Desane : Completion of Sale of 2 Commercial Units at Rozelle

Microsoft Word - Completion of Sale of 2 Commercial Units at Rozelle ASX and Media release 15 July 2016

ABN 61 003 184 932

68-72 Lilyfield Road, Rozelle NSW 2039

PO Box 331, Leichhardt NSW 2040

T: +61 2 9555 9922

F: +61 2 9555 9944

www.desane.com.au ASX Code: DGH

COMPLETION OF SALE OF 2 COMMERCIAL UNITS AT ROZELLE

Desane Contracting Pty Ltd, a controlled entity of Desane Group Holdings Limited, is pleased to announce that it has completed the sale and settlement of two commercial units, located on the ground floor of the recently completed Easton Rozelle apartment complex.

The two commercial units, measuring a total of 224m2, were sold for $1.28 million, at an average $5,700 per square metre.

The Managing Director of Desane, Mr Phil Montrone, said, "The sale of the two commercial units, at the square metre rate of $5,700, indicates the strong interest occupiers have, in a low interest environment, in purchasing their own business premises".

Desane will account for the $0.5 million profit before tax derived from the sale of the two commercial units in the FY16 financial results.

Desane is progressing the sale of the one remaining commercial unit in the complex.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Phil Montrone Managing Director & CEO

Desane Group Holdings Limited (02) 9555 9922

philmontrone@desane.com.au

Jack Sciara Company Secretary

Desane Group Holdings Limited (02) 9555 9922

jacksciara@desane.com.au

ABOUT DESANE:

Desane Group Holdings Limited is a significant Sydney based landlord. The areas we specialise in are property investment, property services and property management. Desane owns $52.9 million of properties and other cash assets and manages a further $5.2 million of industrial and commercial properties in the Sydney region. For more information, please visit our website at www.desane.com.au.

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