Knight Frank and Bayleys make bid to buy out Australian real estate giant
John McGrath announced he would remain as CEO and managing director of McGrath Limited as the real estate company’s board recommended the sale to shareholders
2 min
Australian real estate industry leader John McGrath and the board of ASX-listed McGrath Limited are backing a $95.5 million buyout offer from a consortium comprising global property behemoth Knight Frank and New Zealand’s largest full-service real estate group, Bayleys.
McGrath has entered into a scheme implementation deed through which the consortium would acquire 100 percent of McGrath’s share capital by way of a scheme of arrangement.The consortium has offered to buy McGrath at 60 cents per share, which is a 27.7 percent premium on the closing price of McGrath shares the day before the announcement. Shareholders can also elect to receive an unlisted scrip alternative or a combination of both instead.
McGrath founder and CEO, John McGrath intends to elect to receive the unlisted scrip alternative for his stake, which represents about 23.3 percent of McGrath stock on issue. The McGrath board, which holds or controls about 48.1 percent of issued stock, unanimously recommends that shareholders vote in favour of the scheme — unless there is a superior proposal — and subject to an independent expert concluding the deal is fair and in shareholders’ best interests.
Under the deal, Mr McGrath would continue in his role as CEO and managing director. Mr McGrath said he was looking forward to taking advantage of the opportunities available through his new international partners, with whom he said his agency shares “common values and cultures”. Mr McGrath said the network’s franchisees, agents and customers would benefit from the consortium’s global networks, expertise and access to high-net-worth clients.
The scheme is subject to conditions, including approval by McGrath shareholders at a scheme meeting, which will likely be held in June. If the scheme is implemented, McGrath will be delisted from the ASX. The McGrath board is entitled to declare and pay a dividend prior to the scheme’s implementation, in which case the scheme consideration would not be reduced by the cash amount of the dividend.
Knight Frank CEO of Australia, James Patterson, said: “The acquisition would allow Knight Frank to have a leading position in residential and commercial real estate in Australia, creating a full-service real estate capability to support and advise clients and customers.”
Mr Patterson said the three brands would continue to operate as they are now under the deal. Bayleys managing director, Mike Bayley, commented: “The ability to share ideas and innovations as well as systems and information will add considerable value to our clients across Australasia.”
McGrath was founded in 1988 and listed on the ASX in 2015. A scheme booklet will be prepared and lodged with the Australian Securities and Investments Commission for review in due course. Meantime, shareholders can review further details in an investor presentation lodged with the ASX.
Early indications from several big regional real-estate boards suggest March was overall another down month.
Art can transform more than just walls—it shapes mood, evokes memory, and elevates the everyday. Discover how thoughtfully curated interiors can become living expressions of personal meaning and refined luxury, from sculptural furniture to bespoke murals.
A heritage-listed Federation estate with tennis court, pool and studio, Marika offers timeless elegance and modern family living in the heart of Hunters Hill.
2 min
A grand old dame who has stood the test of time, Marika is a slice of Hunters Hill heritage transformed for modern-day living.
Meticulously renovated between 1981 and 1983, with several updates since, Marika made it onto the heritage register in 1999 just in time to signal a new millennium. Today, the modernised mansion is on the market with an auction price guide of $7.5 million, marketed through BresicWhitney’s Nicholas McEvoy.
“The home is a fantastic opportunity for a discerning buyer to get a grand family estate-style property, with a pool, tennis court and grounds, for a price that’s much more affordable than expected,” McEvoy says.
Sitting pretty on the corner of Augustine St and Ryde Rd, the stately Federation residence occupies a sprawling 2472sq m block, which was once part of a 30-acre land grant handed to Frederick Augustus Hayne in 1835. In 1902, he sold it to Dr Leopold Augustus Carter, a local dentist. Two years later, Marika, then known as “Ryde”, appeared in the famed Sands Directory – the social media of its era – a symbol of its architectural significance.
Surrounded by manicured gardens with sculpted hedges, a pool and full tennis court, Marika is a prime example of Federation style with contemporary elements.
Inside, the single-level five-bedroom home showcases intricate craftsmanship, from its decorative gables, period archways and bay windows to the coloured glass panels on multiple doors and windows. Elegant formal rooms have high ornate ceilings that are a preserved nod to Marika’s past, while the more modern spaces are relaxed family-friendly zones.
Thanks to a pavilion-style addition, the L-shaped layout measures 450sq m internally and wraps around a central courtyard that plays host to the alfresco dining terrace and pool, while a wide veranda frames the original front rooms of the house.
Primary living spaces, including the dining area with integrated bar, open to the great outdoors via stacker doors and the 21st century kitchen has a large island bench and a butler’s pantry with hidden access to the triple lock up garage. There is also a dedicated media room, a library or home office, plus a separate family room with a beautiful bay window.
All bedrooms feature built-ins while the main retreat, and a second bedroom, have shower ensuites. The shared bathroom houses convenient twin vanities and a freestanding bathtub.
Beyond the interiors, Marika delivers resort amenities with a full-sized, floodlit tennis court, the pool, barbecue terrace and a self-contained studio apartment with the added bonus of Harbour Bridge glimpses.
Added extras include a converted loft storage space, a large laundry with side yard access, ducted air conditioning, multiple fireplaces, solar panels with a battery backup and modern insulation.
Accessed via Augustine St, Marika is close to St Joseph’s College, Boronia Park shops, local ovals and city transport.
Marika at 59 Augustine St, Hunters Hill is set to go under the hammer on April 26, on site at 9am with a price guide of $7.5 million. The listing is with Nicholas McEvoy and Narelle Scott of BresicWhitney Hunters Hill.
Chinese fashion giant faces a double whammy of steep U.S. tariffs and an end to its duty-free shipping.
Access to Verbier’s iconic slopes is now included in a pass that already unlocks 75 of the world’s top resorts — and Australians are quietly taking notice.
