Barfoot & Thompson Commercial has announced a merger with long established Commercial Property Managers to form a new entity, Barfoot & Thompson Commercial Property Management.
"The merger will create one of the largest commercial property management companies in Auckland," says John Urlich, Barfoot & Thompson's commercial manager.
Urlich says the two organisations have worked closely with each other for many years, and Barfoot & Thompson has long recognised the strong reputation Commercial Property Managers has among local authorities, banks and private family trusts.
"Commercial Property Managers is a specialist, independent property management company founded by Stephen Sampson more than 24 years ago, which manages a portfolio of commercial property on behalf of more than 60 investors in New Zealand and abroad," he says.
Under the merger, Urlich will remain Barfoot & Thompson's commercial manager, while Sampson, Commercial Property Managers' owner and managing director, will become head of asset management at Barfoot & Thompson Commercial. The new entity will be formally "rebadged" next Tuesday.
Urlich says the two companies share similar synergies: "a relationship-driven, Kiwi-owned and operated approach to business, and a mutual system of vision and values.
"Through the combination of Barfoot & Thompson's larger resources, and Commercial Property Managers Ltd's niche reputation, we believe the newly merged organisation will quickly become an even more influential commercial property manager in New Zealand.
"We have grown the commercial arm of our business significantly in recent years and expanding our asset management activities at this time is part of our long-term strategy to have a greater profile in commercial property."
Sampson says Commercial Property Managers employs 15 people who will remain in the company's offices in Newmarket.
"Barfoot & Thompson's greater access to resources, expertise, services and contacts will enable the business to reach its full potential over coming decades as Auckland's commercial operations expand to match its residential growth."