Fairfax Media has sold its Victorian print site near Tullamarine Airport in Melbourne to luxury car dealer Zagame for $16 million, two years after it announced the sale because of a company restructure.
The site includes a building of more than 24,000 square metres and a car park for 125 vehicles.
The print hall was opened in 2003 and was developed at a cost of more than $220 million. It was used to print The Age and other Fairfax papers.
The company said in a statement to the Australian Securities Exchange: “The property was purchased by Mr Bobby Zagame, managing director of The Zagame Group, which owns and operates Zagame Automotive. Contracts have been exchanged with settlement expected to occur on September 21, 2015.”
The sale was handled by Colliers International and CBRE.
The company’s former Sydney print site in Chullora remains on the market, although it is understood fund manager Charter Hall is conducting diligence on a possible purchase.