Property developer, Cedar Woods Properties Limited (ASX: CWP) has entered an agreement to sell a third office building in Williams Landing, Victoria. It has sold 107 Overton Road to Hellenic Property Investments Pty Ltd, for $25.93 million which is a subsidiary of the Hellenic Club of Canberra, reflecting a yield of 5.4%. With handover and settlement of the completed project expected in FY2020, under the terms of sale, Cedar Woods will develop the building.
The group has anticipated its FY18 net profit after tax of around $40m given the settlements occurred over May and June. It has also highlighted its FY19 presales of more than $320m.
As per its latest updates, the Target Head Office and 111 Overton Road strata offices are included in the other office developments by Cedar Woods in Williams Landing, which are also pre-sold and under construction. Twenty additional sites in the Williams Landing Town Centre that can accommodate commercial, residential or mixed-use developments, is owned by Cedar Woods. CWP stock is currently trading at a market price of $6.02 and has seen a daily price change of -$0.040 and -0.66% in terms of percentage. The stock has also undergone a performance change or a rise of 20.96% over the past 12 months.
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