A Canberra husband and wife team has decided to ride the national capital’s thriving commercial property market wave, opening Raine & Horne Commercial Canberra.
With decades of combined experience in real estate, primarily in Canberra, Mark and Hayley Nicholls said the timing wasn’t coincidental.
Principal and Managing Director Mr Nicholls said the decision by the new Federal Government to revise the Commonwealth Procurement Rules would further underpin demand for commercial real estate in the Australian Capital Territory.
“Commercial stock is in short supply across most sectors, and more national brands who service government agencies are moving to the capital,” he said.
“These businesses will further drive demand for commercial space.”
Currently, retail and industrial yields are sub-six per cent and commercial yields sit at six to seven per cent. Mr Nicholls said this indicated a robust commercial market.
“Yields are strong, values are high, supply is low, demand is high,” he said.
“Vacancy rates have really tightened up … we’re getting a lot of enquiry from both tenants and buyers.”
With a Bachelor of Science Honours degree in Urban Estate Management from England’s John Moores University in Liverpool, Mr Nicholls’ career has included several record transactions since his move to Canberra in 2007.
As director of capital markets at CBRE Australia’s Canberra office, he sold Canberra’s landmark Section 63 at auction for $92 million, the majority of mixed-use development sites at Kingston Foreshore, Canberra Brickworks in Yarralumla, and premium mixed-use development site Campbell 5 for almost $63 million.
Canberra-born and bred, Mrs Nicholls has worked in real estate since 2005 and has a communications degree with minor units in business management from the University of Canberra. Her extensive resume includes supporting the valuations team at CBRE Canberra (where the couple met), coordinating training and events for the Master Builders Association ACT including the annual MBA Awards, and PR & marketing manager at property portal Allhomes.
Mr Nicholls said the couple’s wealth of experience and complementary skills meant uniting their strengths made perfect sense.
“Hayley and I are in an excellent position to join forces and grow our successful business together,” he said.
“After 15 years, we have very loyal clients who we have worked with and who are very excited to support our new business.
“I’m well versed with the crown leasehold system and negotiating transactions whereas Hayley is a gun in communications and handles the marketing and business development side of things.”
Mrs Nicholls said Raine & Horne was the perfect fit for their business goals.
“The Raine & Horne Commercial branding is very clean and corporate, their marketing solutions are outstanding, and the fact the group has offices all over Australia appeals,” she said.
“We also spoke to our residential real estate colleagues at Raine & Horne Queanbeyan/Jerrabomberra, who gave us much confidence about joining.
“Also, every person we surveyed had heard of Raine & Horne.”
Mr Nicholls said with Raine & Horne Commercial’s credentials and market-leading technology, he was excited by the prospect of waving its flag in Canberra.
“There was an opportunity to tap into the reputation of Raine & Horne Commercial as one of the leading commercial property brands with a national and international office network,” he said.
Raine & Horne executive chairman Angus Raine said the pair was a welcome addition to the group.
“Since 2007, Mark has ably assisted commercial property owners in providing strategic advice to divest their assets, marketing their property and negotiating transactions to secure buyers and tenants,” he said.
“Mark and Hayley are committed to providing the highest quality service to every client, and this is evident in their approach to all their sales and leasing listings, no matter how big or small.”
Raine & Horne Commercial Canberra is a full-service commercial real estate agency servicing the ACT and surrounding region across industrial, office, retail and development sites.
See the website for more information or visit the office on Level 3, Suite 22, 490 Northbourne Avenue, Dickson.