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Cedar Woods Properties flags the settlement of $58 million sale ahead of schedule. It outlines the sale of Targetâs new headquarter in Williams Landing, Victoria which was slated to be completed in the Fiscal year 2019âs second half.
This early sale settlement is backed by the completion of building construction well before the scheduled timeline, thereby taking Cedarâs first half earnings to higher levels.
Cedar Woods sold this 12,960 square metre, nine level building to Centuria Property Funds Limited for $58 million. Moreover, other than Target headquarters sale, Cedar Woods has completed the pre-sales of two other commercial assets at Williams Landing. It includes 111 Overton Road strata offices, currently under construction, and 107 Overton Road pre-sold to Hellenic Property Investments, which is fully leased to the Victorian State Government.Â
Managing Director of Cedar Woods, Nathan Blackburne said settlement of the Target Head Office building represented a milestone for the Company as it delivers on its commercial pipeline.
Cedarâ William Landing estate is located 20 kilometres west of Melbourne and is adjacent to William Landing train station. Its proximity to rail, access to freeway and retail are the compelling factors that derive its demand for office space.
Target headquartersâ development marks the first of a significant pipeline of commercial projects held by the Cedar Woods. The relocation of staff has already been commenced by Target Australia which will result in the injection of 800 staff to William Landing. Cedar Woods eyes the relocation as a driving force to boost its town centre, adding value to shopping centre, restaurants and other businesses. For the full Fiscal year in 2019, the company continues to expect a strong uplift in profit.
 Mr. Blackburne further stated that âLooking forward, we have a pipeline of over 20 commercial and residential sites in the town centre at Williams Landing, which supports Cedarâs strategy of growing a national portfolio diversified by geography, price point and product type.â
But despite posting the early settlement of commercial building, Cedar Woods got hit by bearish market sentiments in todayâs trade. The stock price plunged 2.335% to last trade at $5.020 on 4 December 2018. Moreover, the stock of Cedar Woods Properties Limited (ASX:CWP) last traded at a price to earnings ratio of 9.540 x with market capitalization of $411.81 million. Even in the long-run the stock has witnessed a negative performance change as stock price plunged 9.82% in the past one year and 12.59% in the past three months.
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