Wire service AAP gets $30m windfall from sale of property

The Ross Street property sold. Source: Commercial Real

The Ross Street property sold. Source: Commercial Real

Wire service Australian Associated Press (AAP) has today received a $30m windfall following the sale of a property at Forest Lodge in Sydney.

The Daily Telegraph reports the AAP’s property at Ross Street sold at auction for $30m a significant profit on the original purchase price of $14m paid in 2005.

The wire service, which has in recent years been facing signicant cost cutting, will now have to decide how to spend the windfall with CEO Bruce Davidson telling Mumbrella: “AAP has taken the opportunity to sell the building because of the buoyant property market.

“We will assess our options regarding the capital in the coming months as part of AAP’s long-term strategic plans.”

Recent investments by the wire service include its purchase of directories and media contacts businesses Crown Content back in July.

Fairfax owns a 44 per cent stake of AAP while News Corp Australia also has 44 per cent with Western Australian Newspapers holding the remaining stake.

Nic Christensen 


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