Latest news with #CedarWoods
West Australian
11 hours ago
- Business
- West Australian
Housing Minister Carey gaining confidence in housing sector turning corner as apartment builds increase
Housing Minister John Carey says he can see the light at the end of the tunnel after a difficult number of years for building developers, as he marked the beginning of construction on a 110-apartment project. Mr Carey and property development company Cedar Woods turned the sod on the Incontro Apartments project in Subiaco on Thursday morning, marking the start of construction on the $96 million, 110-apartment block. While developers are now confident the project will be completed in 2027, prior to February the building had been shelved since 2022 due to a lack of builders. Cedar Woods managing director Nathan Blackburne said it's an issue plaguing the whole industry. 'Developers have to work very hard in this climate to make apartment projects stack up, predominantly because of the lack of builders currently building these types of projects,' he said. 'You go back five or 10 years, there were many more builders that were actively delivering apartment projects, today there are far fewer.' Mr Carey said he was seeing an improvement on the number of high-density housing projects. 'All the feedback that we get from a range of the housing sector is this, that the COVID pandemic did shake out and cause some lack of stability for the housing construction sector,' he said. 'It's also fair to say that cost escalations in general has meant that there has been less interest in building a residential product. 'The other observation is that ... it can be more challenging building higher density residential product from other construction in the market. 'There's been a range of issues why we have seen builders leave the residential apartment construction market but I have to say this, we are now seeing more projects come back online and companies like EMCO are stepping up, prepared to do higher density projects. 'So I do have some confidence for the future.' Master Builders Western Australia chief executive officer Matthew Pollock said high-density apartment was one area of construction still lagging behind. 'It remains to be one area in the sector where it is challenging to find contractors and what we've really seen over the last few years is that there are a smaller pool of contractors looking to take on those types of jobs,' he said. 'A big part of that is just the challenges in the feasibility of those jobs, rising construction costs and also the risk profile that the contractor takes on when building high-density residential apartments.' Mr Pollock said while there had been a small rise in high-density construction, risk was still large for contractors 'There has been a small uptick, it's been modest, there's a lot of projects that are in planning that we're yet to see them progress to construction,' he said. 'We hope over time and particularly as prices for imports settle that there is greater support for these types of projects to get out of the ground.'
Perth Now
13-07-2025
- Business
- Perth Now
Popular Irish club in Subiaco under threat after 50 years
Guinness has flowed as thick and fast as the accents at Subiaco's Irish Club for almost 50 years, but could its day be numbered? The building has hit the market, with property agents spruiking the potential for a redevelopment with a four storey limit. Ray White Commercial is seeking $2 million for the Subiaco institution, which is contracted to the Irish Club under a lease. But with its city centre zoning at its central Townshend Rd location, it is likely to catch developers' eyes, which could spell the end of the steady tenancy for the much-loved institution. 'An opportunity to acquire a large freehold building, with development potential, fully equipped for entertainment and a large capacity club licence,' says the ad. 'Featuring a ballroom/hall, full stage with green room and lighting equipment, commercial kitchen and bar upstairs and downstairs, the premises is ideal for clubs, office, associations, recreation, place of worship, function centre or simply a high density development site.' Ray White Commercial agent Stephen Harrison said the two storey property sits on 608sqm of land, offering about 800 sqm of internal space. It has a 400 person capacity club license. The Irish Club in Subiaco has been serving Guiness for nearly 50 years. Credit: Supplied Cedar Woods has appointed a builder for its Incontro project in Subiaco, in a sign of returning confidence to the apartment market. Cedar Woods has this week announced that it has appointed a builder — EMCO Building — for the 110-complex including apartments and townhouses on Salvado St. Construction is due to start next month and completion expected mid-2027. The progress is a sign a returning positivity in the construction sector, given it was greenlit earlier this year after being shelved for years. The project launched in October 2021, then shelved in April 2022 when the numbers no longer stacked up. At the time, consumers were not prepared to pay what it would have cost a developer to build it, while the uncertainty of the fast and unpredictable hikes in construction costs were also a hindrance. Irish Club Subiaco - Credit: supplied Construction costs are still increasing, but rising in a slower and more predictable manner, while the apartment price tags have also risen. Cedar Woods managing director Nathan Blackburne said there had been a strong response to Incontro Apartments had been fantastic which he attributed partly to prices, which are at the cheaper end for Subiaco. The $614,000 apartments have sold out, with the $624,000 abodes now the cheapest. 'With close to 50 per cent already sold prior to construction, it's clear that Incontro Apartments' attractive price point and well-connected Subiaco location are really resonating with buyers.' EMCO building general manager Ronan Cosgrove said there had been a strong period of collaboration with Cedar Woods. Irish Club Subiaco - exterior Credit: supplied Tenants are being sought to anchor the upcoming development at 110 Marine Parade, adjacent to Cottesloe Beach Hotel. With retail shops a rarity along the food and beverage strip opposite Perth's most famous beach, the tenancies are being described as a once-in-a-lifetime opportunity. The shops will be close to home to some of WA's most popular venues, including Il Lido, Indigo Oscar, Gibney, The Shorehouse and Magic Apple. The shops will help define the Marine Parade's modern makeover. Shops spaces, leased through Lease Equity, are from 55sqm-204sqm. Marine Parade shops seeking tenants Credit: supplied The one-time home to the long Friday lunch — the former Mediterranean restaurant, sold for $3,133,000 earlier this year. Sitting on a 748sqm block at the corner of Rokeby and Nicholson Rd, the property was sold with approved plans for a five storey development. It has 17 on site car bays and 646sqm of internal space. The site has a rich history as a former restaurant where some of Perth most colourful business people like to frequent. It was later used as an office by Julie Bishop. As for its next step — watch this space.
ABC News
04-07-2025
- Business
- ABC News
SA government approves rezoning for high-rise housing in Glenside redevelopment
The South Australian government has approved a developer's controversial bid to build apartments of up to 20 storeys in Adelaide's inner-eastern suburbs. The decision, announced by Planning Minister Nick Champion on Friday, will see parts of the former Glenside Hospital site upzoned from eight to 20 storeys — an unprecedented scale for development outside the Adelaide CBD. The land, situated near the corner of Fullarton and Greenhill roads on the edge of the south-eastern parklands, was acquired in 2016 by developers Cedar Woods for $25.8 million. Cedar Woods has gradually redeveloped the site with townhouses and an eight-storey apartment block. But the company argued 20 storeys was necessary to allow the Glenside development to reach "its full potential" and applied in December 2023 to amend the planning code. Mr Champion, who is the final decision-maker on planning code amendments, said the rezoning would allow up to 200 more homes to be built. He added that there was "quite a bit of [housing] density" on the site already. "To my mind, having a bit more density of high amenity and high value on this site will actually bring a lot of positive to it," he said. "I think in time people will see that this was the right decision even if in the run up to it they had concerns about it." The company welcomed the government's decision today and said it could add up to 200 homes to the existing plans for 1,000 homes on the site. "This amendment is relevant to the development of a cluster of four buildings within the precinct," Cedar Woods chief operating officer Patrick Archer said in a statement. "Cedar Woods is proposing one building out of the four to be up to 20-storeys, with the others cascading down to lower heights that will be determined through the design process." The rezoning proposal has not been without controversy, with a group of nearby residents forming a "Glenside Development Action Group" opposing the rezoning. They have argued a 20-storey apartment block would lead to overshadowing of their properties and place strain on "already inadequate local infrastructure". Glenside resident Deborah Munro, who is part of the group, said she would have thought twice about buying her apartment two years ago if she knew of plans for taller builds. "We chose carefully so there won't be a building, on our understanding, in front that would obstruct our view," she said. Local MP Jack Batty said the government has "ignored" the wishes of the community. "It's quite simply unfair for the thousands of people who've bought into this development on the basis of a very different plan," he said. Another resident and action group member, Craig Pickering, said his main concern was local traffic. "People who come visit me at my apartment building … they park at Foodland car park because they can't park in my street or anywhere near it because there's no parking available," he said. Mr Champion said he took the views of everyone into account when making his decision. "It'd be fair to say there was a lot of commentary and a lot of submissions and a lot of feedback," he said. "I weighed all of that in the decision I made and obviously the department did too. "We do take notes from submissions, and many of the issues around infrastructure or traffic will be dealt later by the State Planning Commission." Cedar Woods will still have to seek approval from the State Planning Commission for its final development proposal. Its chief operating officer Patrick Archer said the decision followed "a thorough consultation process" which included community feedback. "The successful outcome of this amendment aligns with South Australia's Housing Roadmap and is intended to create additional high-quality, contemporary housing options within a connected community, supported by established local amenities," he said. "The local traffic network will accommodate the new development, and additional parking solutions have been proposed to address visitor parking needs." Liam Golding, CEO of the Urban Development Institute of Australia SA division, said the government's rezoning decision was a "signal of intent for the future". "If we have underdevelopment now, we'll regret it for years to come where we go 'we could have had some more people living there in such a perfect location,'" he said. Property Council SA executive director Bruce Djite agreed, adding: "To have seen this development not get 20 storeys would have been a disappointment, especially in the middle of a housing crisis."
Yahoo
22-05-2025
- Business
- Yahoo
Here's Why We Think Cedar Woods Properties (ASX:CWP) Is Well Worth Watching
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story even if these companies are loss-making. But the reality is that when a company loses money each year, for long enough, its investors will usually take their share of those losses. Loss-making companies are always racing against time to reach financial sustainability, so investors in these companies may be taking on more risk than they should. In contrast to all that, many investors prefer to focus on companies like Cedar Woods Properties (ASX:CWP), which has not only revenues, but also profits. Now this is not to say that the company presents the best investment opportunity around, but profitability is a key component to success in business. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Generally, companies experiencing growth in earnings per share (EPS) should see similar trends in share price. That means EPS growth is considered a real positive by most successful long-term investors. Impressively, Cedar Woods Properties has grown EPS by 29% per year, compound, in the last three years. As a general rule, we'd say that if a company can keep up that sort of growth, shareholders will be beaming. Top-line growth is a great indicator that growth is sustainable, and combined with a high earnings before interest and taxation (EBIT) margin, it's a great way for a company to maintain a competitive advantage in the market. The good news is that Cedar Woods Properties is growing revenues, and EBIT margins improved by 3.0 percentage points to 15%, over the last year. Both of which are great metrics to check off for potential growth. The chart below shows how the company's bottom and top lines have progressed over time. Click on the chart to see the exact numbers. View our latest analysis for Cedar Woods Properties In investing, as in life, the future matters more than the past. So why not check out this free interactive visualization of Cedar Woods Properties' forecast profits? Investors are always searching for a vote of confidence in the companies they hold and insider buying is one of the key indicators for optimism on the market. This view is based on the possibility that stock purchases signal bullishness on behalf of the buyer. However, insiders are sometimes wrong, and we don't know the exact thinking behind their acquisitions. Belief in the company remains high for insiders as there hasn't been a single share sold by the management or company board members. But the bigger deal is that the Founder & Chairman, William Hames, paid AU$171k to buy shares at an average price of AU$4.86. Purchases like this clue us in to the to the faith management has in the business' future. On top of the insider buying, it's good to see that Cedar Woods Properties insiders have a valuable investment in the business. To be specific, they have AU$72m worth of shares. That's a lot of money, and no small incentive to work hard. As a percentage, this totals to 14% of the shares on issue for the business, an appreciable amount considering the market cap. If you believe that share price follows earnings per share you should definitely be delving further into Cedar Woods Properties' strong EPS growth. Moreover, the management and board of the company hold a significant stake in the company, with one party adding to this total. Astute investors will want to keep this stock on watch. You still need to take note of risks, for example - Cedar Woods Properties has 3 warning signs we think you should be aware of. The good news is that Cedar Woods Properties is not the only stock with insider buying. Here's a list of small cap, undervalued companies in AU with insider buying in the last three months! Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
