
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