Council sells ex-operations centre to developer
The City of Subiaco has sold an ex-operations centre to local developer Cedar Woods which will nearly double the size of its medium density Incontro estate next door.
The cleared site at 2 Upham Street, Subiaco, also fronting Bishop, Greenwood Lane and Mere Vere Way, where it is diagonally adjacent to the Subiaco Common, covers 9784 square metres, zoned Mixed Use.
More than 200 apartments in up to three buildings are planned.
The project should contribute to the developer’s 2027 earnings.
Perth based Cedar Woods is paying $15.5 million ex-GST for the parcel – marketed as one of Subiaco’s “last big sites”.
It paid council $15.05m in 2019 for the neighbouring site, a former TAFE at 133 Salvado Road.
Spreading 1.4 hectares, and being developed in stages, that block has made way for 41 townhouses.
A seven storey building with 110 units was launched for pre-sale last year.
Cedar Woods doubles down in Subiaco
With 105 metres of street frontage, Incontro is also close to amenities including schools, public transport and entertainment (story continues below).
Burgess Rawson’s Luke Randazzo and Rob Selid marketed 2 Upham St for council.
“Cedar Woods has a history of successfully acquiring or partnering on strategically located infill sites that can generate strong returns for shareholders and excellent products for customers,” managing director, Nathan Blackburne, said.
“This acquisition supports the provision of much needed housing supply, especially for apartments, which are in high demand and experiencing record low vacancy rates and rental growth,” he added.
Settlement is scheduled in July.
The deal comes two months since Cedar Woods banked $60m from the Williams Landing Shopping Centre, in Melbourne’s west.
Last year meanwhile, also in that estate’s Overton Rd, the group launched and sold down two strata office projects.
Subiaco is three kilometres west of Perth’s CBD.
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