Sydney's prestige Cordeau Marshall agency sold to Savills
International real estate agency Savills has agreed to acquire the Sydney-based real estate agency Cordeau Marshall, that specialises in Sydney’s North Shore and eastern suburbs prestige markets.
Cordeau Marshall, who currently operate under the franchise of Century 21, is a family operated business with over three decades in the real estate industry.
With offices in Double Bay, Gordon, Lindfield, St Ives, Turramurra and Roseville, they rate among the leading agencies on the Upper North Shore.
The expansionary investment into suburban agency follows the opening of a Savills Residential office in Chinatown in February this year.
Paul McLean, the Savills Australia and New Zealand chief, said building the residential business had been part of their strategic growth plan for some time. Savills will also acquire the Cordeau Marshall rent roll of 700 plus properties.
"The addition of Cordeau Marshall will provide Savills with a significant footprint and a strong platform for further growth in the residential market, not only in Sydney, but nationally.
“We were attracted to this business for a number of reasons - the strength in one of Sydney’s premium residential areas, Cordeau Marshall’s leadership in innovation and engagement with the local community, but probably most importantly the cultural fit of its people with the Savills team.”
The agency has been associated with prestigious upper north shore listings including Inglewood, the 1898 Warrawee residence designed by Howard Joseland and Hugh Vernon, which was offered by the Waine family, co-founders of the Woolworths, Australia, retail chain after eight decades' ownership.
Craig Marshall, founder of Cordeau Marshall has had a long relationship with the waves of Asian buyers. In 1991 he noted that 20 per cent of all sales on the upper North Shore were to Asian buyers, which had by January 1992 risen to 80 per cent within his agency. He told the Sydney Morning Herald in mid-2013 that of the first 102 properties sold through his network in 2013, some 46 went to Asian buyers.
Savills already has a highly successful residential projects division and luxury residential business in Sydney, having achieved some of the highest residential sales in 2014 with the sale of 112 Wolseley Road, Point Piper for circa $37 million, and a record price for a city apartment in Sydney with the sale of the Eliza Penthouse for $13 million.
Head of Savills Residential, Ged Rockliff said no other large agency was able to provide such a full service to clients on both a commercial and residential platform.
“We have the unique offering of a single ownership structure, unlike a franchise business model, ensuring zero conflict among the offices.
"The Savills - Cordeau Marshall business will offer clients a much broader package than currently exists, from managing properties to selling high end luxury, it can all be achieved under the one roof with the support of a global leader in real estate, coupled with local knowledge and community support.
"This allegiance will also provide greater depth and coverage of the Sydney market, particularly for the apartment projects to be marketed in this region with a massive database of owner occupiers, downsizers and an active clientele of investors.
“We have more than 1,000 off-the-plan apartment sales in the pipeline and with this new acquisition it will enable Savills to provide a complete end to end service to clients, from purchase, through to settlement, and now ongoing property management services,” added Mr Rockliff.
Supplied photo: LtoR Ged Rockliff, Craig Marshall, Paul McLean