THE PROPERTY DEVELOPMENT REVIEW
Developer Cedar Woods has revealed it will again team with Japanese-based Tokyo Gas Real Estate Australia to develop the Subiaco site it scooped up in May.
The developer bought a 9784sq m site in the inner-Perth suburb and plans to develop more than 200 apartments across three buildings. The site is next to Cedar Wood’s Incontro Subiaco project where 41 townhouses have been completed and an apartment project is to be launched soon, about 4km west of the WA capital’s CBD. Cedar Woods said it had struck a deal with Tokyo Gas Real Estate Australia (TGREA) to partner the new development. TGREA has bought 49 per cent of the project that Cedar Woods will manage and sell. Last year Cedar Woods announced it had made a strategic shift to joint-ventures arrangements for some future projects, and announced two relationships, one with QIC and the second with TGREA, soon after. The developer said at the time that “the initiative seeks to scale up the business in a capital efficient manner, amplify return metrics, deliver sustainability outcomes, leverage the existing skills base, further diversify the project portfolio, access larger scale sites and generate fee income for recurring earnings”. Meanwhile, as one of its growth strategies, TGREA announced it would be active in property developments globally, primarily in Australia, with the investment of about $A600 million [¥65 billion] by 2030 and with a focus on developments that can also deliver sustainability outcomes. The Subiaco deal is the third between Cedar Woods and TGREA after apartment projects Banksia (construction soon to complete) and Bloom 1 (construction completing in next year), both in Adelaide. The developer’s project with QIC at Robina is in the planning-approvals phase. Cedar Woods managing director Nathan Blackburne said apartments were in very short supply across the country, “but particularly so in Perth, where few new projects have been delivered in recent years” Cedar Woods is a national developer of residential communities and commercial properties with 35 projects in WA, Victoria, Queensland and South Australia and a pipeline of 9700 lots.
July / August 2024 – 85
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