- Sunland Group (SDG) has announced the conditional sale of its 15,000 square metre site for $43.5 million
- The sale involves two separate contracts, both conditional upon the reconfiguration and subdivision of the land
- Once the conditions are met and new titles are issued, CPG will proceed with the purchase of the major part of the land for $35.5 million, with settlement scheduled for January 2022
- Sunland Group is up 4.52 per cent, trading at $2.31
Sunland Group (SDG) has announced the conditional sale of its 15,000 square metre site for $43.5 million.
Sunland Group is an Australian development company headquartered in South East Queensland.
The site, located at 600 Coronation Drive, Toowong, is known by Sunland as “Grace on Coronation”.
The sale involves two separate contracts, both conditional upon the reconfiguration and subdivision of the land, and have been arranged by Brisbane-based developer, Consolidated Properties Group (CPG).
Once the conditions are met and new titles are issued, CPG will proceed with the purchase of the major part of the land for $35.5 million, with settlement scheduled for January 2022.
The balance of the land, comprising 2346 square metres, is being acquired for $8 million by interests other than CPG for its own personal use.
The sale of both contracts, once settled, will contribute approximately $4.3 million net profit after tax in the 2022 financial year with the material contribution resulting from the contract of sale with CPG.
Funds received from these transactions will be applied to reduce working capital debt facilities.
The contract is scheduled to settle in August 2021.
Sunland Group is up 4.52 per cent, trading at $2.31 at 3:15 pm AEDT.