Leading global real estate services firm, Cushman & Wakefield (NYSE: CWK), today announced the acquisition of Sheffield Property, a leading office leasing and property management agency based in Perth, Western Australia. The acquisition is the latest step in Cushman & Wakefield’s strategy to establish a market-leading commercial real estate and occupier services platform across Australia and the Asia-Pacific region.
Sheffield Property’s team, led by Mark Clapham and Digby Sutherland, will join Cushman & Wakefield. Mark and Digby have been appointed to lead Cushman & Wakefield’s Western Australian Commercial Real Estate (CRE) business, working closing with the national leadership team.
Since 2015, Cushman & Wakefield has grown significantly in Australia both organically and by acquiring leading businesses that extend its capability and interstate service coverage. The latest acquisition is Cushman & Wakefield’s fifth in seven years, after acquiring national capital markets business Inc RE, Knight Frank’s NSW-based valuation division, Wright Property in Queensland, and trades services business, Smith Brothers, in South Australia.
The additional office leasing and asset services capabilities build on Cushman & Wakefield’s existing facilities management, project and development services, valuations, and tenant advisory teams in Perth.
Sheffield Property has a dominant position in Western Australian office development and property services, completed the project leasing campaigns for 10 new office developments built in Perth over the past 9 years for developers Brookfield, Dexus, Leighton Holdings, Hesperia, ABN Group, Sirona Capital, Centuria Primewest and Macquarie Bank.
Simon Fenn, Managing Director, Australia and New Zealand, Cushman & Wakefield, said: “We are delighted to welcome the Sheffield Property team to Cushman & Wakefield, the latest step in our strategy to attract top talent and acquire leading businesses that help bring our full-service agency and occupier services platform to clients across Australia.”
“It’s a coup for Cushman & Wakefield to have Sheffield’s high calibre leaders and dealmakers, Digby Sutherland and Mark Clapham, now leading our Western Australian agency business. A shared institutional client base, a focus on client service and strong cultural alignment were key drivers behind this strategic acquisition, which will rapidly accelerate our growth in the Perth market. “
Jon McCormick, Head of IFM and Asset Services, Australia and New Zealand, Cushman & Wakefield, said: “The acquisition underpins our aspirations to offer solutions with national reach and strong linkages across Asia Pacific. We are already supporting blue-chip Perth-based clients and are well positioned to further expand.”
Digby Sutherland, Joint Managing Director, Sheffield Property, said: “We’re thrilled to be joining Cushman & Wakefield, combining our deep local expertise with the strength of one of the world’s largest commercial real estate firms.”
The decision to acquire Sheffield Property was supported by a positive outlook for commercial real estate markets in Western Australia. According to Cushman & Wakefield research, investment into commercial assets during 2021 reached a record high despite border closures, while vacancies in the Perth CBD remained stable.
“Tenant and investor demand is now expected to benefit from tailwinds from the commodities boom driving the economic outlook and borders re-opening. We believe West Australian real estate markets are at the beginning of a sustained growth cycle.” Mr Fenn added.
