Bonds sells historic site

Pacific Brands subsidiary Bonds has parted with some of its legacy, selling one of its key sites in accordance with the company's transformation program.

The brand, established in Australia in 1915, confirmed it has entered into a binding agreement to sell the eight hectare Bonds' freehold property in Wentworthville, New South Wales.

The factory outlet, on Dunmore Street in Wentworthville, has been in operation since 1923 and contains working examples of 1920s factory construction, including the cutting room.

The sale effectively completes the process of selling Pacific Brands' surplus properties, which commenced in 2009 as part of the Pacific Brands transformation program.

The sale is expected to generate net proceeds of $27 million, giving rise to an estimated one-off profit of sale of approximately $11 million (no tax effect), which will be brought to account in the 2014 financial year in line with expected completion in December 2013.

The property is on the Holroyd City Council heritage list.

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