National real estate agency Bayleys has taken a controlling interest in Queenstown-based agency Locations Realty.
Bayleys, which has an office in Queenstown, has bought out veteran realtor Greg Ross’ 59.9 per cent shareholding in Locations.
Ross has had 32 years’ involvement in local real estate, the last 21 with Locations, whom he’ll remain working for.
Locations Realty managing partner Stacy Coburn will retain his role and his shareholding.
Bayleys is also acquiring a shareholding in Locations Realty’s sister property management company Queenstown Accommodation Centre and holiday home letting company Goodstays Queenstown which together form the town’s largest property management group.
Locations also has franchised branch offices in Wanaka, Invercargill, Riverton and Cromwell and employs about 45 salespeople and administration personnel.
Bayleys, meanwhile has offices in Queenstown and Wanaka employing about 35 salespeople and administration personnel.
Bayleys Queenstown co-owner David Gubb says: “Locations has an exceptional brand profile in the lower South Island, built on over 20 years of sales experience.
“With support from Bayleys’ national and international marketing initiatives, the Locations brand will now be able to add even more value to its vendor relationships – ensuring the maximum value is achieved for vendors in the sale process.
“Additionally, Bayleys will be able to bring its strengths in the commercial and rural property sectors to Locations’ predominantly residential activities – enabling both brands to work together for their vendors in a complementary one-stop-shop package.”