ASX-listed Ausnet Financial Services Limited is expanding its reach in Western Australia with the acquisition of Mount Lawley real estate agency, Beaufort Realty.
Ausnet’s wholly-owned subsidiary, Ausnet Real Estate Services entered into a share sale agreement to acquire all of the issued shares in Beaufort Realty from its shareholders Jonathan Adams and Pamela Herron, Christine Kirkness and Dosta Buckovska.
The exchanged cost Ausnet $2.56 million in cash, to be adjusted for actual management fees and liabilities calculated as at the completion date of March 31.
Under the new ownership structure, Beaufort Realty name and brand will continue unchanged, as will the management structure of the agency.
Completion of the transaction is expected to increase the number of sales agents employed by Ausnet under its disruptive real estate agency model named “The Agency” in Western Australia to 35 staff and 17 nationally.
Established in January 2009, Beaufort Realty not only services Mount Lawley but also has a strong presence in the surrounding suburbs of North Perth, Inglewood, Highgate, Maylands and Yokine.
Founders Pam Herron, Jon Adams and Christine Kirkness – who all still work in the agency– sought to combine old fashioned values with a modern approach to business.
Beaufort Realty’s four partners (including selling director Donna Buckovska who bought shares five years ago) have a combined 120 years’ of experience working in Perth’s inner suburbs.
The real estate agency has a substantial market share in Mount Lawley, consistently rating in the top three local agents according to realestate.com.au.
The business has 14 staff including five in sales, five in property management and four in administration.
“When we started the business, Mount Lawley had several franchise businesses but few independent boutique agencies,” Beaufort Realty director and licensee Pam Herron said.
“We carry around 30-40 listings at any one time, and sales over the past year were very similar to 2015, despite a general softening of the Perth market.”
Ausnet managing director Paul Niardone said the acquisition fitted well with Ausnet’s expansion plans.
“Our view is that these inner city suburbs will continue to attract strong buyer interest as they offer unique housing stock, excellent proximity to the city and unique lifestyle choices gave the stand-out restaurants, cafes, shops, schools, sporting, community and transport facilities.
“Beaufort Realty has an excellent property management team. The business will add approximately 400 property managements that will form the core of The Agency property management division, ” added Niardone.