McGrath has announced it will bolster its project marketing division, McGrath Projects, after securing highly respected industry specialists, Colin Griffin and Murray Wood, who will join as Associate Directors.
Announcing the appointments, McGrath CEO Geoff Lucas said he believed the time was right to focus on the re-emergence of the off-plan development sector post COVID-19 and saw excellent opportunities for growth in this area for the company.
“We are making a strategic move to proactively invest in our business now by re-energising our projects division,” Mr Lucas said.
“I am particularly pleased that McGrath has been successful in attracting such outstanding project marketers as Colin and Murray, who will work with our existing team to expand our capability and grow our market share across the CBD and metropolitan precincts of Sydney. Both will report to Adam Sparkes, GM of our projects division.
“We see great opportunity in the future of the development sector, notwithstanding the current environment. Australia has been in the world spotlight for the exemplary way it has navigated its way through the pandemic and will again be considered as the land of opportunity and a safe haven for many.
“The Government has made swift decisions based on medical advice, and not political posturing, and this positions Australia very well for the future.
“We believe that this will have a positive impact on confidence levels and our younger population seeking home ownership in the longer term as well as the broader market.
“We also believe now more than ever there will be a flight to quality in off-plan developments and buyers will seek projects of substance and high quality. As a company, we believe the time is right to position ourselves with the very best team in project marketing as we emerge from COVID-19,” Mr Lucas added.
With a combined 40 years experience at the forefront of project marketing, both Mr Griffin and Mr Wood have an impressive track record and extensive tenure in senior positions within institutional specialist residential project marketing firms, including CBRE, Colliers International, Knight Frank and JLL.
With important insights into the sector, Mr Griffin has highlighted the previously excruciatingly long process for development approvals.
“Post Covid, the NSW Government is now focusing on approvals for ‘shovel-ready’ projects,” Mr Griffin said.
“In line with UDIA’s recommendations, we anticipate this will have a positive impact on employment and construction. We also anticipate that this will have a flow-on effect and will see commencement of larger residential projects adjacent to new infrastructure.
“Larger quality institutional developers that have the capacity to commence projects quickly without relying on pre-sales will look to start their builds. This will instill a confidence in the residential market that has been lacking.”
Mr Wood noted that over the last two months new project releases had taken a pause in the current Covid-19 environment.
“A number of developers who had new projects slated for the first half of 2020 are now looking for economic conditions to show signs of real improvement and a return in confidence before launching,” he said.
“However, for developers with a longer timeline in mind, we are seeing many focussed to be in a position to be ‘marketing ready’ in order to strike without delay; from what we are seeing that could be as soon as Spring 2020.”