07/05/2019 - 16:09

Big property manager into administration

07/05/2019 - 16:09

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Administrators have been called in to 12 companies under the umbrella of South Perth-based Sterling First, which claims to have a residential property portfolio of $900 million.

Big property manager into administration
The group claims a $900 million property portfolio. Photo: Gabriel Oliveira

Administrators have been called in to 12 companies under the umbrella of South Perth-based Sterling First, which claims to have a residential property portfolio of $900 million.

Sterling attempted an initial public offering in 2017, but that did not eventuate.

The business was founded in 2011 and has operations in Western Australia, Victoria and Queensland, with 85 staff, according to the company’s website.

About 3,500 properties are managed by the group.

It provides rental management and fund management services, with Sydney-based Theta Asset Management as the responsible entity.

Martin Jones and Wayne Rushton from Ferrier Hodgson were appointed administrators on Friday, and creditors will meet next week.

ASIC documents show Sterling First’s directors include Ryan Jones, Brian Ruzich and Simon Bell.

Former directors include Raymond Owen Jones, who headed 1980s investment giant Armstrong Jones.

His directorship ended in August 2018.

Simon Bell is believed to have been an executive of Westpoint Group, a property investment group that collapsed in 2006.

Businesses in the group that have entered administration are Sterling First (Aust) Ltd, Acquest Capital Pty Ltd, Acquest Property Pty Ltd, Gage Management Ltd, SHL Management Services Pty Ltd, Silver Link Investment Company Ltd, Silverlink Securities Pty Ltd, Sterling Corporate Services Pty Ltd, Sterling First Projects Pty Ltd, Sterling First Property Pty Ltd, Rental Management Australia Pty Ltd and Rental Managment Australia Developments Pty Ltd.

Representatives of Ferrier Hodgson and Sterling did not respond to requests for comment.

More to come.

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