14/08/2008 - 16:33

Joyce Corp sells SA property for $4m

14/08/2008 - 16:33

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Osborne Park-based Joyce Corporation has sold its South Australian property for over $4 million.

Joyce Corp sells SA property for $4m

Osborne Park-based Joyce Corporation has sold its South Australian property for over $4 million.

In a statement today the bedding franchiser and property investor said it sold the 5 hectare property for $4.2 million.

The company retains its 3.4ha property in Queensland and 4.2ha property in New South Wales.

Joyce said the sale will result in a pre-tax profit of $2.3 million and anticipates that no income tax will be payable given estimated tax offsets already available to the company.

"The company will also provide $680,394 to cover rental adjustments over the next three years," Joyce said.

Funds generated from the sale will be used to underpin the growth plans of its Bedshed brand including boosting the network from 41 to 80 stores over the next four years.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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