A Wakatipu real estate company has made a major push into Frankton – taking over five-year-old Frankton Real Estate.
Ray White Queenstown co-owners Bas Smith, Gavin Castles and Cameron Reed – who recently joined forces with Ray White Arrowtown principal Richard Newman to form Lakes Realty – have bought Frankton Real Estate. The official takeover happens today.
Asked why they made the purchase, Reed replies: “Expansion through consolidation.”
Newman, who estimates his branch has 70 per cent of the Arrowtown market, says: “Frankton is the new centre of Queenstown.”
Smith claims Ray White Queenstown averaged 17 per cent of Queenstown sales in the past year and says the new branch gives their listings wider exposure, adding to good penetration elsewhere.
“We see ourselves as market leader in years to come,” Smith adds.
Smith says he, Castles and Reed looked long and hard at Frankton.
They always felt the first major property brand to put up its shingle there would be streets ahead of everyone else, Smith says.
Counting Remarkables Park, Jack’s Point, Kawarau Falls, Kelvin Heights, and possibly Five Mile, the wider Frankton area could be the biggest property growth story in the Wakatipu, the Ray White boys reckon.
Frankton Real Estate seller Kath Cruickshank says the omens are good.
Not only is Ray White the first national realty brand to open a branch in Frankton, her agency already has more Frankton listings than any other firm, she claims.
Frankton Real Estate is the third agency Cruickshank, 62, has set up, opening her first in Gore before being part of the Queenstown launch of Southern Lakes Real Estate, now Hoamz.
Arrowtown property is well and truly in Newman’s blood too, with his father a prominent agent for many years.