Ridley Announces Sale of Corio Property As part of Ridley's

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					21 August 2009

Ridley Announces Sale of Corio Property

As part of Ridley’s strategy to maximise value from properties within its extensive
property portfolio identified as being surplus to ongoing operating requirements,
Ridley is pleased to announce the sale of four hectares of industrial land at Corio for
cash consideration of $2.5 million. This property has become vacant due to the
consolidation of the Victorian hide salt refinery operations to Sea Lake, Victoria and
the transfer of all Cheetham Salt Head Office functions to the Bourke Street,
Melbourne corporate head office. Settlement is due to occur on 29 August 2009.

The effective net carrying value of the Corio property at the date of disposal was
$2,206,000 and a profit on disposal in the vicinity of $129,000 will be recorded in the
result for the half year ended 31 December 2009 after allowing for the costs of sale
and any make good requirements for the site. The unencumbered cash flow from the
sale will be applied against working capital and debt reduction, and represents the first
significant cash inflow from Ridley’s surplus property divestment programme.

Our investigations with Delfin at Dry Creek, just North west of Adelaide, continue to
progress, with the majority of the technical analysis now complete. A preliminary
Master Plan has been developed which provides for approximately 10,000 dwellings
plus a range of commercial, retail, educational and conservation opportunities. Early
feasibility studies indicate strong potential to generate significant returns from the
residential redevelopment of the site. The State Government of South Australia has
recently released its 30 year plan for Greater Adelaide, in which the Dry Creek salt
field site has been nominated as ‘key urban expansion.” This 30 year plan, provides
the government policy backing required to facilitate the redevelopment of the land.
The strategic plan also encourages the development of a district activity centre and
key transport infrastructure connecting the site. The Land Management Corporation
has further confirmed its commitment to continue investigating the Dry Creek
opportunity with Delfin and Ridley.




          RIDLEY CORPORATION LIMITED ABN 33 006 708 765 Level 4, 565 Bourke Street Melbourne VIC 3000
                TELEPHONE 61-3-8624-6500 FACSIMILE 61-3-8624-6505 WEBSITE www.ridley.com.au
The Dry Creek investigation period has been extended by six (6) months in order to
refine the feasibility studies, conduct further due diligence and enable Ridley to fully
evaluate and establish a formal relationship with our partner(s) in the venture. More
detailed technical investigations regarding the relocation of the Cheetham Dry Creek
salt-fields are now underway.

In Victoria, our 912 hectare site at Lara appears set to benefit from the recently
announced expansion of Avalon Airport, which is in the process of applying to the
Federal Government for the establishment of an international passenger terminal. The
State Government of Victoria recently announced plans to fast-track the
redevelopment of Avalon, and we are currently exploring opportunities around
divestment of our surplus land to take maximum advantage of this major opportunity.


For more information, please contact:
Mr Stephen Butler
Property Development Manager
Ridley Corporation Limited
03 8624 6518
stephen.butler@ridley.com.au




            RIDLEY CORPORATION LIMITED ABN 33 006 708 765 Level 4, 565 Bourke Street Melbourne VIC 3000
                  TELEPHONE 61-3-8624-6500 FACSIMILE 61-3-8624-6505 WEBSITE www.ridley.com.au

				
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