Southern Cross Austereo (SCA) sought the services of an independent property partner who could work with them to divest its freehold property holding at 170 Pacific Highway, Greenwich. PCG was appointed as divestment manager and successfully negotiated a AUD$18.5M sale of their commercial real estate.

SCA owned 51% of the property with Fairfax owning 49%. The property comprised 2,434 square metres (total site area) and 4,464.5m2 (NLA). The appointments of PCG, as divestment manager, reduced the workload for SCA’s internal management and mitigate any associated risk to the SCA Corporation arising out of the transaction. Part of PCG’s role was to negotiate leases within the building in order to maximise the sale price of the property. PCG removed the burden of the pre-divestment preparation allowing SCA personnel to focus on day to day core business activities.

The key activities PCG undertook are listed below:

• Prepare and collate due diligence material
• Invite selected agents to present proposals
• Prepare tender documentation
• Contract of sale
• Prepare marketing material
• Launch market campaign
• Implement marketing
• Close of tender/ EOI
• Assessment of final offers and negotiations
• Contract exchange
• Proposed settlement

If you have commercial real estate on hand is it the right time to sell or to hold for your business? Reviewing your masterplan will give you the time to reassess.  

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