IPMG may sell its $400 million Sydney business park as it looks to strengthen itself in the face of ongoing industry consolidation.

The Hannan family announced the appointment of Brookfield Financial to help with "assessing options in relation to the future ownership of Sydney Corporate Park".

The Alexandria site is valued at $400 million, according to The Australian, which added that the Hannan family "may stay in a venture, sell the property or simply restructure its holdings".

"The business park, which spans about 143,000sqm, is one of the largest private property holdings in inner Sydney," reported The Australian.

"It houses more than 80 domestic and international tenants in about 20 buildings that have more than 117,000sqm of net lettable area.

"Tenants have been drawn to the park’s proximity to Sydney airport and railway stations at Mascot and Green Square. One of the business park’s key drawcards is the flexibility of its zoning, with authorities flagging expansion of its space and additional uses."

IPMG executive chairman Michael Hannan said Hannanprint's move to Warwick farm meant there was now "a wonderful development opportunity" for the former Hannanprint site.

[Feature: The Warwick Farm odyssey]

"While our intention has always been to own and develop our commercial property assets within family-owned entities, the time has come to accept that with the funds required to develop Sydney Corporate Park to its full potential, and for us to play a pivotal leadership role in addressing required rationalisation within the printing industry, we should look outside of the family-owned organisation to assist us to meet all our objectives in a shorter timeframe than would be possible if we were to do it all ourselves as a private group."

Chief executive Kevin Slaven said IPMG was in a strong position given its diversity and the fact it owned its four main printing sites in Sydney, Melbourne and Brisbane.

"We are uniquely positioned to be able to weather the issues facing the printing industry and come out the other side in an even stronger position that we are in today," said Slaven.

"IPMG is fortunate to have the backing and financial support of the Hannan family to be able to navigate through this evolutionary phase of its printing investments as well as to have the opportunity to diversify the group’s portfolio of investments in quality media and marketing services assets."

[Related: Ups and downs of IPMG]

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