The Gandel family has emerged as a substantial shareholder in the recently restructured listed property advisory and valuation group Landmark White. In an ASX notice, Tony Gandel, the son of billionaire property investor John Gandel, has a 6.63 per cent stake worth $3 million. The Gandel family is known for taking large stakes in companies with the purpose of helping them rebuild and expand.
The new shareholding comes as LMW merged with rival MVS National, with the new businesses to operate under the LMW brand, creating the largest ASX listed property valuation services business. The acquisition, which was struck on an earnings multiple of 4.5, will add 85 valuers to LMW's staff of 250 and "expand its revenue stream to incorporate government and statutory valuation work", the company said.
South Sydney fashion
Fashion houses are moving back to South Sydney. George Fashion is the most recent to join a line of designers securing new spaces after selling its Mascot base for $8.7 million. George, which will downsize from its 1834 sqm Ricketty Street site, intends to find a new base in South Sydney. It will join industry peers including Camilla – the designer print house pre-committed to a 2400sqm warehouse and office facility in Bowden Street, Alexandria. Zimmermann re-signed its five-year lease at 120 Hayes Road, Rosebery, while Zara is actively seeking a creative warehouse and office base.
LJ Hooker Commercial South Sydney's Marcus Schraag and Daniel O'Brien secured the off-market sale of the Ricketty Street address, situated 500 metres from Sydney Airport.
"The seller identified the opportunity to downsize and capitalise on the redevelopment opportunities which much of South Sydney has reaped through rezonings," Mr Schraag said.
"The site offers redevelopment opportunities of up to 14 storeys and its frontage to one of Mascot's arterials ensured it was very well received by investors and developers wanting to get into the precinct."