- Cushman & Wakefield have acquired the Perth-based office and property management agency
- The global company's fifth acquisition in Australia since 2015
- The entire team will join Cushman & Wakefield, including the leadership team
Cushman & Wakefield, a leading global real estate services firm, has acquired Perth-based Sheffield Property, an office and property management agency.
The transaction represents Cushman & Wakefield’s strategy to build a major commercial real estate and occupier services platform in the region.
The entire Sheffield Property team, led by Mark Clapham and Digby Sutherland, will join Cushman & Wakefield. Mr Clapham and Mr Sutherland will lead the WA commercial real estate business.
Fifth acquisition in seven years
Since 2015, Cushman & Wakefield has grown across Australia through both organic and acquisition means. The latest is their fifth – previous acquisitions include Knight Franks’ NSW-based valuation division, national capital markets business Ince RE, Wright property in Queensland and South Australian trade services business, Smith Brothers.
Sheffield Property itself plays a key role in the WA office development and property services industry, having completed project leasing campaigns for 10 new major office developments in Perth over the last nine years. This includes Dexus, Brookfield, Leighton Holdings, ABN Group, Hesperia, Sirona Capital, Centuria Primewest and Macquarie Bank projects.
“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 Cushman & Wakefield Australia & New Zealand Managing Director, Simon Fenn.
“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.
“A shared institutional client base, a focus on client service and strong cultural alignment were key drivers behind this strategic acquisition, which will rapidly accelerate our growth in the Perth market. “
Jon McCormick, Cushman & Wakefield Australia and New Zealand Head of IFM and Asset Services added the acquisition underpins their aspiration to offer strong solutions across Asia Pacific.
“We are already supporting blue-chip Perth-based clients and are well positioned to further expand.”
Mr Sutherland said he and the team were “thrilled” to be joining Cushman & Wakefield.
“The decision to acquire Sheffield Property was supported by a positive outlook for commercial real estate markets in Western Australia.
According to Cushman & Wakefield research, investment into commercial assets during 2021 reached a record high despite border closures, while vacancies in the Perth CBD remained stable.”
“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,” added Mr Fenn.
