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Watpac Limited (ASX:WTP) has finalised the sale of its Addison Quays development site in Brisbane to the De Luca Corporation for about $6.4 million.
The 2,734 square metre site is one of the last absolute riverfront blocks on Addison Avenue in Bullimba and has development approval for 24 boutique residential apartments and 18 private marina berths.
Watpac Chief Executive Officer Martin Munro says the decision to sell the development aligned with the group’s broader group strategy to reduce its property debt and recycle capital back into the business.
Since Watpac announced its strategy to divest property assets in mid-2012 it has sold or entered into sale contracts worth more than $120 million.
The company says there’s a $1.3 million impairment attached to the sale, however it still expects its statutory result to come in at the lower end of its guidance.
Watpac generated a net profit of $1.3 million in the first half of the current financial year.
