MAGNUS Energy Group on Thursday night said its subsidiary has sold its interests in a Perth property for A$1 million on March 3.
The property, located at 130 Mills Street, Welshpool, Western Australia, sits on freehold land. It covers about 2,521 square metres in area and was bought by Magnus Energy's 55.9 per cent-owned subsidiary, Mid-Continent Equipment Group, in 1993 for office and warehouse use. The seller, Mid-Continent Equipment , is wholly-owned by Mid-Continent Equipment Group. Meanwhile, the buyer is Murchison Relines, an independent third party, the group said in a regulatory update.
The property sale follows the closure of Mid-Continent Equipment 's business last year, which saw remaining assets in Perth, Queensland and Singapore being put up for sale. The Perth property was on the market for a year and a half before the deal was secured, Magnus Energy said. It added that the A$1 million sale price is close to the property's valuation of A$1.1 million by the company's independent valuer.
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