Bentley Property Group is a Ballarat based property investment and development company. The sale of the Ballarat Property is for $7.5m and such sale is conditional upon approval by Development Victoria of the sale and an appropriate agreement being entered between Development Victoria and Bentley Property Group under section 49 of the Development Victoria Act 2003 (Vic) within 60 days. A section 49 Agreement provides or conditions concerning the use or development of the land and can include such matters as development timeframes and minimum number of full-time employees to be engaged on the developed land. Settlement of the sale of the Ballarat Property is scheduled to occur on the earlier of 90 days from day of sale or 60 days from obtaining Development Victoria approvals.
Looks like 60 days to win approval from Government, to me. As mentioned, 3 weeks to go for that deadline.
BEE Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held