A render of Cedar Woods's third sold office building in Williams Landing. Image: Supplied

Cedar Woods sells third Williams Landing office building for $25.93 million

Su-Lin Tan|Apr 17, 2019

ASX-listed developer Cedar Woods has sold a third office building in the Victorian masterplanned development Williams Landing for $25.93 million.

Hellenic Property Investments, a subsidiary of the Hellenic Club of Canberra, bought the property at 107 Overton Road on a yield of 5.4 per cent.

Cedar Woods will complete the building, which has commenced construction, and hand it over to Hellenic in 2020. The building is fully pre-leased to the Victorian government for 15 years with options.

The company has already sold the strata offices at 111 Overton Road and the new Target headquarters to ASX-listed property fund manager Centuria for $58.2 million in June.

Cedar Woods managing director Nathan Blackburne said the sale of a third building in Williams Landing was consistent with Cedar Woods’ strategy development and capital recycling.

The developer has a stranglehold on development in the new township, 20 kilometres west of the Melbourne CBD, with another 20 sites that can accommodate commercial, residential or mixed-use developments.

CBRE’s Scott Orchard, Lewis Tong, Luke Etherington and Josh Rutman brokered the sale of 107 Overton Road.