Two of Melbourne’s leading real estate agencies, Gross Waddell and ICR Property Group have merged to become Gross Waddell ICR.
Gross Waddell’s Michael Gross and Andrew Waddell are retaining their key positions and equity and ICR’s Managing Director, Raff De Luise becomes another significant equity holder. Mr Barry Novy continues his role as Executive Chairman of the group.
Mr Gross said this merger will allow the two entities to access a large pool of resources with both well-established business each offering almost 25 years of experience in commercial real estate, within metro Melbourne, regional Victoria and interstate.
“This merger will also provide clients with exclusive access to the forthcoming large pool of commercial and industrial investments, developments, and residential properties to assist with the growth of their real estate portfolios,” he said.
The knowledgeable team of asset managers including building facility managers and trust accountants will be headed by Tony Aarons who has been at the helm of Gross Waddell asset management business since the beginning.
Mr De Luise said this strategic merger has many complementary synergies.
“Geographically, ICRs focus was in the north and west whilst Gross Waddell concentrated more on the east and south-east so with the businesses coming together, we significantly extend our spread and coverage,” he said.
Mr Waddell added that the merger also combines the property sector strengths of each business with Gross Waddell’s traditional core being office, developments and retail while ICR brings a sizeable industrial component to the merger.
Gross Waddell ICR will be based at L1 / 30 Collins Street in Melbourne.
The merger maintains the momentum and maturity of the group as it follows the recent addition of Associate Partner Julian Materia and new Partners Danny Clark, Alex Ham, Andrew Greenway, Raoul Salter and Tony Aarons in July 2020.