Hocking Stuart groups sold

Real estate group Hocking Stuart has been sold - to a group of its own real estate agents.

Greg Hocking and Andrew Stuart, who launched the business in 1985 from an office in Albert Park, today announced the sale to eight franchisees of Hocking Stuart offices around the state.

But neither would say how much they had sold their business for.

Mr Hocking said he was pleased to have sold out of the business.

"It has always been our goal to see Hocking Stuart pass into the hands of ... successors," he said.

The company, which last financial year said it had achieved sales in excess of $2.4 billion, has 42 offices across Victoria, 500 employees and around 11,000 properties under management.

It will now look nationally for a new chief executive officer.

Individual Hocking Stuart offices will remain owned by their directors.

Mr Hocking said he and Mr Stuart had been discussing "an exit strategy" for a number of years.

The company's name and branding would not change, Mr Hocking said, because the new owners were all already involved with the business.

"So from a grass roots level we know what to expect," he said.

Mr Hocking will now focus on a mortgage broking business he has been developing for the last 12 months, while Mr Stuart has retained an interest in Hocking Stuart's Albert Park office.

Source The Age
Clay Lucas