14/12/2004 - 21:00

Coventry Group sells Morley site

14/12/2004 - 21:00

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Coventry Group sells Morley site

AUTOMOTIVE parts manufacturers Coventry Group has sold its 4.7-hectare Morley site for $16 million to Malaysian-owned SBSK Pty Ltd.

Settlement date is June 1 next year, and a condition of the sale is that the Coventry Group will enter into a lease-back arrangement for two years with options to extend the term for a further year.

The lease-back period is intended to give the Coventry Group time to select a new site and relocate its Western Australian automotive and mining supply division’s main distribution centre, corporate head office and support functions.

Coventry Group managing director Chris Glenn said this was the first step in the group’s plan to invest in a world-class distribution facility.

The company expects to choose a new site by the middle of 2005.

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