Joyce reaps $4.2m from SA property sale

Osborne Park-based Joyce Corporation Ltd has sold a five hectare property it owns in South Australia for $4.2 million.

The property, located at 12 Hewittson Road, Elizabeth West, was sold to Sheela Foam Pty Ltd and will deliver Joyce a pre tax profit of $2.3 million.

Joyce, which operates Bedshed Franchising Pty Ltd, also retains property investments in Queensland (3.419ha) and New South Wales (4.184ha).

Joyce said it anticipated that no income tax would be payable given estimated tax offsets available to the company.

It will also provide $550,000 (after tax) to cover rental adjustments over the next three financial years.

The funds generated from the sale will be used to further underpin the robust growth plans of Bedshed including network growth from the present forty to eighty stores over the next five years.

The sale is subject to a sixty day due diligence period with settlement thirty days thereafter.