Cedar Woods Properties (ASX:CWP) has bought a 43 hectare site in Melbourne’s north to accommodate a masterplanned community of more than 500 lots.
Located within the approved Wollert Precinct Structure Plan (PSP), the site provides the Company with further exposure to Melbourne’s northern growth corridor, six kilometres north of Cedar Woods’ high performing Carlingford land estate.
As well as a proposed town centre, the Wollert PSP provides for a future train station, schools, community facilities, walking and cycling paths, and public open space.
The proposed Cedar Woods development is located within walking distance of this planned amenity.
The land was purchased from P. & A.M. Micelotta for $56.65 million.
Shares in Cedar Woods Properties (ASX:CWP) trading flat at $7.02.