Cedar Woods Properties Limited (ASX:CWP)
has paid $24.6 million for a 3.81 hectare site 5km north of the Brisbane CBD.
The prime infill site is in an elevated position in Wooloowin in Brisbane’s inner north near trains, schools and shopping centres.
The development of the site includes townhouses and apartments with a small office and retails sector. Approval for 279 residential dwellings over 8 levels has been secured.
Cedar Woods Properties made a net profit of $42.59 million for the 2015 financial year.