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The newly amalgamated, independent brand will boast $5 billion in assets under management when it officially kicks things off at the beginning of next month.
Allard Shelton and Gorman Commercial have revealed they’ll be coming together under the new name of Gorman Allard Shelton, effective 1 July 2022.
Acknowledging the formidable size of their commercial property sales and management portfolio, Gorman Allard Shelton managing director Stephen Gorman said the merger marks a “quantum leap” for both firms, which will see the brand boast 70 commercial real estate specialists working across two Melbourne locations.
Following the merger date, current Gorman Commercial employees will continue to operate out of the Hawthorn office, while Allard Shelton employees will continue to work under the new banner from their Melbourne central business district location.
Mr Gorman explained that “both businesses have always had a clear desire to boost our market share across sales leasing and asset management and this gives us the perfect vehicle to continue to do so”.
The new business will hold $5 billion worth of properties under management, with more than 3,500 tenancies under management — but there are further plans for growth in the pipeline, according to Mr Gorman.
“We are also united on an aggressive plan for further growth and we’re well-positioned for acquisitions of aligned agency practices and the purchase of commercial rent rolls,” he revealed.
For Allard Shelton director Joseph Walton, the deal is a “winning proposition and a vote of confidence in the modern-day commercial real estate sector”.
Describing how the new outfit would comprise experienced operators with deep local knowledge in their respective markets, he shared: “As we look forward, we expect to be able to attract more of the sector’s best agents who are looking to join a competitive and contemporary private practice that puts its people and clients at the centre of everything it does.”
Mr Walton believes the merger is in a strong position to disrupt the market status quo, creating a “genuine” alternative to large national and global players, stating: “This announcement arrives at a buoyant time for the commercial real estate sector.
“Victoria’s economy is rebounding and while there are myriad market influences in play, including rising interest rates and inflation, we expect commercial transactions and tenancies to deliver strong value for the short and longer term.”
For Mr Gorman, it’s a huge opportunity for both firms and their clients.
“The coming together of two leading market players creates a complete value proposition for vendors, buyers and tenants,” he concluded.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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