CSR Limited (ASX:CSR) today announced the sale of 4.6 hectares of land at its site at Badgerys Creek, NSW for total proceeds of $20.7 million ($450 per sqm).
CSR’s Badgerys Creek site includes 200 hectares of land adjacent to the new Western Sydney Airport. Industrial zoning of the area was confirmed in September 2020 with CSR currently undertaking rehabilitation of the former quarries at the site.
The 4.6 hectare site being sold is on the outer edge of CSR’s 200 hectare property and is adjacent to industrial projects proposed on other sites. CSR will not be required to complete any site works prior to completing this sale, which will not impact future planning for the wider area.
CSR Managing Director and CEO Julie Coates noted, “CSR’s Badgerys Creek site is one of the largest properties adjacent to the new Western Sydney Airport which will bring significant growth to the region.”
CSR’s Chief Financial Officer and EGM Property, David Fallu added, “With approximately 140 hectares of developable land at Badgerys Creek, we are continuing to invest in the extensive rehabilitation and reconstruction of the former quarries at Badgerys Creek, which will be continuing over the next few years.”
The 4.6 hectare land sale is expected to be completed prior to CSR’s current financial year ending on 31 March 2022 (YEM22). CSR has previously advised that it expects Property EBIT for YEM22 of approximately $34 million. Following completion of this transaction and additional costs to be recorded relating to another Property site, YEM22 Property EBIT is now expected to be approximately $46 million.
9 February 2022
CSR Limited Investor Relations
Tel: +61 2 9235 8053