Clothing, footwear and bedding manufacturer Pacific Brands says it will sell surplus land in western Sydney for $27 million.

The company announced on Monday that it had entered into a binding agreement to sell an eight-hectare Bonds’ freehold property at Wentworthville in Sydney.

The sale completes the process of selling Pacific Brands surplus properties, which commenced in 2009 as part of the company’s transformation program.

The sale is expected to generate net proceeds of $27 million, giving rise to an estimated one-off profit on sale of $11 million (no tax effect) that will be brought to account in the 2014 financial year.