A First National branch has announced the acquisition of an office and its 1,000 property rent roll, solidifying its presence in the Bayside region.
First National Real Estate Cleveland has announced the merger and acquisition of First National Real Estate Wynnum Manly, marking the office’s fourth rent roll acquisition in 11 years.
The merger expands the network’s reach across both Brisbane City and Redland City, solidifying its presence in the Bayside region.
The merger brings more than 1,000 properties under management into the Cleveland office, led by directors Ryan McCann and Lisa Turner, with former Wynnum Manly principal Kelly Isaacs and senior property manager Janelle McGregor remaining with the network.
Turner said that the strength of the business’s rent roll was a significant factor in the decision to pursue a merger.
“The quality of Kelly’s rent roll spoke for itself,” Turner said.
“What you find in a portfolio reflects how a business has been run.”
“This one was in exceptional order.”
For McCann, the addition of Wynnum Manly was more than just a business acquisition, as he had been introduced to the industry by seller Ken Isaacs.
“Ken turned up unannounced and told me to get in his car,” McCann said.
“I didn’t want advice from my own father at the time, so Ken’s influence was everything. To now have the opportunity to acquire the Isaacs’ business, almost thirty years on, is genuinely full circle.”
McCann said the network’s cooperative brand model was a major factor in the office’s growth strategy, enabling it to reinvest franchise fees in rent-roll acquisitions.
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