BIAV OFFICE SELLS

Today, 3/11/21, the BIAV plans for a financial reset, and future prosperity, took its next step with the successful sale, at auction, of 24 York St.

This, as previously reported, followed a lengthy and exhaustive process, looking at all options, so as to optimise the financial security that the building could provide, as well as to complement the overall financial recovery strategy that has been underway for BIAV.

Selling agents Gross Waddell expected strong bidding in the $3.4-$3.6m area and were pleased when the $4m reserve was eclipsed, and the property sold for $4.1m.

The Board has already developed an investment strategy so as to carefully manage the proceeds, with an emphasis on a suitable new building at the right time, a small cash reserve, a professionally advised managed fund, and above all else, to do all in its power to help and support its members and the industry.

The agreed 180 day settlement period enables BIAV to consider its short to medium term office options, as well as to further refine its investment strategy.

President David Meehan was pleased with the result. "BIAV can positively move forward now. It's been a tough period financially and we've done a good job to stay 'in the black', remain viable, and keep delivering for members, whilst also preparing for this sale." he said. Meehan went on to thank Board member Daved Lambert and CEO Steve Walker for their efforts in the sale process, as well as all of the BIAV members who turned out for the various meetings to discuss and support the process.