Australian leisure group Foster’s said its beer and spirits division of Carlton and United Breweries had sold its Kent Brewery site in New South Wales for A$203m to Australand Holdings.

The brewery site will be sold in three development parcels, with an option for CUB to lease back the administration building, the Australian Hotel and the County Claire Hotel.

CUB’s chief, Trevor O’Hoy, said: “This is a good result for CUB and for the people of Sydney, who will benefit from the creation of a new residential and commercial community.”