Brickworks Limited (ASX:BKW) Exchanges Contracts On Two Parcels Of Land At M7 Hub Estate At Eastern Creek, Sydney
The Brickworks/Goodman JV has secured agreement for the sale of the largest remaining lot in the estate, for A$22.1 million. Settlement is expected no later than 31 January 2011 subject to securing subdivision, development and FIRB approval.
A further lot owned directly by Brickworks was sold for A$2.07 million representing a rate of A$360m2. This deal is unconditional and settlement is also scheduled for late January 2011.
Mr Lindsay Partridge, Managing Director of Brickworks, said "Following completion of these two transactions, only four hectares of developable land remain available at the M7 Hub. Over 100 hectares of developable land will have been sold in less than 7 years. We see this as a significant achievement for Brickworks and our JV partner, Goodman."
"These transactions, along with the recently announced DHL transactions demonstrate that there is demand for quality industrial property in Western Sydney. There has been a marked increase in the level of enquiries in recent months and we are confident that activity levels are on the rise."
Brickworks Limited was listed on the Australian Securities Exchange in 1962 and has paid a dividend every year since then. It has three Groups - Building Products, Land and Development and Investments. The Building Products Group includes Australia's largest bricks producer Austral Bricks (TM), Austral Masonry (TM), Bristile Roofing (TM) and Austral Precast (TM). The Land and Development operation maximises value from surplus land and redundant building products sites. Investments include a 42.85% holding in Washington H. Soul Pattinson.
About Brickworks Limited
Brickworks Limited (ASX:BKW) is one of the world's largest and most diverse building material manufacturers. Our company has built an enduring reputation with our customers – we are loved for our innovation, professionalism and ever-dependable products and services.
As Brickworks Building Products expands globally, we continually foster and advance our products and our brands. We continue to lead the way through design, style, innovation, sustainability, and collaboration.
Our commitment is to inspire, support, create and build better environments and places for our customers and communities; all integral to our clear vision to become the best building products company.
With a broad product portfolio and manufacturing and sales facilities across Australia & North America, Brickworks is uniquely placed to service the demands of the building industry.