Cedar Woods Properties Limited (ASX:CWP) is looking to sell Williams Landing Shopping Centre in Victoria via an open market process, following strong interest in the asset. The national developer, headquartered in Perth, today announced it would seek expressions of interest for the sale of the shopping centre, which it developed in 2014. An external valuation last year valued the centre at $63 million and the adjacent land at $20.6 million.

The carrying value of the centre and the land was $38.6 million at the end of June. The shopping centre is Cedar Woods' only investment asset on its balance sheet and was developed by Cedar Woods as part of its Williams Landing town centre. Cedar Woods Properties managing director Nathan Blackburne told Business News divesting the asset was part of the company's long-term plan.

"Cedar Wood is predominantly a residential development business, and the board has taken the view that the asset is non-core and at a mature value," he said. "The divestment will better pos the company for acquisition opportunities as they arise and strengthen the company's capital position." Cedar Woods developed a masterplanned community at Williams Landing, about 20km from Melbourne CBD, and has sold off commercial assets as they mature, Mr. Blackburne added. "It was always intended to sell this asset and the board considered now and opportune time to do so," he said.

"The neighbourhood shopping centre asset class is relatively strong at present and we are looking to capitalise on that." Cedar Woods will retain a further 16 hectares of land in the Williams Landing Town Centre, where it intends to develop apartments, offices and other buildings in coming years. It expects to sell the asset within the financial year.