Ridley Corporation (ASX:RID) has announced the completion of the sale of its largest parcel of surplus land in Melbourne for $8 million dollars.
The underdeveloped land at Lara near Avalon airport represents a total of about 417 hectares.
In addition the company also sold another lot of 124 hectares for $1.5 million.
The estimated pre-tax profit on sale is $8.2 million.
Ridley CEO Tim Hart says he is delighted with the return the company has created for shareholders from the sale of the surplus land.
The company has eliminated the majority of Lara landholding costs and generated gross cash proceeds of $15.6 million.
Shares in Ridley Corporation (ASX:RID) is trading 0.4 per cent lower at $1.30.