SYDNEY, AUSTRALIA: The Agency Group Australia (ASX:AU1) has expanded its national real estate agency network to Tasmania, agreeing to acquire leading Launceston based real estate business Bushby Property Group to launch “The Agency – Team Bushby”.
The Company has entered into a share sale and purchase agreement with the owners of Bushby & Co. Pty. Ltd. pursuant to which The Agency will acquire all the issued share capital of Bushby & Co.
The Agency – Team Bushby will continue to be spearheaded by family members Philip and Mark Bushby, along with long-term shareholder Eric Andersen who will all remain with the group in leadership roles.
Team Bushby – one of Australia’s oldest family-owned real estate businesses – comprises nine sales agents and 32 staff who have sold over $125 million in residential sales over the past 12 months and has c. 1,300 properties under management with a combined value of over $500 million.
The business will continue to operate from its large ‘hub’ office at 117 Cimitiere St, Launceston.
The Agency MD and CEO Geoff Lucas stated: “We’re pleased to welcome another high-quality real estate brand to The Agency. The Bushby Property Group is one of Australia’s oldest family-owned real estate businesses and their depth of experience and results align with our objective to bring the nation’s best real estate professionals together under our brand.
Rarely do we see agencies with over 100 years’ experience, especially in one local area. This level of experience cannot be replicated and it’s why this partnership is so instrumental in helping our network secure a prominent and distinguished entry into the Tasmanian market.
“The Bushby team and their long-established family values align directly with our philosophies and culture. It’s obvious from the time we’ve spent with the Bushby family and management team, that there is a close cultural fit.”
Mr Lucas said The Agency has been assessing the lucrative Tasmanian market for some time and has undertaken a deliberate selection process, as part of the group’s strategic move to establish a presence in the flourishing market.
“Over the past two years there has been a significant number of mainland buyers flocking to Tasmania, with a view to relocate in future years,” Mr Lucas said. “Our direct engagement model with agents allows a national reach, which gives agents and customers alike access to the very best in lifestyle properties throughout Launceston and surrounding regions.”
Managing Director of Bushby Property Group, Phillip Bushby, has personally been involved in running of the Bushby business for 50 years.
“After serving the Launceston community for over 100 years and over four generations, this is a significant move for the Bushby Property Group,” Mr Bushby said. “We have full confidence in The Agency’s ability to continue our legacy and we are delighted to be bringing The Agency business to Launceston and surrounds.
“It’s a natural progression for our family business steeped in traditional values and we are pleased and excited to join with a business that’s leading the way in offering a new contemporary “direct model” of engaging agents and customers.”
Having been born and bred in Launceston, The Agency Chairman, Andrew Jensen, says he grew up seeing the Bushby brand as a pillar in the community.
“Bushby Property Group has long been at the forefront of real estate service in Launceston and beyond for over one hundred years,” Mr Jensen said. It’s a privilege to bring the highly respected Bushby brand under The Agency umbrella and continue the Bushby legacy of providing the highest quality service to the community through excellence in performance and strong results.”
“We are excited to retain the heritage of the Bushby name as part of The Agency and value the reputation for excellence that has been cultivated by the Bushby family over generations,” Mr Jensen added.
The Tasmanian market is the sixth state and territory that The Agency has entered in its five-year history, underpinning the strength and national reach of its network. It now operates in WA, NSW, Victoria, ACT, QLD and Tasmania, with c. 400 sales agents and c. 4,800 properties under management following settlement which the company expects over the next 2 weeks