This article is from the Australian Property Journal archive
ELDERS has completed the expansion of its Tasmanian real estate footprint, with its acquisition and rebranding of prominent Apple Isle agents Knight Frank Tasmania becoming effective yesterday.
Knight Frank Tasmania is one of the state’s largest full-service, privately-owned real estate businesses, and the acquisition bolsters Elders Tasmania’s existing network with an additional five locations across the state including 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,” Knight Frank Tasmania CEO Scott Newton said, adding that the partnership provides access to one of Australia’s largest real estate networks and will benefit from many synergies.
“Elders’ strong regional presence nationally is an obvious fit for the Tasmanian market,” he said.
General manager Tasmania at Elders, James Cornish, said, “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”.
Belinda Connor, Elders general manager residential estate and brand, said the comes at a time of significant growth in Elders’ real estate division.
“Elders continues to look ahead and target growth in strategic locations across Australia in line with its eight point plan. The latest acquisition is one of 10 completed at half-year FY24.”
Knight Frank CEO James Patterson said the Tasmanian franchise, headed up by Newton, has been a “valued partner since joining our franchise network in 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.
It was recently announced that McGrath Limited had entered into a scheme implementation deed with a consortium of Knight Frank and Bayleys, under which the consortium has agreed to acquire 100% of the share capital of McGrath by way of a scheme of arrangement. Patterson said that while the proposal is yet to be finalised, if it goes ahead Knight Frank would continue to have exposure to Tasmania’s residential market through McGrath, 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,” he said.
“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.”
