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Cedar Woods settles $26m office sale

The settlement of a government-leased office in Melbourne’s emerging suburb of Williams Landing will inject $25.93 million into developer Cedar Woods’ earnings shortly after it withdrew guidance in the face of the coronavirus pandemic.

Cedar Woods has sold a third office building in Williams Landing, Victoria.

Cedar Woods has sold a third office building in Williams Landing, Victoria.

The Perth-based property manager said buyer Hellenic Property Investments had settled on the 3126-square-metre building which is pre-leased for 15 years to the Victorian government for its Emergency Communications Facility, giving the ASX-listed company a much-needed earnings boost in uncertain times.

The property was built to handle emergency call taking, dispatch services and major emergencies at a time when Australia is in shutdown in a bid to suppress the spread of COVID-19.

The property arm of the Hellenic Club in Canberra purchased the three-level office at 107 Overton Road in July last year on a yield of 5.4 per cent.

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