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The business, which comprises over 115 staff across five offices in Australia’s southernmost state, will now operate under a different brand banner.
Run by Scott Newton, the group has been bought by Elders and as such, will now operate under the real estate banner of the major agribusiness and property firm.
Newton said he is excited about the new partnership and the opportunities it presents for the team he has built. Having joined the Knight Frank network in 1997, this sale as well as rebrand will be a shift for the offices based in Hobart, Kingston, Launceston, Devonport and Swansea.
“To partner with Elders, one of the most experienced and trusted residential and rural agencies in Australia, opens an exciting new chapter with endless possibilities,” said Newton.
He described the network as an “obvious fit” for the markets in which his teams operate.
Elders general manager of Tasmania, James Cornish, said the firm was pleased to welcome its new members to the fold.
“This enhanced real estate offering, which includes commercial, rural, residential sales agency, property management and valuations service, enables a blue-ribbon service to all Tasmanian clients across every square inch of the state with the backing, network and knowledge that a truly national business with 185 years brings,” said Cornish.
The network has been pursuing a strategy of expansion through acquisition in recent years, with the latest addition to be one of 10 completed by half-year FY24.
The firm’s general manager of residential estate and brand, Belinda Connor, commented that the brand intends to keep up the rapid pace of expansion with its real estate business.
“Elders has been relentless in its pursuit of growth through its franchise network and acquisition strategy, demonstrated by year-on-year growth in market share and profitability,” she said.
“The addition of the Knight Frank team across Tasmania will further strengthen our successful residential business and confirms our intent to grow the Elders commercial real estate business across capital cities and major regional centres,” added Connor.
Knight Frank Australia’s CEO, James Patterson, commented that he wishes Newton and his team “all the best,” and said that the firm would maintain its presence across the Bass Strait, including through its planned deal to acquire the McGrath brand.
McGrath Limited announced in March that it had entered into a scheme implementation deed with a consortium of Knight Frank and Bayleys, under which the consortium has agreed to acquire 100 per cent of the share capital of McGrath by way of a scheme of arrangement.
“While the proposal is yet to be finalised, if it goes ahead Knight Frank will continue to have exposure to Tasmania’s residential market through the strong presence McGrath has in Tasmania, with offices in Hobart, Launceston and Devonport,” Patterson said.
In addition, he noted that the firm is in discussions with a number of parties to maintain its presence in Tasmania’s commercial property sector.
“Knight Frank has a strong brand in Tasmania, and we are very focused on capitalising on that,” Patterson commented.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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