This article is from the Australian Property Journal archive
Wentworth Mutual has bought the property management businesses of Century 21 Wilson Pride St Kilda in Victoria.
The acquisition is the largest transaction to date for the company.
Century 21 Wilson Pride St Kilda, Carnegie and Brighton have over 2,500 properties under management and the inclusion of these properties will take the Wentworth Group portfolio of properties under management to 8,000 plus throughout Australia.
It will also strengthen Wentworth’s real estate sales capability by locking in to Century 21 Wilson Pride St Kilda’s sales volume of over $100 million.
“We see this as a ‘ground floor’ opportunity to have an impact in revolutionising the real estate industry,” Century 21 Wilson Pride St Kilda’s managing director Paul Hearnden said.
“Wentworth will be retaining all of our existing staff as we believe this is most important for our client relationships and smooth integration.” he added.
“The location of the Century 21 Wilson Pride’s St Kilda, Carnegie and Brighton offices place us squarely in the inner city regions, which in the past has been very closely held and difficult to enter. Entering this region through Century 21 Wilson Pride St Kilda gives us immediate access to a lucrative and developing market,” Wentworth Mutual’s executive director Kingsley Lamont said.
By Kathryn O’Meara
