Mitsubishi Motors Australia Limited yesterday confirmed that it has reached an agreement for the sale of the land and building of its former Lonsdale engine plant to a consortium of property developers operating under the company name “Lonsdale Developments Pty Ltd”. The consortium led by the development group Citimark Properties, and including McMahon Services and Babcock & Brown, intends to develop a high quality industrial estate for Adelaide's Southern Suburbs.

MMAL stated that until the sale of the land and plant equipment reaches settlement in March 2006, the company would continue to manage the sell-off of remaining equipment and assist with the start up of new activities on the site with PBR Pty Ltd and Fibrelogic Pty Ltd.

A spokesperson for MMAL said the company is very pleased with the progress that has been made towards providing new employment opportunities at the Lonsdale property. So far new activities announced promise to provide approximately 300 jobs. MMAL is confident that the property sale will add further impetus to the attraction of new businesses to the site.