Frasers Centrepoint, the wholly owned property arm of F&N has acquired a 13.7 ha site in Sydney from the Royal Rehabilitation Centre Sydney for $97.8m. The site is located 12km NW of Sydney CBD and allows for development some 800 homes and requires the building of roads and other infrastructure. F&N is preparing submissions to the NSW Planning Dept for 1st stage of construction. The acquisition will increase its land bank in Australasia from about 8m sf to 9m sf.
The group is currently planning and developing over 5,800 homes in Australia and NZ. The South Pacific region contributes 10% and 8% to F&N’s FY09 revenue and EBIT respectively.
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