Sydney real estate operator John McGrath has declared he is not going anywhere, after revealing the board is in talks to sell his listed agency to global property giant Knight Frank and Bayleys.

“I’m here for life”, McGrath said, adding the “best is yet to come”, if the deal wins shareholder approval.

It will be business as usual for the McGrath operations, but as an unlisted entity. The name will stay the same. The business comprises a franchise arm, company-owned operations, project marketing and a mortgage broking business, Oxygen Home Loans.

“The consortium approached me recently to check if I would be keen to continue as the major shareholder and stay on as chief executive. I said absolutely, I’m not going anywhere,” McGrath said.

“That was enough for the consortium to approach our board with an offer, and they are keen to have me continuing in the business.”

Under the deal, McGrath shareholders will have the option to receive 60¢ cash per McGrath share, or an unlisted scrip alternative, or a combination of both. If successful, it will mark the end of McGrath being a listed ASX company.

‘This is absolutely far from the end of an era, but it’s definitely a new phase and one that, I think, will probably suit our company.’

McGrath CEO John McGrath

McGrath was founded in Paddington in 1988 and listed on the ASX in 2015 amid much fanfare at $2.10 a share, but has never traded at that price. It has a market value of $74.8 million and news of the deal has bumped its share price up 24.4 per cent to 58.5¢ intraday.

If the deal goes through, McGrath, dubbed “Mr Sydney” real estate, will stay on as CEO of the division, and will take up the offer of unlisted shares for his majority stake. Overall, the board of McGrath controls 48.1 per cent of the issued capital and intends to accept the offer.