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Richardson & Wrench has opened a new office in Sydney’s east as it looks to position itself for future growth in the area.
The company said the new Richardson & Wrench Kensington/Kingsford will "fill a gap in the network’s coverage" of Sydney’s inner to middle-ring metropolitan zone.
R&W added that the impact Sydney’s proposed new light rail will have on properties in the east was one key element behind the decision to open the office.
"Richardson & Wrench has a strong presence in metropolitan Sydney and we see Kensington, Kingsford and neighbouring Rosebery as extremely promising growth areas," said Mr Andrew Cocks, R&W executive director.
"There is a notable lack of real estate offices in this area and with the light rail providing quick connections to the city and between suburbs, there is enormous potential for a good operator to step in and capture that growth,” he added.
R&W Kensington/Kingsford will be owned and operated by Mr Joe Salim, a former Deloitte and NetLogistics executive.
Mr Cocks said Mr Salim was one of a new breed of real estate operators who brought specialist experience and skills to the property business.
"Joe has a solid grounding in real estate, from both sides of the transaction, but he has that additional edge of being entrepreneurial and extremely switched on to the business and IT side where he has spent the larger part of his career," he said.
Mr Salim said that his switch to real estate may seem like an odd choice, but his family has been involved in construction and development for three generations so he has property firmly in his blood line.
He added there was evidence both overseas and locally of the positive effect light rail could have on property values.
"Light rail attracts investment along its route so we can expect to see increased densities around the rail corridor. The increased population becomes an attractant to new businesses so we see a cycle of revitalisation that will add to the appeal, liveability and value of real estate in this area."
