The first strata office development in the Williams Landing town centre has sold out in less than seven months.
Cedar Woods Properties Limited last week announced that the 47 office suites and a ground-floor medical centre at 111 Overton Road had been been snapped up by buyers in just under seven months.
Cedar Woods chief operating officer Patrick Archer said construction of the five-storey development was due to start soon, with completion scheduled for March next year.
“With the infrastructure upgrades, greater levels of amenity and established communities, Williams Landing is now on the radar for commercial buyers who are looking for new opportunities outside of the Melbourne CBD market,” Mr Archer said.
He said that most of the businesses destined for 111 Overton Road would be information technology and professional services outfits, including accountancy firms, financial planners, lawyers and architectural designers.
A selling agent for the building, Matthew Romanin from Knight Frank, said the strata offices’ proximity to the Williams Landing train station made it an attractive option for buyers.
“Compared to the Melbourne CBD, Williams Landing is far more affordable and still offers a vast array of amenity such as the shopping centre, connectivity to Williams Landing train station and other public transport options,” he said.
Cedar Woods is in the planning stages of its next strata office building, 101 Overton Road.
Last year, Target Australia announced that it would relocate its national headquarters from Geelong to Williams Landing.
Target has signed an agreement to lease for 10 years a 12,860-square-metre office building, comprising eight levels, next to the Williams Landing train station.
The building, which will house 850 employees, will cost $37 million to build.
Cedar Woods sold the development to Centuria Property Funds for $58.23 million.
Construction of the Target building is due to finish later this year.
