MCGRATH STEPS UP MELBOURNE PUSH

MCGRATH STEPS UP MELBOURNE PUSH

SYDNEY real estate king John McGrath has extended his footprint into Melbourne with the opening of a second franchise in the city.

The move into the south-eastern suburb of Mount Waverley follows the opening of a St Kilda office in December.

The company is also expanding its maturing Queensland network on the Gold Coast as part of a national growth strategy that was outlined ahead of the company's $280 million public float late last year.

McGrath (pictured) says the opening of a second Melbourne office is part of a 'carefully considered and strategic rollout of premium franchises in Melbourne'.

"Mount Waverley is one of Melbourne's most dynamic and sought-after suburbs," he says.

"With a selection of leading schools and an emerging Chinese community the area has experienced strong growth and buyer demand.

"We have taken our time in selecting franchise partners who are well established in the area and share our core values for excellence and integrity.

"I am confident we have done so with the team at McGrath Waverley."

The new office will be headed by Con Lazogas and Hugh Trieu, both former Jellis Craig agents.

Under the McGrath banner, the duo will target the key suburbs of Ashwood, Chadstone, Mount Waverley, Glen Waverley and Wheelers Hill.

Meanwhile, McGrath has announced a third office for the Gold Coast at Paradise Point in the city's north. The company store will be its third on the Coast and 17th in Queensland.

The new office openings will bring the McGrath network to 80 offices along the east coast.

McGrath shares last traded at $1.70, well below their $2.10 issue price.

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