LJ Hooker Terrigal changes hands after five-year succession

Matthew Farrugia has taken full ownership of LJ Hooker Terrigal from his long-term mentor, Tim Andrews, completing a five-year succession plan. The Central Coast business is now preparing for a move to new premises and an expansion across its property services, bringing a new chapter for an established office in Australia’s franchise community.

From minority stake to full ownership

The ownership change, reported by Elite Agent on 6 November 2026, follows 15 years in which Farrugia has worked alongside Andrews. Now 32, Farrugia has spent the past five years as his business partner, progressively increasing his investment before completing the purchase.

His initial holding was 20 per cent. That subsequently rose to 50 per cent, before the final acquisition transferred the entire business to him. Rather than a single-step purchase by an incoming owner, the handover represents the completion of an ownership pathway developed within the existing business.

The distinction matters for understanding this particular franchise story. Farrugia is not arriving at the office for the first time as its purchaser: his relationship with Andrews and the business stretches back well beyond the formal partnership. The five-year succession period sits within that much longer working relationship.

The purchase therefore combines a change in ownership with continuity in the person leading the next stage. It is an example of franchise ownership being developed through an existing team relationship, rather than solely through recruitment of an external buyer.

New premises and a wider growth plan

With the ownership transition complete, LJ Hooker Terrigal is preparing to move to new premises early in 2027. The relocation is accompanied by plans to double the size of the business across residential, commercial and rental sales.

The office also intends to grow its short-stay holiday accommodation offering. That makes the next phase broader than a premises change alone: the stated ambitions cover several parts of the property business, alongside a specific focus on holiday accommodation.

These are forward-looking plans, rather than completed expansion results. The ownership purchase has taken place, while the move and intended doubling remain the next steps outlined for the office.

For the franchise community, the sequence is noteworthy. An internal succession has reached completion at the same time as the business is preparing for a new location and further growth. The story is therefore about both ownership renewal and the ambitions of the incoming sole owner, not the opening of an additional LJ Hooker office.

Network recognition of the handover

Chris Keating, LJ Hooker’s Head of Network Australia, said the handover reflected the network’s approach to building future business owners.

That response places the Terrigal transaction in the context of developing ownership opportunities within a franchise network. In this case, the route involved a long-standing working relationship, an initial minority investment and a subsequent increase to an equal share before full ownership.

The milestones provide a concrete example of what a staged transition can look like. They do not establish a standard timetable for other offices, but they show that the final purchase was preceded by several years of shared ownership.

For other franchise owners considering succession, the useful point is the structure of the progression rather than the expectation of an identical outcome. A minority stake, a larger partnership interest and a full acquisition are distinct stages, each carrying different responsibilities for the people involved.

What other franchise owners can take away

The Terrigal handover offers a practical starting point for conversations about future ownership. Existing owners can consider whether there are people within their businesses who want to become partners, while prospective buyers can ask whether staged investment is an available route.

Any such discussion should distinguish between the ownership transfer and the growth programme that may follow it. Here, the completed acquisition is separate from the planned relocation, expansion and development of short-stay accommodation services.

Practical takeaway: Franchise owners exploring succession should begin discussions early and seek legal and financial advice on staged ownership. Prospective buyers should assess both the purchase itself and the resources required for any subsequent expansion.