Cedar Woods has purchased another apartment development site, this time in Melbourne’s super-dense Southbank.
The 2717 square metre Capital City 1 zoned block at 141-151 Sturt Street is speculated to be costing the ASX-listed Perth based group about $26.5 million including GST.
Also with frontage to tree-lined Dodds St, the parcel has the potential to make way for c20 level towers.
Tomassi & Co’s Alby Tomassi and Joseph Robilotta brokered the off-market sale for Fortune ZMC, which outlaid $9m in mid-2010 and has retained it as an investment; the double storey 1890 sqm asset generates annual income of $844,703 from three tenancies, an IGA supermarket, medical centre and office, occupied by Landmark Worldwide.
There are also 53 open-air car parks.
Best known as a low density housing estate developer, Cedar Woods has been constructing higher rise complexes since 2016.
Last October, it unveiled plans for a seven storey development, Incontro, in Perth’s Subiaco.
Four months ago the group started constructing a major six floor project, Monarch Apartments, as part of a multi building village at Glenside, five kilometres south west of Adelaide.
Cedar Woods’ first and second apartment towers were part of the master-planned Williams Landing community, replacing a component of an ex-RAAF site at Laverton, c19km south west of Melbourne (story continues below).
Sturt Street skyline coming
Cedar Woods’ Southbank site abuts an 1831 sqm block – 153-159 Sturt St – which was acquired last year by NOVUS, a Build to Rent outfit part backed by David Southon’s Aliro Group.
The vendor in that $20.35m deal was architect firm Rothelowman which occupied a low rise office on the site as its headquarters, but offered it permit-ready for an 18 storey tower with 141 dwellings.
The parcel is now earmarked for c170 units in two buildings, the tallest rising 20 floors.
Cedar Woods’ block also neighbours 135 Sturt St, on 2885 sqm, which Evolve Development acquired in 2018 from Hayball for c$30m with plans for an 18 storey complex with commercial, retail and 206 flats.
Like 141-151 Sturt St, the NOVUS and Evolve blocks front Dodds St.
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