Listed residential property developer Cedar Woods has expanded its residential property portfolio in Melbourne, paying $24 million for 57 hectares of land in Lalor.
Cedar Woods plans to develop the land, currently an infill site, into a 600-lot residential estate.
The site is located 17 kilometres from the CBD, adjacent to existing residential areas, and close to a local employment precinct.
The acquisition will be the first significant residential development offered in the area in many years.
Cedar Woods Victorian state manager Nathan Blackburne said the company was excited about introducing a Cedar Woods master-planned development to Melbourne’s fast growing northern corridor.
“We think the market will respond well to a development of the standard and quality that Cedar Woods is known for nationally,” Mr Blackburne said.
Earlier this year, Cedar Woods paid $10.5 million for another Melbourne acquisition, an urban infill site in Footscray.
At the time, Cedar Woods said the site was one of the largest infill opportunities in Melbourne and that it had held discussions with Melbourne AFL team the Western Bulldogs about integrating the residential project with the $20 million redevelopment of the Whitten Oval.
The redevelopment is being funded by the federal government, Forever Foundation, the Victorian state government and the AFL.
Meanwhile, in Perth, a residential development site on Mount Street, West Perth, sold at auction last week for $895,000.
The 342 square metre site is zoned R160 was sold vacant by Burgess Rawson.
