This article is from the Australian Property Journal archive
Wentworth Mutual has bought its first Victorian residential property management and real estate sales business with the purchase of LJ Hooker Bentleigh.
WWM bought the real estate businesses of Ward, Trew and Laver, trading as LJ Hooker Bentleigh.
The business is the number one sales office of LJ Hooker in Victoria and in LJ Hooker’s top 10 sales offices internationally.
The latest transaction brings a further 900 residential properties under management for WWM, growing its national property management portfolio to 4,200 residential and 650 management rights units under its control.
The acquisition is expected to return over 20% on WWM’s investment.
“We were particularly impressed with the calibre of the sales and property management team at LJ Hooker Bentleigh,” WWM’s executive director Kingsley Lamont said.
“The business was established over 20 years ago and the team’s commitment is apparent in what they have achieved in the past with their property management business and their plans for the future development and growth of the business.
“The other very exciting difference with this acquisition is that in a first for Wentworth, we have also purchased the real estate sales sector of the business.
“This will enable us to provide property owners with a further professional service should they wish to either acquire another property or sell their existing one. This, together with their ongoing commitment to the real estate sales encourages our Group to further develop this recent strategy,” he added.
“Wentworth’s preparedness and interest in entering and developing a combined sales and property management division, while retaining all our staff was the attraction to us. We are excited by the future prospects that Wentworth offers,” Ward Trew Laver’s director Joe Galati said.
Wentworth has also announced the appointment of Eric Napoleone as managing director of WWM’s newly formed subsidiary Wentworth Real Estate Pty Ltd.
By Kathryn O’Meara
