Orica Sells Cabarita Site

11th May, 2000

Orica Limited has announced the sale of its seven hectare site at Cabarita on the Parramatta River in Sydney's west to the Anka Property Group for $35m. The former paint manufacturing site has been remediated and rezoned for medium density residential use. The sale by public tender was strongly contested by bidders keen to secure one of the few remaining prime waterfront properties in Sydney.

Orica Project Manager Peter Horne said: "We are delighted that the hard work we have put in to getting the site ready for sale has helped deliver such a good outcome."

The sale will produce an abnormal profit of approximately $12m for Orica.