- The two leading firms will become one next month
- The merger will see over 3,500 tenancies joined, with staff base of 70
- Staff will be operating from two offices - one in Melbourne CBD and Hawthorn
Gorman Commercial and Allard Shelton, two leading independent real estate firms, have completed a merger.
With $5 billion in assets under management, the duo will become the largest privately-owned practice in Victoria.
Effective 1 July 2022, the merger will also jointly see over 3,500 tenancies under management and a staff base of 70 commercial real estate specialists across two Melbourne office locations.
Stephen Gorman, Gorman Allard Shelton Managing Director, said the merger represented a “quantum leap” for both companies.
“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,” Mr Gorman said.
“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.
Stephen Gorman, Gorman Allard Shelton Managing Director
“We understand the opportunity this merger creates for the firm and our clients – association with CBD-based Allard Shelton will complement hugely our specialisation and market standing across Metropolitan Melbourne.”
“The coming together of two leading market players creates a complete value proposition for vendors, buyers, and tenants.”
Joseph Walton, Allard Shelton Director, added that the deal was a “winning position and a vote of confidence in the modern-day commercial real estate sector.”
“Gorman Allard Shelton will comprise the most experienced operators with the deepest local knowledge of their respective markets.
“And, 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.”
Joseph Walton, Allard Shelton Director
Mr Walton believes the merger will disrupt the market status quo by offering a viable alternative to the large national and global players in the sector.
“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.”
Staff for the two firms will operate out of their existing offices following the merger in Hawthorn and Melbourne CBD.
The firms’ existing digital assets will merge from 1 July.