06/05/2010 - 14:29

Port Bouvard sells Melros for $4m

06/05/2010 - 14:29

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Property developer Port Bouvard says it has sold its Melros asset for $4 million, taking the total of non-core assets sold to nearly $14 million.

Port Bouvard sells Melros for $4m

Property developer Port Bouvard says it has sold its Melros asset for $4 million, taking the total of non-core assets sold to nearly $14 million.

The property, located close to the company's flagship Port Bouvard development in the South West of the state, has approval for 43 residential strata lots.

The site was previously a low-key caravan and camping site.

Port Bouvard expects to settle the property on or before November 30 this year. The buyer of Melros was not disclosed.

Melros is the third non-core asset to be sold by Port Bouvard, which sold its Marina development last year for $4.75 million and the Dawesville site for $4.95 million.

The company's Southport Hotel, the Golf Court Villa site and the constructed Piazza restaurant continue to be listed for sale.

Shares in Port Bouvard remain in a trading halt as the company continues to finalise its capital management strategy.

It recently revised its bank facilities with St George on the day that a short-term covenant requiring the repayment of at least $20 million was due to expire.

 

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