This article is from the Australian Property Journal archive
JLL Australia has supersized its commercial and residential property valuations business with the takeover of Propell National Valuers.
Propell’s head office is in Brisbane and it has 12 offices in all states and territories across Australia. The firm specialises in residential dwelling and commercial mortgage valuations, as well as specialist commercial valuations.
The business would operate as Propell – a JLL company during an initial transition and integration phase. The acquisition will see 200 Propell employees join JLL’s 2,300-strong team in Australia.
JLL Australia CEO Stephen Conry said the agency was the first global property firm to commence operations in Australia nearly 60 years ago and today has one of Australia’s largest valuations businesses.
“We have doubled the revenue of our valuations business in the past five years. We are now dramatically increasing JLL’s specialisation even further with the addition of the impressive Propell team, which will allow us to present a full suite of services under one banner.
“The combined JLL and Propell valuations businesses will provide valuation services across even more sectors and geographies. The culture and vision of their team matches ours. It is an exciting opportunity for the future for our colleagues and clients. Two industry leading valuation platforms with impressive reputations and client delivery models are now one and we welcome our new colleagues to the JLL team,” Conry said.
Propell’s leadership team including CEO Bart Mead and COO Mark Nassif and all national heads will be joining JLL in senior operational roles.
JLL’s managing director, advisory & consulting services – Australia, John Talbot said the addition of Propell was a good strategic fit to complement the commercial valuation offering whilst further expanding into the residential sector.
“Our aim was to acquire another business – a dynamic Valuations services firm – to add even more expertise and scale to our valuations for residential and commercial markets.
“This positions JLL as a full service provider across commercial and residential valuations for all asset pricing levels, in an industry that is increasingly consolidating with clients seeking a larger suite of services from one provider,” Talbot said.
Mead said he is looking forward to joining JLL.
“We have been a strong privately owned business for nearly 60 years in Australia and JLL has had an established presence in Australia for the same period of time. The two businesses share a common culture of delivering the highest standards in service, quality and customer satisfaction.
“Our team looks forward to joining with JLL to continue to be a market leader in the valuation industry in Australia. We are particularly excited at the prospect of joining JLL with its market dominance and highly regarded reputation and the many opportunities that provides our people and clients,” Mead concluded.
Australian Property Journal
