Glenn McGrath fronted an NDIS property play. It’s now bowled over
Former Test cricketer Glenn McGrath became a hero for his ability to embarrass opening batsman with relentless line and length. He now appears to be running between the wickets for any corporate who’ll have him.
The Pigeon’s Instagram is full of paid endorsements. Apart from his commendable work with the McGrath Foundation, he’s an “ambassador” for Toyota, MHIA insurance and solar company Sunboost.
Until recently, he also listed his promotion of NDIS-housing investment firm Apollo Investment Australia.
Even describing the business model of Apollo will cause this masthead’s rational readers to howl at the moon. The company went to mum and dad investors to pitch them the specialist disability accommodation market.
Investors put up the capital to build homes for the severely disabled in outer suburban areas. The pay-off involved collecting high rental yield of 13 per cent to 15 per cent. The rent was paid by the ever-expanding NDIS, so it was “government-backed”. Apollo was the middle-man that clipped a fee for facilitating it all.
It was founded by Yannick Leko, who in his previous life was (of course) an SMSF-spruiker. Not hard to imagine that the NDIS and its fistful of taxpayer dollars must have been impossible to resist.
Apollo’s Nicholas Logan-Alessio told a property magazine in 2023 that “NDIS housing is providing a once-in-a-lifetime opportunity for mum and dad investors to create generational wealth”.
It’s a pitch that’s Peak ’Straya: You’re not just property investing, you know, this country’s favourite past-time. But it’s putting a roof over the heads of some of the nation’s most needy. Chances like this rarely come along. Getting rich (sucking off the taxpayer) never felt so good!
It not only resonated with investors, but with McGrath. Last year, he appeared as a front-man in some of its marketing material. It was also named in this masthead’s fastest growing companies of the year.
Last week, Apollo entered voluntary liquidation, with SV Partners appointed administrator. The company’s exact problems aren’t fully yet known. But across the property industry there have been widespread reports (including recently on the ABC’s Four Corners) of disability accommodation built in areas where no one wants to live. Private investors have been left with large debts and expensive, unsellable homes that are sitting empty.
Asked about the cricketer’s involvement with Apollo, McGrath’s manager said the relationship had been “terminated” but further questions should be sent to Pickstar. It’s another middleman, the kind that sits between corporates and all-levels of influencers and former athletes.
A Pickstar spokesman returned this column’s call on Monday. He seemed surprised to hear the firm had gone under, but defended the partnership and that McGrath’s “fee” was substantially lower because it was for a good cause.
But minutes before the call, Pickstar thought it could get away with surreptitiously deleting the glowing “behind-the-scenes” promotion of the McGrath-Apollo tie-up from their social media feeds. What a bunch of amateurs.
