New Agency Fills a Niche

Ben Wilmot, The Australian Financial Review, 2 March 2010


The offer of Sydney's Birkenhead Point Shopping Centre and Marina marks the entry of a new boutique real estate agency.

McVay Real Estate is a partnership between long-time agent and property investor Dan McVay and his son Sam, along with soon-to-be-appointed senior executives.

The group will specialise in major property sales along the east coast.

It sees its advantage over larger outfits as having a well-connected team that is able to move fast while having no conflicts of interest with other business lines.

Sam McVay, who has brokered shopping centre sales in Australa and had stints in Lonon in investment banking and in the US with retail giant Kimco, heads the group's recently opened Sydney office.

He expects that Asian buyers, both private and institutional, will be a force over the next 12 to 18 months. But they will have to compete for property against Australian real estate investment trusts that are now looking to buy.

Mr McVay senior has extensive networks in Asia but looking further ahead, Sam McVay said buyers from the US will emerge as that economy recovers over the next two years.

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