This article is from the Australian Property Journal archive
LISTED real estate agents McGrath has acquired the Sydney Sotheby’s International Realty – CBD and Pyrmont agency for $1.6 million.
McGrath has bought the business and assets, including a rent roll from Richard Shalhoub. Post completion, the acquisition is not expected to materially alter the short term earnings outlook for the company.
CEO Geoff Lucas said welcomed Shalhoub’s return to McGrath as the company had earmarked the important Sydney CBD precinct and its surrounds for future growth.
“Richard returning to McGrath is a win-win for us both and is in line with our overall strategy to increase market share in key markets with the recruitment of exceptional agents who have the desire to be part of a well-resourced and well established brand,” Lucas said.
Shalhoub returns to McGrath where he previously worked for nine years (2007-2016). He left McGrath in August 2016 to become principal of Sydney Sotheby’s International Realty – CBD and Pyrmont.
“I believe there will be a growing desire for small agencies to consolidate so they can focus on servicing their clients and grow market share rather than the day to day running of a business.” Shalhoub said.
Australian Property Journal
