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Real estate shake-up in Docklands

25 Feb 2010

By Shane Scanlan

There has been a shakeup in the Docklands residential real estate market which will make it even harder for newcomers to enter the highly competitive market.

Home-grown agent Glen Lucas has consolidated his position by buying Metro Real Estate from MAB Corporation.  And Barry Plant has opened a regional head office in Victoria Harbour in recognition of Docklands’ potential.

In other related news, City Residential Real Estate has employed four more people and launched a commercial arm at its North Wharf location and CBD-based Dingle Partners is believed to have bought Andrews Corporation, which has a significant Docklands rent roll.  The parties are yet to formally conclude this arrangement.

In explaining his purchase of NewQuay-based Metro Real Estate, Glen Lucas said he needed to expand his business to ensure long-term viability.

The Yarra’s Edge-based agent said the Metro office in Docklands Drive would shortly be rebranded as Lucas but it would continue to be run by Metro staff.

“We are now even better placed with a terrific team of professionals to service the whole of Docklands,” Mr Lucas said.

He said the acquisition meant that Lucas Real Estate now had “significantly” the largest rent roll in Docklands.

For Mr Lucas, the purchase completes a circle which started when he worked for MAB selling NewQuay apartments in the earliest days of Docklands.

“I recognise that I have the responsibility of maintaining the highest professional standards that MAB has set through Metro Real Estate,” Mr Lucas said.

Barry Plant principal Daniel Cole said his new Docklands operation would service Port Melbourne, Southbank and the CBD.

“Docklands is certainly at the centre of the new growth,” Mr Cole said.

Lord Mayor Robert Doyle will officially open the new office at 818 Bourke St on March 29.

Docklands has seen a number of new entrants in the real estate market in the past couple of years.

Last year a Fruit Property franchise was opened at Waterfront City but closed after only a few months.

Sisters Cheryle and Julie Street celebrated their establishment of JC Street Real Estate with a party for family and friends at their Digital Harbour office last month.  

And the new owner of Century 21 in Victoria Harbour, Ali Abbas, continues to make his presence felt.

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