Various locations across Australia and New Zealand

Scope: 300 Properties
Service: Strategic Property Advice and Project Coordination

Challenge

• Appointed to advise on restructuring the $4 billion property portfolio of the former Bank of South Australia
• Approximately 300 properties located in Australia and New Zealand including development sites, residential, commercial, retail, industrial, hotels and retirement villages

Action

• Development of strategic advice for each property asset
• Appointment of leasing and/or selling agents for disposal of assets
• Establishing appropriate work out strategies with the banking personnel to maximise outcome and returns
• Instructions and negotiations with liquidators, accountants, solicitors and professional consultants

Result

• Determined the most appropriate strategy to restructure and maximise the returns of all properties located in Australia and New Zealand
• Property sales within the portfolio varied between $11 million to $300 million and included:
  - 1 O’Connell Street, Sydney (commercial) - $300 million
  - 333 Collins Street, Melbourne (commercial) - $240 million
  - Myer Centre, Adelaide (retail) - $150 million
  - Mindarie Keys, Western Australia (residential development) - $45 million
  - Kern McCarther Centre, Brisbane (development site) - $35 million
  - Newcastle Tax Office, NSW (commercial) - $25 million
  - Henry Waymouth Centre, Adelaide (commercial) - $25 million
  - Chesser House, Adelaide (commercial) - $25 million
  - Liverpool Town Centre, NSW (retail) - $15 million
  - IBM Centre, Western Australia (commercial) - $11 million
  - Export Park, Adelaide (industrial)