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The Agency has announced that it has further expanded its reach into an inner-city marketplace by acquiring a new group.
The Agency has acquired Vicus Residential, which is the residential sales and management division of The Vicus Property Group and is based in Perth’s inner suburbs.
Commenting on the acquisition, Vicus Residential licensee Gianni Redolatti said that they are looking forward to continuing to grow under The Agency.
“We have always offered a hands-on approach with all of our clients and this won’t change post-acquisition. I look forward to working with The Agency as we continue to grow the residential management business,” Mr Redolatti said.
The Agency has been further expanding its eastern seaboard offerings and this acquisition is a move back west for the group.
It is part of The Agency’s long-term strategy to recruit over 100 sales representatives in WA and deliver over 1,000 property transactions annually.
The deal with Vicus will add over 200 properties to The Agency, increasing its property management to over 700 rental properties.
The Agency Group managing director Paul Niardone said that acquiring the business would position them strongly in the inner city of Perth.
“This business adds to The Agency’s significant growth potential and establishes a strong presence in Inglewood, Mount Lawley and surrounding inner-city suburbs, complementing our purchase last year of highly successful real estate business Beaufort Realty,” Mr Niardone said.
The expansion comes at a positive time for Perth’s housing rental market, which grew in the last quarter by 1.4 per cent, according to the Domain Rental Report.
This marks the first quarterly growth in five years. However, the city remains one of the most affordable in the country.
“We strongly believe inner-city suburbs will continue to attract strong buyer interest as they offer unique housing stock, excellent proximity to the city and unrivalled lifestyle choices,” Mr Niardone said.
The acquisition will grow The Agency’s operation by four staff including two property managers and two sales staff.
“We warmly welcome the Vicus Residential team to The Agency family and look forward to working with them to support their continued growth,” Mr Niardone said.
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