GORMAN Commercial and Allard Shelton have merged, establishing Victoria’s largest independent commercial real estate firm.
With the merger completed and effective as at 1 July, Gorman Allard Shelton now boasts $5 billion in assets under management.
“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,” said Stephen Gorman, managing director.
“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.
On top of this the merger sees the newly formed private-owned practice boast more than 3,500 tenancies under management, with a staff spanning 70 commercial real estate specialists across two Melbourne locations.
“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,” said Joseph Walton, director.
Walton added that the merger of the two independents would disrupt the market, creating an alternative to the large national and global groups.
“The coming together of two leading market players creates a complete value proposition for vendors, buyers, and tenants,” added Gorman.
Both Gorman Commercial and Allard Shelton employees will continue to work out of their existing offices, in Hawthorn and the Melbourne CBD respectively, following the official merger date next month.
“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,” concluded Walton.