Commercial property agency expands

Commercial property agency expands through acquisition

Forecasted growth in Canterbury’s commercial and industrial property market has seen leading real estate agency Bayleys Canterbury double its sales capabilities in the sector – following the acquisition of a former competitor.

Bayleys Canterbury has bought out long-established real estate business Cantcomm which was founded some 15 years ago as Canterbury Commercial Real Estate by industry veteran Harry van Tongeren. Cantcomm had built an enviable reputation in the region across the commercial and industrial real estate market - with a strong market share in leasing transactions.

Head of Bayleys Canterbury’s commercial property division, Pete Whalan, said the acquisition of Cantcomm would complement Bayleys’ existing operations by giving a far broader depth of property services across the commercial and industrial property sector. Harry Von Tongeren will stay with Bayleys under the new corporate structure – assuming the role of commercial sales manager.

Pete Whalan said the newly integrated division would substantially bolster Bayleys Canterbury’s commercial team to 19 personnel across the commercial, industrial, retail, business, tourism, and hospitality sectors for sales, alongside leasing and project management. The wider group will work closely with Bayleys new national valuations team, and the company’s research division.

“Christchurch is the South Island’s biggest metropolitan centre and is poised for a major decade of growth – founded on such developments as the enormous airport commercial precinct and continued rejuvenation of the city,” Mr Whalan said.

“The acquisition of Cantcomm has allowed Bayleys to strategically position itself now in what will be a growing market which is already showing seedling signs of recovery from the recession. By offering a full service agency, clients will now be able to source all their transaction requirements from one seamless company – from valuations data and purchasing, through to leasing.”

With 19 personnel now operating within the commercial and industrial property division, Bayleys has instantly become the second biggest agency in Canterbury based on staff numbers. Mr Whalan said that ranking would soon change – with several more new sales consultants scheduled to join the company over the coming months, swelling numbers to around 25.

“That will then allow us to regionally diversify activities across the greater Canterbury area. More and more, we are seeing investors spreading their portfolios geographically as well on scale or by industry type – meaning property investment opportunities are now being viewed on a regional basis in areas representing good medium to long term growth potential,” Mr Whalan said.

Nationwide, Bayleys’ commercial division signed off some $1.32billion in transactions last year. The company has 57 offices, with close to 200 specifically dedicated commercial and industrial agents – underpinning its dominance in the sector with a 57 percent market share nationally.

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