The brands of Wanaka real estate agencies Ray White, Locations and Southern Wide will be retained in the deal, but will operate under the recently formed umbrella company of New Aspiring Realty Ltd.
New Aspiring Realty was set up by company director Sean Synnott, who bought the Wanaka Locations franchise last year. The merger of the three agency brands was a first for the real-estate industry in New Zealand, Mr Synnott said.
Ray White Wanaka franchise holder Noel Williams said the real-estate market was "incredibly competitive" and the merger would boost the long-term health and survival of the respective businesses.
Former competitors in the Wanaka property market were now allies. Mr Synnott said there would be no loss of jobs among the three agencies, with all existing employees to move into the Locations offices on Helwick St.
Southern Wide Real Estate will close its Ardmore St office, and Ray White will also eventually relocate from its lakefront premises.
