Australia’s oldest real estate group has changed hands for the first time in almost 30 years after more than a year of negotiations.
Richardson and Wrench group managing director Andrew Cocks bought the organisation from the Wong family which had owned it since 1988.
Outgoing chairman of Richardson &Wrench Holdings, Neil Wong, said they had decided to part with the asset after a refocus of the group’s investments.
“We are very pleased that we have been able to reach an agreement for the change of ownership of Richardson & Wrench to Mr Cocks as this will ensure that Richardson & Wrench has the necessary stewardship and focus to enable it to maintain its place as a significant player in the Australian real estate industry,” he said.
Richardson & Wrench was founded in 1858.