Octaviar seeking to sublet Sydney offices

OCTAVIAR Limited is looking for tenants to sublet its Sydney office after signing a deal at the company's 101 Collins Street Melbourne accommodation.

Octaviar has reached to sublet the complete Melbourne office premises at 101 Collins Street and tenants are currently being sought for the company’s Sydney office tenancy at Governor Macquarie Tower. The Queensland operations have consolidated to a single level of the main Southport office and the other Southport premises has been closed.

The company also said yesterday that it is still in negotiations with creditors The Public Trustee of Queensland and Challenger Managed Investments Limited.

Challenger is currently suing Octaviar for $100 million bond.

The company said discussions continue with Challenger but no resolution has yet been reached.

Meanwhile, the company has provided a guarantee to the extent of $40 million to the National Australia Bank in support of the facility extended by NAB to the Living and Leisure Australia Group.

Discussions with the NAB regarding the guarantee and the LLA recapitalisation proposal continue however currently the statutory demand remains unsatisfied.

Australian Property Journal