Fragrance Group buys Tasmania property for A$3.98m

FRAGRANCE Group Limited has acquired a property in Tasmania, Australia, for A$3.98 million (S$4.1 million) through its subsidiary.

The property, at 234-250 Elizabeth Street in Hobart city, is strategically located near the corner of Warwick Street and Elizabeth Street, less than 700 metres away from the busy Elizabeth Shopping Mall in the heart of the central business district.

The 3,501 square metre land area, with freehold tenure, is zoned "Central Business" in the Hobart Interim Planning Scheme 2015, said Fragrance Group. This allows the property to be redeveloped for office, retail, hotel and residential uses, it added.

The purchase was completed on Aug 5 and funded by internal resources, the group said. It is not expected to have any material impact on the firm's net tangible assets or earnings per share for the current financial year.