Cedar Woods Sells Third Williams Landing Office Building

Urban.com.au has previously highlighted the ongoing development underway at Cedar Woods' Williams Landing development, particularly more recently with respect to further commercial buildings in the pipeline.

So it comes as no surprise to learn that Cedar Woods has signed an agreement to sell a third office building -  107 Overton Road - to Hellenic Property Investments Pty Ltd for $25.93 million.

The terms of the sale, which represents a  yield of 5.4%, requires Cedar Woods to develop the building, with handover and settlement of the completed project expected in 2020.

This follows Cedar Woods' announcement in April of this year that it had moved to pre-sell the four-level purpose built building, which has been fully leased to the Victorian State Government for 15-years.

According to Cedar Woods, there was strong interest in the building which it believes reflects Williams Landing’s emergence as a commercial and retail hub in Melbourne’s west.

The Company says the sale of a third building is consistent with Cedar Woods’ strategy of adding value to its developments and then recycling capital into new opportunities.

It is a strategy that is proving very successful for us as we reinvest capital into new projects.

- Nathan Blackburne, Cedar Woods Managing Director

Construction of the office building is underway with Hacer Group at the helm. Further office developments by Cedar Woods in Williams Landing include the Target Head Office and 111 Overton Road strata offices, which have also been pre-sold and under construction.

Cedar Woods has twenty additional sites in the Williams Landing Town Centre that can accommodate commercial, residential or mixed-use developments.