06/08/2009 - 10:50

Joyce Qld property fetches lower price

06/08/2009 - 10:50

Bookmark

Upgrade your subscription to use this feature.

The downturn in the property market has hit bedding franchiser Joyce Corporation which has accepted a $1.25 million lower offer for the sale of its Queensland property compared to an offer terminated in April.

Joyce Qld property fetches lower price

The downturn in the property market has hit bedding franchiser Joyce Corporation which has accepted a $1.25 million lower offer for the sale of its Queensland property compared to an offer terminated in April.

Joyce said the $7.75 million offer for its 3.4 hectare property near Brisbane is subject to due diligence.

"The sale price is consistent with independent valuations received, however is below the book value of $9 million which reflected a previous offer that was terminated in April 2009," Joyce said in a statement.

It added that it will use the funds from the sale to retire debt and make further acquisitions or investments.

Meantime, independent valuations will result in the group's New South Wales property being written down in the end of year accounts by around $2.5 million before tax.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options