Foster's Group has recouped over A$200m from the sale of a brewery site in Australia.

The drinks company confirmed today (12 June) that it has signed a sale agreement with Frasers Property for the site of the former Kent Brewery in Sydney for A$208m (US$175m). The site, the former home of the Tooth and Co. and Carlton & United Breweries, was built on Blackwattle Creek in 1835. The brewery ceased operation in early 2005.

"This is a great outcome for Foster's, Frasers Property and the city of Sydney," said Foster's CEO Trevor O'Hoy. "It represents an opportunity for a new lease of life for this 160-year-old brewery site - while preserving its significant local heritage."

The sale is expected to close by the end of this month.