Owners Corporations predominantly located in the north-east to the south-east suburbs. New purchaser bought the shares in the trading entity and assumed control of the business along with employees and office lease.
The vendor was a long operating OCM who was getting into his 70s. The sale was a portfolio sale of OC management rights, utilising a deed of assignment pursuant the contracts of appointments.
The vendor reached a point where they realised that OCM wasn’t their core business and entrusted us to find the right buyer.
The vendor built their business from the ground up with this portfolio but in recent years had progressed onto managing a lot more Tier 4 and 5 Owners Corporations. This was a great outcome for all parties as it allowed an owners corporation manager with professional experience to get into the industry and start his own owners corporation business.