The site, which is situated within the City of Whittlesea’s Wollert Precinct Structure Plan, has been purchased by national property developer Cedar Woods Properties, further extending its portfolio of acquisitions in Victoria, particularly in the northern growth corridor.
The company’s Carlingford land estate sits just 6km south of its latest acquisition.
Cedar Woods, which purchased the land from P. & A.M. Micelotta, expects a return from its investment within the next three years due to its ideal location. In the plans, it proposed to include a town centre, community facilities, schools, a train station, public open spaces, cycling and walking paths.
Proposals such as this are often accompanied by a graphic design to clearly illustrate what is planned.
Nathan Blackburne, the Managing Director of Cedar Woods, said the land purchase demonstrated the disciplined approach taken by the company to buy at the right time of a property cycle and further add to its portfolio. He added:
“Consistent with our strategy of counter-cyclical purchasing, we’ve acquired this quality land development opportunity under favourable settlement terms, in a location characterised by high population growth and relative proximity to the city compared to other growth areas.”
During the past years, five acquisitions have been made by Cedars Woods.