13/05/2019 - 15:12

Sterling's rental arm up for sale

13/05/2019 - 15:12

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Ferrier Hodgson has launched a quickfire sale of Rental Management Australia, one of 12 businesses associated with fund manager Sterling First that went into administration earlier this month.

Sterling's rental arm up for sale
Rental Management Australia owns 3,600 residential properties across Western Australia, Queensland and Victoria. Photo: Attila Csaszar

Ferrier Hodgson has launched a quickfire sale of Rental Management Australia, one of 12 businesses associated with fund manager Sterling First that went into administration earlier this month.

Business News revealed last week that South Perth-based Sterling, which claimed a residential property portfolio of $900 million, had gone into administration.

Wayne Rushton and Martin Jones from Ferrier were appointed administrators.

Expressions of interests are open for Rental Management, a rent roll business, with the administrators advertising over the weekend.

Buyers will have until Friday to submit a non-binding offer bid to either recapitalise the company or buy outright.

The company owns 3,600 residential properties across Western Australia, Queensland and Victoria, with a further 123 commercial properties in WA.

Average weekly rent was $334, the base management fee 7.5 per cent and the ancillary fee was 23 per cent.

ASIC documents show Sterling First’s directors included Ryan Jones, Brian Ruzich and former Westpoint executive Simon Bell.

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

His directorship ended in August 2018.

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