Savills has welcomed a new director to help lead the Victorian business’ Capital Transactions division.
Savills Australia is preparing for a bumper year of sales in the Melbourne CBD, welcoming a new director to help lead the Victorian business’ Capital Transactions division.
With 13 years’ experience in commercial property agency and valuations, James Girvan returns to Savills with $3 billion worth of commercial property transactions under his belt.
The move follows the appointment of Ben Parkinson as State Director of Capital Transactions in October 2017, and the successful sales of 50 Franklin Street and 800 Collins Street late last year.
“This is an extension of our strategy to grow Savills core CBD investment team nationally,” Savills National Head of Capital Transactions, Ian Hetherington, said.
“We now have a committed Capital Transactions team on the ground in Melbourne to service local and offshore investors.
“Savills has unparalleled access to capital from Asia, which is starting to focus on Melbourne as a relative value play.”
Mr Girvan has relocated from Sydney to Melbourne to fill the role, and said he was looking forward to “finding a home” for the capital that had not been able to break into the Sydney CBD market.
“Many local and offshore groups that have missed out on core Sydney CBD opportunities are now turning their attention to core Melbourne stock,” he said.
“As the development pipeline comes to fruition in the next two years, and with the current low vacancy and potential for rental growth, Melbourne will become a pivotal point of interest for investors.”
Mr Parkinson said several local institutions were looking to re-weight their portfolios, with the Melbourne market providing tenant diversity given the even distribution across tenant sectors.
“James’ appointment will help Savills take advantage of Melbourne’s changing landscape,” he said.
“There has been massive net absorption throughout the past few years and Docklands, among other precincts, is at capacity.
“Although the recent change in the city’s planning laws limits the availability of new sites, the population growth is creating pent-up demand for office space, with prime rents expected to increase by about 7.0 percent in the short to medium term.”
Mr Parkinson said Mr Girvan’s return to Savills spoke volumes about the brand.
“It is testament to the Savills ethos to attract such a high-calibre team member home to Savills,” he said.
“James carries with him a tremendous network and market knowledge of Australia’s capital cities.”
Some of the more notable transactions that Mr Girvan has been involved in include 231 Elizabeth Street for circa $350 milion, 20 Hunter Street for circa $200 million, and 55 Clarence Street for $170 million.