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

October 1, 2014 6:12

The Ross Street property sold. Source: Commercial Real Estate.com.au

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.

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Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

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