Richard Shalhoub returns to McGrath as agency grows Sydney CBD footprint

McGrath Limited has secured the services of Richard Shalhoub, who has been operating as Sydney Sotheby’s International Realty - CBD and pyrmont.

It marks a return of the high performing sales agent who was prominent in the Walsh Bay precinct, the home turf of McGrath founder John McGrath.

He returns to the McGrath agency where he previously worked for nine years between 2007 and 2016.

The ASX was advised that McGrath entered into an in agreement to acquire the business and assets, including a rent roll, of a business owned and operated by Shaloub.

The total consideration is expected to be $1.6 million.

It will be settled in cash, with the binding agreement expected to be completed in early July 2019.

McGrath CEO Geoff Lucas said Richard Shaloub's return to McGrath earmarked the importance of the Sydney CBD precinct.

It would complement the company’s presence in a key market that has been serviced by its Eastern Suburbs sales office.

“Richard returning to McGrath is a win-win for us both and is in line with our overall strategy to increase market share in key markets with the recruitment of exceptional agents who have the desire to be part of a well-resourced and well established brand.

“Not only is Richard an outstanding agent with an unparalleled depth of knowledge of Sydney’s CBD and northern CBD residential precincts, he brings with him an intrinsic understanding of the prestige market that has been transformed by the substantial infrastructure, lifestyle and work precincts seen at Barangaroo and Millers Point,”Mr Lucas concluded.

Shalhoub has established himself as one of the CBD’s leading agents over the past 15 years.

He was instrumental in the company first being appointed by Property NSW in 2014 as their exclusive selling agent for the Millers Point program, and involved in the success of the Government selloff.

He left the McGrath in August 2016 to become principal of Sydney Sotheby’s International Realty - CBD and pyrmont.

“There has been a clear shift in market sentiment and conditions over the past 12 months in the CBD as we have transitioned to a more subdued marketplace," Shaloub said.

"As a result, I feel that to best represent our clients we need to be aligned with a respected and dominant brand with strong referral networks.

“I believe there will be a growing desire for small agencies to consolidate so they can focus on servicing their clients and grow market share rather than the day to day running of a business.

"We are clearly seeing a transitioning market over the last 12 months – and despite changing market sentiment, there is still plenty of activity in the prestige sector and opportunity in a highly desirable area of Sydney for buyers who are actively seeking luxury residences."

He points to sales including Penthouse 28A, Stamford Residence, 171 Gloucester Street, The Rocks for $13.5 million; 73 Windmill Street (block of 11 apartments) for $10,050,000; 11-13A Dalgety Road Millers Point sold at $5 million; and 5-7 High St Millers Point sold at $5,605,000.

McGrath McGrath Millers Point | Sydney CBD will be located at 27 Kent Street, Sydney.