Posted on BusinessNews.com.au
Perth commercial property specialists, Sheffield Property (Sheffield) is preparing for an upswing in the Perth office market with the establishment of an asset management division.
The new business, to be known as Sheffield Asset Management (SAM), will be led by Jason Ridge, previously the Head of Asset Management at Savills.
Sheffield was formed in 2007 to provide the owners of Perth office buildings with access to a commercial real estate services firm with national office leasing and development expertise and an independent alternative to the global real estate firms. The business is owned by Digby Sutherland and Mark Clapham and has been at the forefront of office development and office leasing in Perth for the past decade. Recently Sheffield has delivered successful office development leasing campaigns for the 60,000sqm Kings Square, Perth precinct and two precommitment leases to the WA State Government for more than 30,000sqm of A Grade office space.
“Providing asset management services is a natural extension to our established office leasing business and continues Sheffield’s ethos of providing landlord representation services with a focus on the value-add aspects of our clients’ property holdings,” Digby Sutherland said.
“The asset management division will allow Sheffield to deliver an agreed investment strategy over a set period of time to capture maximum building value and take advantage of an improving office market in 2019. The upswing has already started in the higher-grade office buildings where there is a lack of contiguous floor options. The lack of office supply has started to drive down leasing incentives and has been the catalyst for the next cycle of office developments we are marketing.”
Jason Ridge said that he was excited by the opportunity to establish a new asset management division from inception and to implement market leading property and facilities management systems. Jason said he was attracted to the Sheffield business model “that has a clear focus of working as an extension of their clients’ investment team.”
Jason comes to Sheffield with 24 years of property and asset management expertise, having previously led the management teams at JLL and Savills.
Mark Clapham said, “Jason’s experience made him the obvious choice to lead our asset management team, and importantly he shares our company values.”
Mark added, “that a number of our existing clients have been asking us to establish an asset management platform while continuing to provide our office leasing services, however, we have had to wait until now to secure the right person.”
Jason said that initially, Sheffield would be offering asset management services to Sheffield’s existing office clients before expanding into other sectors of the market.