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McGrath Limited has entered into an in agreement to acquire the business and assets, including a rent roll, of a high-performing sales agent prominent in Sydney’s lucrative CBD and northern CBD harbourfront market.
McGrath will buy the business owned and operated by Richard Shalhoub, currently operating as Sydney Sotheby’s International Realty – CBD and Pyrmont.
Settlement is expected to be completed in early July.
CEO Geoff Lucas said the Sydney CBD precinct and its surrounds are important areas for McGrath’s future growth.
He said he is pleased to have concluded the deal with Mr Shalhoub.
“Richard returning to McGrath is a win-win for us both,” Mr Lucas said.
“[It] 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.
“Not only is Richard an outstanding agent with an unparalleled depth of knowledge of Sydney’s CBD and northern CBD residential precincts, he brings with him an intrinsic understanding of the prestige market that has been transformed by the substantial infrastructure, lifestyle and work precincts seen at Barangaroo and Millers Point.”
McGrath said Mr Shalhoub has established himself as one of the CBD’s leading agents over the past 15 years, and returns to McGrath where he previously worked for nine years from 2007 to 2016.
“He was instrumental in the company first being appointed by Property NSW in 2014 as their exclusive selling agent for the Millers Point program, and intimately involved in the success of the government sell-off,” it said.
“He left McGrath in August 2016 to become principal of Sydney Sotheby’s International Realty – CBD and Pyrmont.”
Mr Shalhoub said his return to McGrath makes good business sense for him and his clients.
“There has been a clear shift in market sentiment and conditions over the past 12 months in the CBD as we have transitioned to a more subdued marketplace. As a result, I feel that, to best represent our clients, we need to be aligned with a respected and dominant brand with strong referral networks.
“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. I previously had nine great years at McGrath where I was able to grow my business substantially during that time and developed a great synergy and close relationships that remain today.”
Mr Shalhoub said his local prestige market is evolving.
“We are clearly seeing a transitioning market over the last 12 months, and despite changing market sentiment, there is still plenty of activity in the prestige sector and opportunity in a highly desirable area of Sydney for buyers who are actively seeking luxury residences.
“Highly desired properties in our specialised areas seem to be holding value with little to no shift in price, while others in the CBD may have seen anywhere in the order of a 5 per cent to 15 per cent price adjustment. If anything, we see it as an opportunity to buy into a more levelled market.”
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