Luton buys LJ Hooker to create mega real estate agency
Two major Tuggeranong property agencies have merged to form the largest real estate office in Canberra’s deep south.
Canberra real estate agency Luton Tuggeranong has bought out its rival LJ Hooker Tuggeranong and will move its existing staff into LJ Hooker’s recently rebranded Reed Street North office.
LJ Hooker director Rob Matheson said existing LJ Hooker employees had been offered employment in the new mega-agency.
Luton Property is Canberra’s largest privately-owned real estate agency, with eight offices and 150 staff across the city. Thirty-five staff will be based at the Tuggeranong office.
The merger comes as the development of new residential and commercial spaces along the Lake Tuggeranong foreshore promise to revitalise the ageing town centre.
The Southquay Greenway development will open up more than 1000 new dwellings and more than 3000 square metres of commercial space along the western side of the lake.
The eastern side of the lake is due to go under the hammer next financial year.
The ACT government will also invest close to $11 million to develop a new CIT campus on Anketell Street.
Luton Property has described Tuggeranong as a “region on the move” on its website.
Luton Tuggeranong director Richard Luton said: “The purchase of the highly regarded business will increase Luton’s ability to offer outstanding real estate services to residents of the Tuggeranong valley”.
His co-director Christine Bassingthwaighte said the two agencies shared a “similar cultural ideology” and “professional energy” of the combined team would be mutually beneficial.
