Perth-headquartered property developer Cedar Woods Properties (ASX: CWP) has taken the wraps off a 400-home master-planned development in Geelong’s northern suburbs after acquiring the site for $34.9 million earlier this year.
The development, named Somerley, is the company’s first project in Geelong and is planned for the 18.6ha site, which is among the largest undeveloped parcels of land at Coria, one of the city’s fastest growing suburbs.
Cedar Woods, which has about 10,000 lots in its development pipeline nationally, expects to release the first lots at Somerley in February next year.
The company expects the project to start contributing to earnings by FY27.
James Bovell, Victorian state manager at Cedar Woods, says the company’s entry into the Geelong market was inspired by the region’s “strong momentum, its economic confidence and the potential we see in Geelong’s north”.
“Somerley is designed to deliver a community with a strong sense of belonging, supported by access to quality education, employment opportunities and recreation,” says Bovell.
“Our focus is on creating the foundations for residents to build long, fulfilling lives here.”
Somerley is expected to deliver properties that are primed for the first-home buyer market, as well as downsizers and investors.
Cedar Woods has partnered with Geelong creative agency IvyStreet to help shape the identity of Somerley with a “distinctly local lens”.
“Working closely with Cedar Woods to embed local insights, we’re shaping a neighbourhood that residents can connect with, celebrate, and be proud of,” says Brad Papworth, managing director at IvyStreet.
“Somerley captures the spirit of Corio and the wider Geelong region, translating it into a vibrant new community.
“Inspired by its surroundings, the name evokes summer meadows and the nearby golden canola fields, creating a sense of place that is both welcoming and grounded."
Somerley is located along Plantation Road adjacent to Sutcliffe Reserve with the master plan comprising about 400 homes, a central park and "strong local amenity".
The project is among a raft of Victorian projects Cedar Woods has under way, including master-planned residential communities at Fraser Rise in Melbourne’s north-west and Maison Quarter in Wollert in the city’s northern outskirts.
In June, Cedar Woods struck a $50 million deal to acquire a major redevelopment site in Melbourne's inner north-east with plans to convert the industrial property into a multi-stage residential apartment project.
This boosted the company’s current Victorian portfolio to more than 2,400 residential lots and dwellings across 12 projects.
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