Fairfax Media sells Tullamarine print site to luxury automotive company Zagame Group

Fairfax Media has sold its its Melbourne Tullamarine print site for $16m, three years after the site was closed down as part of the Fairfax for the Future scheme.

The property has been purchased by Bobby Zagame, managing director of the Zagame Group which owns and operates Zagame Automotive. The company is the official Victorian dealer for Ferrari, Maserati, Lamborghini.

According to the announcement on the ASX, contracts between the two parties have been exchanged with settlement expected to occur on September 21.

In June 2012 Fairfax Media closed two of its major presses at Chullora and Tullamarine, axing 1,900 jobs amid a round of sweeping cuts which saw hundreds of jobs go across the business.