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McGrath Limited has provided an ASX update regarding the renewal of its franchised offices located in Sydney’s lucrative Lower North Shore.
McGrath has withdrawn its offer to extend the Neutral Bay/ Mosman and Chatswood/ Northbridge franchise agreements which are due to end in April 2019.
The statements said that McGrath is currently considering the optimum structure for the continuation of the McGrath business and brand presence in the specified regions in the Lower North Shore, and confirms it will maintain its presence in this key market.
CEO of McGrath, Mr Geoff Lucas, said a plan is in place.
“We have a clear plan to rejuvenate our presence in the region, including opening new offices to strengthen our presence and profitability, which has fallen below expectations in recent years,” he said.
The statement added that McGrath opened its first office in Sydney’s Lower North Shore in 1996 and remains committed to servicing its clients for both residential sales and property management.
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