Sydney real estate identities sign merger deal

Sydney real estate identities sign merger deal

06 August 2015 by Nick Bendel 0 comments

Two high-profile real estate figures have merged their businesses in a deal involving seven offices.

Sydney agency Morton has merged with the Wentworth Point office of Warwick Williams Real Estate, which will now operate under the Morton brand.

Morton, which is the dominant partner in the merger, now has seven offices, more than 70 staff and 2,400 properties under management.

The deal brings together two prominent real estate bosses who have known each other for a long time.

Ewan Morton was named Industry Thought Leader at the Real Estate Business Awards in 2013 and 2014, while Warwick Williams qualified for the Top 100 Agents ranking in the same years.

Mr Morton told REB that the two parties spent about one year working on the merger after Morton concluded that it needed to establish a presence in that part of Sydney.

“That area is a growth area of Sydney and we’ve built our business in growth areas – that’s been our history,” he said.

“If you look at Woolloomooloo, Pyrmont and the CBD, we have grown our business as those areas have grown and matured. Wentworth Point and [neighbouring] Homebush are another example of that.”

Since 2002, Morton has also made four acquisitions, including that of CBD rival Wilson Property Agents in October 2014.

Mr Morton said the most important part of any merger or acquisition is to align the culture of the two businesses. A lot of planning has been done to make this latest integration work well, he added.

“That’s because the team in Wentworth Point have known that we’re coming for at least 12 months. They’ve been part of the process,” he said.

“If you can involve everybody in the process as much as you can, it’s much easier.”

Mr Williams has become a director of Morton. However, he will continue to run the other Warwick Williams Real Estate office, in Drummoyne, as a separate business.

“This joint venture is tapping into the pipeline of new stock that’s coming onto the market, whereas I’m in an older, more mature area,” he told REB.

The merger became effective on 1 August. Morton’s other six offices are in Circular Quay, Crows Nest, Hyde Park, Pyrmont, Woolloomooloo and Zetland.

[Related: Morton & Morton gets new name]

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