WBP Property Group, a Victoria-based property valuation company, has continued its drive to build a national presence by acquiring Adelaide-based Mason Gray Strange Real Estate Valuations (MGS).
The purchase was made only weeks after WBP announced an alliance with Queensland-based valuation company Herriots, a move aimed at appeasing lenders who wanted access to more national valuation providers, WBP chief executive Greville Pabst said.
"WBP has undergone consistent growth over recent years and continues its strategic expansion and diversification through selective acquisitions such as MGS Real Estate Valuations," Mr Pabst said.
"At WBP we have embraced the changing face of the valuation and property industries in Australia and identified early opportunities to expand and develop our business in the valuation and property advice space."
Established in 1981, MGS Real Estate Valuations is one of Adelaide's most well-known valuation groups, holding Accredited Panel Valuer status on the panels of many of Australia's largest and highly regarded banking institutions as well as public and private business corporations.
MGS director Chris Wakeham will continue to manage the business locally alongside WBP state manager for South Australia Bart Quinn.
"The acquisition will mean business as usual for MGS's existing clients, but importantly, greater service, capabilities and complimentary property services offered through WBP's national network of branch office," Mr Wakeham said.
WBP’s alliance with Queensland-based Herriots, which had 10 offices spread from northern NSW to Cairns and Thursday Island in Queensland’s north, saw the creation of WBP Herriots QLD from December 1 this year.