This article is from the Australian Property Journal archive
SUNLAND has offloaded $35.3 million in properties in Ingleside, New South Wales to Ingleside Wilga Development Pty Ltd.
The unconditional sale, once settled, will inject around $11.9 million net profit after tax for Sunland’s FY22 results.
With the funds received set to be used to reduce the group’s debt facilities and fund working capital requirement needs.
Under the contract, a 10% deposit is due, with an initial deposit already received and the balance payable within seven days of the contract date, the deposit will then be released to Sunland.
At the start of 2021, the group offloaded the Greenmount Hotel in Coolangatta for $42.3 million, after purchasing it in 2016 for $26 million, to related entity Arium Group, only a month after selling the adjoining vacant parcel for nearly $13 million.
While in February, the group announced a half year profit after tax of $17.4 million compared, delivering its investors a 30 cents interim dividend declared after profits grew by 85% from the $9.4 million posted in the previous corresponding period.
Followed in March, by the conditional sale of its 15,000 square metre site at 600 Coronation Drive in Toowong, QLD for $43.5 million.
The Ingleside sale by Sunland Group Limited is due for settlement in December 2021.
