The Australian-based wine and beer maker Foster's Group has signed a conditional agreement to sell its Kent Brewery site in Sydney.

The agreement will see property developer Australand Holdings Ltd buy the site for A$203m (US$133.4m). The sale is still conditional on Australand achieving planning approval for the construction of residential and commercial facilities on the site.

The sale is part of a cost saving operational review of Foster's beer-and-spirits division, Carlton & United Breweries, which hopes deliver gross annual efficiency gains of A$60m to A$85m within the next five years.