UP Real Estate was founded in 1994 by Barry Thom and Grant Lynch who currently operate three branches servicing some of Auckland’s most desirable suburbs including Remuera, Herne Bay and Mt Eden.
Lynch confirmed that it would be business as usual for the team at UP Real Estate.
“UP Real Estate will continue to operate with the same team in place and will continue to focus on providing the best possible experience for sellers that entrust our team with the sale of their properties,” Lynch said.
The decision to sell to Bayley Corporation reflects the directors’ desire to focus on the day-to-day running of the business whilst securing the future development of the brand.
“We are excited to have the backing of the Bayleys team with their depth of experience in the wider New Zealand real estate market,” Lynch said.
Thom compared the transaction to the sale of a professional sports team.
“In much the same way as an English Premier League soccer team may have a new owner, the players and management remain, and such is the case here. On a day-to-day basis, nothing will change.
“We are committed to UP Real Estate and are not going anywhere. This investment will assist us to broaden our support base giving us access to capital and governance support along with the oversight of a financial and legal team that secures the future for us all,” Thom said.
Over its 28 years in operation, UP Real Estate has focused on servicing a limited number of clients well. Bayleys is New Zealand’s largest full service real estate agency providing services across residential, commercial and rural real estate as well as property services.
Bayleys was founded in 1973 and today its network includes 94 offices and over 2,000 salespeople and employees.
UP Real Estate has recorded over $10 billion in sales during its history while Bayleys recorded over $19 billion of property sold or leased in 2022.
Bayley Corporation managing director Mike Bayley said the purchase of UP Real Estate reflected both confidence in and commitment to the Auckland residential market.
“This strategic acquisition strengthens our presence in key central Auckland suburbs.
“Bayleys and UP Real Estate share similar values, we are both New Zealand owned, committed to achieving the best possible outcomes for our clients and giving back to the communities that support us,” Bayley said.
Together, Bayleys and UP Real Estate will have 125 residential salespeople across central Auckland suburbs.