Knight Frank Tasmania is no more after the property giant was snapped up by a competing real estate network.
Elders Tasmania acquired the statewide chain to bolster their existing presence in the state, effective May 1st.
The merger adds five new locations in Hobart, Kingston, Launceston, Devonport and Swansea to the Elders network.
Knight Frank Tasmania CEO Scott Newton said Elders’ strong regional presence made them an “obvious fit” for the Tasmanian market.
“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,” he said.
The combined real estate company will offer a comprehensive range of services across Tasmania, including commercial, rural and residential sales, property management and valuations.
They say they will still be ‘the same team’ around the state.
“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,” Elders General Manager Belinda Connor said.
This acquisition follows Knight Frank’s previous mergers with local businesses Woolcock Partners and Hudson365 in recent years.
According to Real Commercial statistics from the past 24 months, Knight Frank Hobart sold 153 commercial properties and leased 192.
Realestate.com.au figures for the last 12 months show Knight Frank Hobart sold 351 residential properties and leased 285 across the city.
Knight Frank Australia CEO James Patterson said the company is in discussions with several parties to keep its brand in Tasmania.
“McGrath Limited has entered into a Scheme Implementation Deed with a consortium of Knight Frank and Bayleys,” he said, adding the consortium has agreed to acquire “100% 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.”
