Thursday, June 13, 2024

Cedar Woods sells Williams Landing Shopping Centre for $60 million

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Victoria’s Williams Landing Shopping Centre has been sold for $60 million after owner Cedar Woods accepted an unconditional offer which also includes one hectare of adjacent development land.

The shopping centre has a Woolworths supermarket, 30 specialty stores, a childcare facility, and two levels of office space.

The property development company expects a net profit tax of about $16.8 million directly from the sale, most of which will be realised this year.

“Having developed Williams Landing Shopping Centre and seen the asset mature, this sale is consistent with our strategy of adding value to our developments and then recycling back into the business and new opportunities,” said Cedar Woods MD Nathan Blackburne.

The settlement for the shopping centre is due on March 15 while the settlement for the land component is due in the second half.

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