Elders is growing its reach in Tasmania, purchasing and rebranding Knight Frank Tasmania.
According to realestate.com.au, the change came into effect on May 1 and will mean an expansion of the network, with an additional five locations including Hobart, Kingston, Launceston, Devonport and Swansea.
Knight Frank Tasmania had previously built up significant market share, handling some of the state’s largest transactions including farms, city buildings, hotels, supermarkets, and landmarks like the Telstra Centre, K&D site, Elizabeth Street Pier, and the benchmark-setting home sale of Howrah’s Domi Riviere.
Knight Frank Tasmania Chief Executive, Scott Newton, said he was excited about the partnership with Elders, which will allow for a range of synergies across the two companies.
“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,” Mr Newton told realestate.com.au.
“Elders’ strong regional presence nationally is an obvious fit for the Tasmanian market.”
Elders General Manager Tasmania, James Cornish, said Knight Frank was one of Tasmania’s largest, full-service, privately owned real estate businesses.
“This enhanced real estate offering — which includes commercial, rural, residential sales agency, property management and valuations — enables a blue-ribbon service to Tasmanian clients with the backing, network and knowledge that Elders brings,” Mr Cornish told realestate.com.au.
Elders Residential Real Estate and Brand General Manager, Belinda Connor, said the move came as they look to ramp up their growth through its franchise network and acquisition strategy.
“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,” Ms Connor told realestate.com.au.
Knight Frank Chief Executive Officer, James Patterson, said in a statement that the Tasmanian franchise, headed by Scott Newton had been a valued partner since 1997.
“Our successful partnership has now come to an end following the acquisition of that business by
another brand, and we wish Scott and his team all the best,” he said.
Mr Patterson said it was likely Knight Frank could still have a continued presence in Tasmania.
“It was recently announced that McGrath Limited has 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.
“Knight Frank is also currently 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.
“Knight Frank is committed to our partnerships with our many franchise offices nationally and we
continue to look for opportunities to grow our network throughout Australia.”
