Lend Lease looking beyond Ferriers’ imminent exit

Image: Victory Offices

The for lease signs are well and truly up at Level 25, One International Tower Barangaroo where Ferriers Hodgson (Ferriers) is preparing to vacate ahead of the completion of its takeover by KPMG.

INO’s property operatives advise that landlord Lendlease has begun marketing the space ahead of the departure of the Ferriers’ team, which must occur before the June 30, 2019 deadline for completion of the takeover, which was confirmed in March after many months of rumour.

Any delay in that admittedly short migration – KPMG’s Sydney HQ is in the neighbouring Tower 3 – will apparently be dealt with by temporary habitation of adjacent serviced offices.

The absorption of insolvency and restructuring specialist Ferriers by a multi-disciplinary monolith has raised a lot of questions.

How many of the restructuring and insolvency opportunities that ex-Ferriers partners bring in will fall short of the cut at the conflict check?

Some senior practitioners have opined to INO that the departure from the insolvency sector of major independents like Ferriers and PBB Advisory – purchased by PwC last year – will provide an opportunity for big mid-tiers – think PKF, BDO, Worrells – to make smart hires and step up into a space neither of the big two can reliably occupy. Please take a moment to support INO’s continued chronicling of the insolvency profession.

About the Author

Peter Gosnell
Insolvency News Online illuminates the practice of insolvency Australia-wide, highlighting the triumphs and travails of the nation’s registered practitioners and the accounting and legal professionals who work with them. INO is produced by Peter Gosnell, former business editor and senior business reporter at The Daily Telegraph newspaper. During a decade-long career, your correspondent reported on such notable corporate collapses as HIH, One.Tel, Westpoint and Fincorp as well as some of the nation's highest profile bankruptcies and the investigations and prosecutions arising from Australia's most notorious instances of white-collar crime.

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