This article is from the Australian Property Journal archive
CUSHMAN & Wakefield are extending their national reach through the acquisition of Perth-based office leasing and property management agency, Sheffield Property.
The acquisition is in line with the leading global real estate services firm’s strategy to set up an Australia and Asia-Pacific-wide market-leading commercial real estate and occupier services platform.
“The acquisition underpins our aspirations to offer solutions with national reach and strong linkages across Asia Pacific. We are already supporting blue-chip Perth-based clients and are well positioned to further expand,” said Jon McCormick, head of IFM and asset services at Cushman & Wakefield, Australia and New Zealand.
The move was also supported the forecast for Western Australia’s commercial real estate market, following record levels of investment into the asset class in 2021 and stable vacancies across the Perth CBD, in spite of COVID-19 interruptions.
“Tenant and investor demand is now expected to benefit from tailwinds from the commodities boom driving the economic outlook and borders re-opening. We believe West Australian real estate markets are at the beginning of a sustained growth cycle,” said Simon Fenn, managing director of Cushman & Wakefield, Australia and New Zealand.
This marks Cushman & Wakefield’s fifth acquisition of this nature in seven years, after purchasing Inc RE, Knight Frank’s NSW-based valuation division, Wright Property in Queensland and Smith Brothers in South Australia.
The acquisition will add to the firm’s Perth teams for existing facilities management, project and development services, valuations, and tenant advisory.
Sheffield Property, which boasts an already established presence in WA’s office development and property services, will bring office leasing and asset services capabilities to Cushman & Wakefield.
“We are delighted to welcome the Sheffield Property team to Cushman & Wakefield, the latest step in our strategy to attract top talent and acquire leading businesses that help bring our full-service agency and occupier services platform to clients across Australia,” said Fenn.
Cushman & Wakefield will absorb Sheffield Property’s existing team, including joint managing directors, Mark Clapham and Digby Sutherland, who will now lead the firm’s Western Australian commercial real estate business.
“We’re thrilled to be joining Cushman & Wakefield, combining our deep local expertise with the strength of one of the world’s largest commercial real estate firms,” said Sutherland.
Fenn noted the two group’s shared culture, institutional client base and focus on client service as key motivators in the acquisition.
“It’s a coup for Cushman & Wakefield to have Sheffield’s high calibre leaders and dealmakers, Digby Sutherland and Mark Clapham, now leading our Western Australian agency business,” concluded Fenn.
