McGrath Ltd acquire Shane Smollen's 10 Sydney franchise offices
McGrath Limited has reached agreement to acquire the largest franchise group within its network.
The acquisition will result in 10 McGrath franchise offices across Sydney’s mid to upper North Shore, North-West and Northern Beaches region, becoming McGrath company owned offices.
The 10 McGrath offices, under the leadership of Shane Smollen, was one of the largest real estate agency groups in Australia.
They have 65 sales agents, including 12 of the highest performing sales agents in McGrath’s current top 25 agents over the past 12 months.
They also have over 2,200 properties under management across these regions.
The acquisition will result in McGrath’s company owned division having one of the largest property management portfolios in Australia with over 7,200 properties.
McGrath chief John McGrath said this was a "strategic step" in the company’s growth plans.
“Our model is a hybrid of both company owned offices as well as franchises and we are equally passionate about both sides of our business.
"We are continuing to rapidly grow our franchise network organically into other high value high volume markets whilst never losing focus on McGrath’s most important stakeholders, being our team and our customers.
"Scale will be a key differentiator in this new world where innovation and continued significant investment in technology will be critical.”
The McGrath offices acquired are located in Crows Nest, Epping, Ryde, Lane Cove, Pymble, Hunters Hill, Castle Hill, Lindfield and the Northern Beaches.
McGrath Limited has been tipped as undertaking a public float.
