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Kent Brewery Site Sold

Wednesday, 12 September 2007

Today we signed a $208 million agreement with Frasers Property for the sale of the former Kent Brewery site in Sydney.
The sale process began when we announced our operational review back in April 2003, so it’s been a long, and at times frustrating, road.
The site has been sold with concept approval for the development of a mixed residential, office, retail, entertainment and dining precinct. The site’s heritage will be preserved and it will accommodate the introduction of parks and open spaces.
As part of the sale contract, we have agreed to lease the administration building for the next 12 months. However, we will start searching for a new Sydney office shortly as the developers intend to commence work on the site as soon as possible.
I have mixed feelings about the sale – the Kent Brewery has been our ‘home’ in Sydney for many years so it is a sad end to an era for all of us, especially our Kent employees. On the other hand, the sale is a great outcome for the business and I’m excited by the fact that our old brewery will become a new inner city destination.
Regards
Trevor O’Hoy
on behalf of the Foster’s Leadership Team


We have reached another major milestone in regard to the Kent site.

Kent Sale

Today we have signed a sale contract with Frasers Greencliff Developments Pty Ltd (Frasers) for the Kent site. Following settlement, currently planned for 29 June 2007, the site will pass to Frasers.

The purchaser intends to undertake an extensive redevelopment program more or less in keeping with the Concept Design Approval awarded by the NSW state Government earlier this year.

This will mean that Frasers will look to commence work on the site as soon as possible and whilst we have attempted to cover this contractually, we need to ensure that we can continue our business without disruption to our operations or visitors. We also don’t want to face any safety risks when development work commences on site.

In light of the size of the proposed redevelopment works and the potential impact on our business when in full swing, we have agreed to a lease back of the administration building, PMA store area and carpark for 12 months.

After discussions with the purchaser, we have decided to vacate the site over the next twelve months and search for a new Sydney office.

Foster’s Group Property Manager, Chris Noble, NSW Property Services Manager, Geoff Bolton, and a dedicated project team will commence the search for a new home immediately. Key requirements in regard to office and desk space, meeting rooms, parking for private and ‘tool of trade’ vehicles, public transport access and access to regions will all be part of the search requirements – worked out in conjunction with senior business managers in NSW.

Other requirements will be set out and discussed over coming months, but rest assured, we’ll do our best to ensure we find the most appropriate available site.

I know the Kent sale process has been a long and sometimes frustrating process, especially for those involved in the difficult concept approval discussions.

Today’s sale, while sad for many employees based at Kent, is a great outcome for the business. I guess we can be comforted that our home for over a century, will become a vibrant new inner city residential, shopping and business destination.

We will communicate further information as it comes to hand.

Cheers
Tony


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