Ray White buys Stocker Preston

Ray White has snapped up South West real estate group Stocker Preston, in a deal that will bolster the real estate giant’s presence in Western Australia.

The Australasian real estate group announced the deal to its staff this morning, describing Stocker Preston as the “standout, market leading business in Western Australia’s southwest”.

Business News understands that Stocker Preston’s staff were told about the deal on Monday, with the transaction expected to settle next month.

At completion of the deal, the South West firm will be renamed Ray White Stocker Preston.

Stocker Preston, with a team of more than 50 people across four offices in Augusta, Busselton, Dunsborough and Margaret River, is the largest independent real estate company in the South West.

The agency specialises in residential, land, agricultural and commercial transactions, with sales and leasing divisions.

It is understood the agency has more than 25 per cent market share of the South West real estate market.

In an internal memorandum to staff obtained by Business News, Ray White chief executive Mark Whiteman and managing director Dan White said the group would work with Stocker Preston directors Ken Preston, Peter De Chiera and Louis De Chiera on the transition.

“Together with Louis and his leadership team, we will formulate a changeover plan to rebrand the business to "Ray White Stocker Preston" based on a timeframe that does not disrupt its current momentum,” the statement read.

Ray White South West Central principal and owner Mike Tucker is set to play an important role in the business, initially working to ensure the Stocker Preston team have a smooth experience joining the group.

Stocker Preston managing director Louis De Chiera welcomed the deal, describing Ray White as a highly respected and successful real estate company.

“The additional ideas systems and technologies will help all of our people and strengthen our market share in the South West,” he said in the memorandum.

Ray White added that the takeover would add value to all its members, not just in WA but internationally.

“South West WA is a globally recognised tourist destination and wine-making region, with a strong and growing economy and population, and a very significant prestige real estate market,” the statement read.

“The Stocker Preston team now gives all our members the benefit of their market leading presence and reputation in such an important market.

“We are humbled by the opportunity to be part of the next chapter of Stocker Preston, and will do everything we can to ensure the upwards trajectory of the business, and everyone in it, continues.”

The value of the transaction is unknown.

Data & Insights lists Ray White as the state’s second largest real estate agency, with 512 employees.