CSR sells riverfront development site to Mirvac

CSR Limitedannounced today that it had sold its 7.3 hectare riverfront developmentproperty at New Farm in Brisbane to the property investment and developmentgroup, Mirvac.

The propertyis regarded as a key strategic site and the bid process was extremelycompetitive. The total consideration of more than $30 million reflected thequality of the site and the scarcity of prime residential opportunities inBrisbane.

Offers werereceived in late January from eight separate bidders for the property, whichadjoins the new Powerhouse Performing Arts Centre and New Farm Park.

The propertyis the site of CSR’s New Farm sugar refinery, established in 1893. Therefinery was closed in March 1998 and the building will be incorporated intothe Mirvac redevelopment.

CSR has beenworking closely with the Queensland Heritage Council, the Urban Renewal TaskForce, the Brisbane City Council and other interested parties to advance anumber of heritage issues. An announcement on a program which recognises theunique historical value of the site will be made later this month.

Details ofthe complete redevelopment of the site, which includes construction of ariverfront walkway between New Farm Park and the historic Amity House, willbe unveiled at the Mirvac Group’s half-year results announcement in Sydney onMonday.