Settlement of Horsley Park Stages 3A and 3B for $167 Million

CSR Limited (ASX:CSR) today announced the settlement of Stages 3A and 3B of its former brick plant in Horsley Park, NSW representing $167 million in total proceeds generating total Property earnings before interest and tax (EBIT1) of $91 million for the year ending 31 March 2024.

The timing of settlement for Stage 3A was in line with expectations communicated in November 2023. Settlement of Stage 3B has occurred a few months earlier due to faster completion of development works, which also resulted in lower site development costs.

The final Horsley Park tranche, Stage 3C, remains on track and is estimated to settle in the financial year ending 31 March 2025 (YEM25) for proceeds of $42 million and EBIT of $24 million. A table outlining completed and contracted project transactions is provided in the appendix.

Today’s Horsley Park settlement is further evidence of our property strategy delivering value and proceeds for shareholders.

This announcement has been authorised for release by the Board of Directors of CSR Limited.



Completed and contracted transactions at Horsley Park


 Tranche Size Proceed Project EBIT2  Completion
 Stage 1  10.1ha  $58m $32m


 Stage 2.1    11.7ha  $80m $52m


 Stage 2.2A  4.0ha $28m  $18m Completed
 Stage 2.2B  5.0ha  $33m $25m Completed
 Stage 3A 8.6ha $85m $48m Completed 2H YEM24
 Stage 3B 8.2ha $82m $46m Completed 2H YEM24
 Stage 3C 4.2ha $42m $24m Estimated YEM25
 Total 52ha  $408m $245m  


Media and analyst enquiries:
Bec Thompson
CSR Limited
Investor Relations
Tel: +61 416 079 329