The Agency Group is branching into commercial property.
The ASX-listed real estate company has been investing heavily in its residential division since launching in January, 2017.
On Monday, the brokerage announced former Ray White Commercial chief executive officer Mark Williams would lead the new arm: The Agency Commercial (TAC).
The day after, it appointed Geoff Lucas, an ex-McGrath leader, as The Agency Group chief executive officer.
Following these recruitments, Matt Lahood will become The Agency Real Estate chief executive officer.
The Agency Commercial
Mr Lahood believes commercial property forms 20 per cent of Australia’s addressable real estate market.
TAC intends to offer sales, leasing and management services covering office, retail and industrial sectors.
It will also open a national project development division.
“I have always been passionate about commercial real estate, but it is an extremely specialised service, and while we currently have some commercial services within Sydney, the demand to provide a far-reaching national service has been significant,” Mr Lahood added.
“This enables us to broaden our reach into the untapped multi-billion-dollar, non-residential markets,” according to the agent.
“We needed the right commercial leadership team and I am thrilled Mark Williams, the former CEO of Ray White Commercial and director of Greater China and Asia for Ray White, has joined the team” (story continues below).
Mr Williams managed 50 Ray White Commercial branches.
“Given my commercial background I could see how The Agency business model would work in a commercial real estate context,” the executive said.
“The potential to take The Agency approach to the commercial space is very exciting”.
The move will see Mr Williams work alongside former Ray White Group chief financial officer, Andrew Jensen – now The Agency executive chairman.
Agencies widening reach
Last month we reported Hockingstuart would open a non-Victorian office for the first time.
Not long earlier, Laing+Simmons – which only deals in New South Wales – sold to 15 network members.
An interstate expansion wasn’t ruled out either, a spokesperson added, when asked.
The Agency is led by numerous senior executives which moved from rival agencies.
Belle, LJ Hooker and Ray White are the biggest residential real estate brokers to manage a national commercial division; McGrath is a smaller one.