QIC Real Estate has partnered with ASX-listed Cedar Woods Properties to develop a A$250m residential project in Southeast Queensland.
The two firms have conditionally agreed to a 50-50 partnership to jointly develop land owned by QIC adjacent to Robina Town Centre.
The partnership, which involves Cedar Woods buying 50% of the 2.5-hectare development land, expects to develop 400 apartments and townhouses.
QIC Real Estate managing director, Michael O’Brien, said the arrangement between the parties allowed QIC to unlock significant value on its land with a development partner that had a strong track record in medium-density residential development.
“As part of QIC’s long-term strategy to transform our assets into true mixed-use town centres, we are partnering with Cedar Woods to develop a build-to-sell residential site,” he said.
Cedar Woods managing director, Nathan Blackburne, said: “Should this initial project go well and the relationship with QIC prove mutually beneficial, the potential for Cedar Woods is significant in terms of an additional future pipeline of development sites.”
Blackburne said the joint venture pathway would complement Cedar Woods’ core strategy to acquire and develop projects with its own balance sheet while leveraging its development management competencies, providing a regular fee income stream.
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