Prestige agent Richard Shalhoub is to return to McGrath after the company announced it has entered into an agreement to acquire Mr Shalhoub’s business and assets in Sydney’s CBD and northern CBD harbourfront market.
The total consideration is expected to be approximately $1.6 million and will be settled in cash, with the binding agreement expected to be completed in early July 2019.
Post completion, the acquisition is not expected to materially alter the short-term earnings outlook for the company.
CEO Geoff Lucas said Mr Shalhoub would return to McGrath as the company earmarked the important Sydney CBD precinct and its surrounds for future growth, and 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 noted.
Mr Shalhoub previously worked for McGrath for nine years (2007-2016) and was instrumental in the company first being appointed by Property NSW in 2014 as their exclusive selling agent for the Millers Point program, and intimately involved in the success of the Government selloff.
He left McGrath in August 2016 to become Principal of Sydney Sotheby’s International Realty – CBD and Pyrmont.