Flight Centre Agrees $35.5M Property Sale

Flight Centre Limited has agreed to sell its Brisbane CBD headquarters for $35.5million.

The company acquired the property, at 316 Adelaide Street, for $14.2million in December 2003 and has agreed to remain as a tenant until at least 2013 as part of the deal with AMP Capital Investors.

Gains from the sale will be treated as an abnormal in the company’s accounts for the 2006/07 fiscal year.

“We acquired the building at an opportune time in the property cycle with a view to re-examining its worth in the future and are pleased with the return on investment,” Flight Centre Limited managing director Graham Turner said.

“Importantly, we have also secured long-term tenancy for our support businesses in Brisbane’s CBD.”

Flight Centre Limited will release its 2005/06 results on August 31. The building sale has no impact on these results.