SOAP manufacturer Symex Holdings has sold a huge parcel of land in Port Melbourne for $25 million.
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The land, at 14 Woodruff Street behind the Port Melbourne football ground, is in the heart of the Fishermans Bend precinct that the state government wants to turn into a residential hub. Symex has made an unconditional contract to sell the site to a property investment group, but the deal is subject to a lease back of part of the site used by Symex until December 31 next year.
Settlement is scheduled for March 15 next year. A big part of the sale proceeds will be used to repay Symex's bank debt.
