Cedar Woods Completes Williams Landing Sale26 March 2020
Cedar Woods confirmed the settlement of their $25.93 million development of the Vic Emergency Communications Facility in Williams Landing.
The 3,126 square metre property was pre-sold to Hellenic Property Investments Pty Ltd in 2018 and was pre-leased in full to the State Government of Victoria, under a 15- year lease agreement at an yield of 5.4%.
Cedar Woods’ Managing Director, Nathan Blackburne said the state-of-the art building will perform a vital role in emergency call-taking and dispatch services, and handling major emergencies for Victorians. The Facility is a valued addition to Williams Landing and a credit to the Cedar Woods team, the Victorian State Government and builder partner Hacer.”
According to economist MacroPlan Dimasi, Williams Landing has the capacity to host up to 23,000 jobs once fully developed, making it a significant commercial centre and business hub in Melbourne’s west. With around 300 people working in the new Communication Facility, the total employment at Williams Landing will rise to approximately 2,100 persons.
Mr Blackburne said. “The project has approximately 17 hectares of development land still available for a mix of office, retail and residential projects which will continue to be developed over the next 10 years,”
With respect to the current CV19 crisis, the Group joined other AREITs to withdraw guidance and expects FY 20 to be moderately lower compared to FY19’ due to matters including potential disruption that could arise from construction workers, local councils and other certifying authorities being unable to attend work.