This article is from the Australian Property Journal archive
BECTON Property Group has completed the $31 million sale of the Mernda Town Centre development site to Woolworths.
The site is located on the corner of Bridge Inn Rd and Plenty Rd, Mernda in Melbourne’s north and has approval for a town centre comprising 40,000 sqm.
CEO Matthew Chun said the sale is consistent with the group’s strategy of capital management initiatives and gives Becton the chance to deliver the project as well as reduce its overall debt position.
“The sale enables us to reduce our corporate debt through the application of the sale proceeds, which are in line with our 31 December 2009 book value of the site,” he added.
Australian Property Journal
