Valuers in big merger

A MERGER between property valuation firms Landmark White Hegney and Western Australian-based Glendinning and Associates will create one of the largest valuation teams in the state.

Under the deal announced last week, LMW Hegney will acquire Glendinning’s valuation expertise in the Pilbara, Gascoyne and Wheatbelt.

Glendinning, with a staff of 30, will combine with the 50 LMW Hegney staff “to operate the largest commercial valuation team throughout WA”, according to LMW Hegney national director Nathan King.

LMW Hegney has more than 300 staff nationally and operates in all states and territories except Tasmania and the Northern Territory. It services the residential, commercial and regional property markets.

Mr King said it would enable the combined company to examine more data on a daily basis and deliver more practical advice to its customers because of the increased number of people on the ground.

“As a merged entity, we have superior ‘real’ regional coverage and service and are looking at expanding this into the future,” he said.

“It is important to understand where the property market has come from, it is imperative to know what this means for the market today and where it takes the market tomorrow.”

A venture between Glendinning and Australian Property Consultants will not be affected by the merger, with Mr King saying it “remains an important part of coverage in the Pilbara region”.

Glendinning was founded in 1987 to service a need for valuation services from Challenge Bank (now owned by Westpac).

The merger follows the 2010 tie-up between Perth firm Hegney Property Group and Landmark White.

The sector has featured multiple mergers, mostly aimed at delivering national coverage.

In 2011, commercial real estate firm CB Richard Ellis acquired Megaw & Hogg National Valuers. CBRE said the acquisition would solidify its position as the largest wholly owned residential valuations practice in Australia.

Herron Todd White expanded its business into WA in 2008 through mergers with Southern Independent Property Valuers, which has offices in Bunbury and Busselton, and Subiaco-based Sullivan Valuation Services.

Also 2008, WA independent property valuers Christie Whyte Moore Valuations and smaller rival Valuation Partners merged to form Quantia Valuation Consultants.

Propell National Valuers, which has 19 offices around Australia, entered the WA market in 2007 with the acquisition of Ray White Valuers, which has offices in Perth, Mandurah and Dunsborough.