Developer Cedar Woods acquires 21 hectare site in Melbourne’s Wollert adjacent to their Mason Quarter project
The ASX listed developer Cedar Woods has acquired a 21.7 hectare site in Melbourne’s north, immediately adjacent to the company’s existing Mason Quarter project in Wollert.
The combined project will accommodate a master planned community of around 800 lots plus two proposed school sites.
The additional land, described as a strategic acquisition, was purchased for $30 million from a private land owner.
The payment has been deferred until 2022.
Mason Quarter comes with a proposed town centre, a future train station, schools, community facilities, walking and cycling paths, and parks.
Cedar Woods’ Managing Director, Nathan Blackburne, said the acquisition utilised “its strong balance sheet to take advantage of this favourable time in the property cycle.”
“We’re confident that the Melbourne land subdivision market will benefit from continued housing demand and perform well as Victoria continues its economic recovery,” said Mr Blackburne.
The combined site increases Mason Quarter’s frontage to Craigieburn Road.
