The company is hoping to get around $60m for the Chullora site and $30m for the Tullamarine building.

Fairfax is currently engaged in a dramatic cost cutting and debt reduction exercise. According to the Australian Financial Review the closure of the two sites will also create some $44m in annual savings. The AFR says Fairfax asset sales have reduced its debt form $914m it ended upow ith in the 2011-12 year to around $250m now.

Fairfax announced the closure of the two sites and the transfer of printing to cheaper regional centres of North Richmond, Canberra, Ballarat and Albury late last year.

Some 400 jobs will go as a result of the closures, which will be completed in the middle of next year. The two flagship Fairfax titles the SMH and The Age will be printed in tabloid format.

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