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The group has strengthened its Sydney presence with the opening of its fifth office within the NSW capital.
X Commercial has announced the acquisition of Padstow-based Industrial Zone Real Estate agency, a 12-year-old outfit owned by Osman Omar, who explained that the move felt right, given both brands “share similar values and are keen to reach the next level of growth”.
Mr Omar added that he “cannot wait to offer off their [X Commercial’s] services to our existing and loyal client base”.
As part of the merger, X Commercial will add the Padstow outfit’s 300-strong rent roll, which includes properties across the residential, commercial, and retail sectors and boasts several large format shopping centres across Western Sydney, to its $2.5 billion management portfolio that includes more than 1,900 properties.
Daniel O’Brien, X Commercial’s chief executive officer, said the brand could not pass on the “chance to acquire such a well-established and successful local agency [that] fits perfectly with [its] strategic growth plans to have offices in each of Sydney’s major industrial and commercial markets”.
“We are seeing occupiers, tenants, and investors moving further out from the inner west and south Sydney into the south-west corridor, so we are expanding with the market as this area continues to grow.
“The X Commercial group of companies now has X Commercial Capital, X Finance, and a valuations and advisory division in-house, with 45 staff assisting our clients in every step of their property journey,” he said.
The south-west division joins other X Commercial outfits in south Sydney, the lower north shore, the inner west, and the city fringe.
Mr O’Brien concluded that “the industrial sector is very strong, retail is recovering while the office market faces headwinds. We are seeing continued activity along the corridor as the second airport continues to be developed”.
In fact, September saw a large proportion of Australia’s white-collar workers return to the office, even if only partially, with the Property Council of Australia (PCA) reporting that, barring Canberra, all of Australia’s capital cities reported an uptick in office occupancy rates.
Meanwhile, retail precincts are continuing to see considerable growth in their uptake as the pandemic edges further and further in the national rear-view mirror, exemplified by recent research placing Melbourne’s shopping strip’s current vacancy rates at record lows — down to 0.7 per cent in some parts of the Victorian capital.
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