Australia: Kent Brewery site sold to Frasers
Foster's Group Limited (Foster's) signed a $208 million sale agreement with Frasers Property (Frasers) for the site of the former Kent Brewery in Sydney, Australia, according to Foster’s press release, June 12.
Encompassing nearly 5.8 hectares of land, the Sydney CBD site has been sold with concept approval for a mixed residential, office, retail, entertainment and dining precinct, while preserving the site heritage and introducing parks and open space.
Design concept approval for the former Kent Brewery site was received from the NSW Minister for Planning, The Hon. Frank Sartor in February this year.
Foster's CEO, Trevor O'Hoy said: "This is a great outcome for Foster's, Frasers Property and the city of Sydney. It represents an opportunity for a new lease of life for this 160 year old brewery site - while preserving its significant local heritage".
The site, the former home of the Tooth and Co. and Carlton & United Breweries, was built on Blackwattle Creek in 1835. The brewery ceased operation in early 2005.
"Acquisition of the CUB site, which constitutes the single largest remaining development site in the city fringe, is testament to Frasers' confidence in the Sydney market," said Dr Stanley Quek, CEO of Frasers Property.
"This site is both an opportunity and a responsibility. In winning the bid, we've demonstrated not only our financial strength but also our commitment to deliver a thoughtful, sustainable mixed-use urban precinct of the highest standard that will form the southern gateway to the city of Sydney."
The sale is expected to be settled by 30 June 2007.
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