- JP Morgan trousers $4.5m for sale of Mike Baird's Land Titles office
- By Bryce Corbett
- 11/06/2016 Make a Comment
- Contributed by: Stu ( 3 articles in 2016 )
Mike
We all know buying and selling property in Sydney is an expensive business. The fees charged by estate agents alone are enough to make your eyes water.
No surprise then that JP Morgan stands ready to pocket $4.5 million flogging the NSW Land Titles Office to the highest bidder.
The NSW government finally put a dollar value on the investment firm's services on Tuesday, plenty of which has already been rendered by JPM (the process has been running since November) and which will continue until March 2017.
By then, the exact value of the mysteriously monikered "Land & Property Information (LPI) Project" should be clearer. Right now, no one really knows what the biz (offered up on a 35-year concession) is worth. After all, how do you put a value on the registration of the more than 900,655 property exchanges the NSW LPI processed in the 2014-15 financial year? Reports suggest a value of some $500 million, with the likes of Brisbane's delightful RP Data as a potential buyer.
NSW is leading a national front on state-owned registries. As Street Talk previously reported, South Australia and Victoria are also looking to privatise their land titles offices (though in Adelaide's case, who'd bid on the right to pass ownership of shallow graveyards between one serial killer and the next?)
JP's roadshow gets under way in earnest over the coming fortnight.
No surprise then that JP Morgan stands ready to pocket $4.5 million flogging the NSW Land Titles Office to the highest bidder.
The NSW government finally put a dollar value on the investment firm's services on Tuesday, plenty of which has already been rendered by JPM (the process has been running since November) and which will continue until March 2017.
By then, the exact value of the mysteriously monikered "Land & Property Information (LPI) Project" should be clearer. Right now, no one really knows what the biz (offered up on a 35-year concession) is worth. After all, how do you put a value on the registration of the more than 900,655 property exchanges the NSW LPI processed in the 2014-15 financial year? Reports suggest a value of some $500 million, with the likes of Brisbane's delightful RP Data as a potential buyer.
NSW is leading a national front on state-owned registries. As Street Talk previously reported, South Australia and Victoria are also looking to privatise their land titles offices (though in Adelaide's case, who'd bid on the right to pass ownership of shallow graveyards between one serial killer and the next?)
JP's roadshow gets under way in earnest over the coming fortnight.
Source: https://www.afr.com/brand/rear-window/jp-morgan-trousers-45m-for-sale-of-mike-bairds-land-titles-office-20160607-gpdl4d
1Will not be visible to public.
2Receive notification of other comments posted for this article. To cease notification after having posted click here.
3To make a link clickable in the comments box enclose in link tags - ie.<link>Link</link>.
4To show an image enclose the image URL in tags - ie.<image>https://fredspage.com/box.jpg</image>. Note: image may be resized if too large
To further have your say, head to our forum Click Here
To contribute a news article Click Here
To view or contribute a Quote Click Here