ASX-listed Cedar Woods has sold its emergency communication facility in the Victorian masterplanned development Williams Landing for $25.93 million.
Hellenic Property Investments, a subsidiary of the Hellenic Club of Canberra, purchased the property at 107 Overton Road in July of last year on a yield of 5.4 per cent.
The transaction of the 3,126sq m call centre, built to handle emergency call taking, dispatch services and major emergencies, was settled following its recent completion by builder Hacer.
The building is fully pre-leased to the Victorian government for 15 years with options and could potentially now become an important asset in the state's bid to combat the coronavirus outbreak, housing upwards of 300 emergency service workers.
Victoria's confirmed coronavirus cases jumped by 700 per cent this week with state health authorities warning millions of Victorians could be at risk.
Many leading health care professionals have warned that Australia's “chronically overstretched” public health systems could be overwhelmed in the event of a severe pandemic.
The Perth-based developer, led by managing director Nathan Blackburn, has held a successful focus over recent years of “buying well” into development sites.
The company has built up a vast portfolio in the new township of Williams Landing, located 20 kilometres west of the Melbourne CBD.
Cedar Woods currently holds a further 20 sites which could eventually accommodate commercial, residential or mixed-use developments.
Blackburne said the settlement of 107 Overton Road, brokered by CBRE, was welcome news to Cedar Woods earnings after withdrawing guidance in the face of the coronavirus pandemic.
“Cedar Woods holds a significant pipeline of undeveloped sites at Williams Landing which will continue to be developed over the next 10 years.”
“The project’s masterplan will continue to be an important element of our strategy to grow a national portfolio.”