GA plans to sell land for $14.65m

23 May, 2018 04:16 PM
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GA chair Trevor Henry says the proceeds of the sale would give the co-operative options to invest in emerging technologies.
The sale provided a fantastic opportunity for the co-operative and one not to be missed.
GA chair Trevor Henry says the proceeds of the sale would give the co-operative options to invest in emerging technologies.

Australia’s largest genetics supplier Genetics Australia Co-operative plans to sell part of its landholding for $14.65 million.

The co-operative wants to take advantage of recent changes to land use in the Moorabool Shire.

The shire has updated its planning scheme to implement the Bacchus Marsh District Urban Growth Framework and has identified the land as a potential growth area.

GA plans to sell one of its three property holdings.

Known as Parwan Park South, the 125-hectare property was bought in 1986 and has been used as a quarantine facility for bulls before their admission to the co-operative’s main collection and European Union approved-facility Parwan Park, based on the outskirts of the Bacchus Marsh township.

The GA board identified that the changes to the shire's planning scheme provided an opportunity to sell the land to a property developer for $14.65 million.

GA chairman, Gippsland dairyfarmer Trevor Henry, said it provided a fantastic opportunity for the co-operative and one not to be missed.

The board and management had been through an exhaustive process to ensure all the financial, legal and taxation issues had been addressed.

The sale is subject to shareholder approval.

“Under the conditional contract of sale, the property will remain in the control of the co-operative for five years with final settlement in 60 months, so we have commenced a process to explore options for alternatives to the current property use but the sale will not hamper the current or future operations of the co-operative,” Mr Henry said.

“A letter has recently been sent to all shareholders and we are seeking their approval to vote in favour of the board’s recommendation. "

Ballot papers need to be returned to the co-operative by 12pm on Thursday, June 21.

Mr Henry said if the shareholder vote was successful the proceeds of the sale would give the co-operative options to invest in emerging technologies and changes to infrastructure into the future that will benefit all shareholders.

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