Elders has announced significant expansion of their Tasmanian real estate footprint with the acquisition and rebranding of Knight Frank Tasmania, effective 1 May.

The acquisition will bolster the existing Elders Tasmania real estate network with an additional five locations across the State including Hobart, Kingston, Launceston, Devonport and Swansea.

Knight Frank Tasmania CEO Scott Newton said he is excited about the partnership which provides access to one of Australia’s largest real estate networks and will benefit from many synergies.

“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 Mr Newton.

“Elders’ strong regional presence nationally is an obvious fit for the Tasmanian market.” General Manager Tasmania James Cornish said Elders is pleased to welcome the Knight Frank team to the Elders network.

“Knight Frank is one of Tasmania’s largest, full service, privately owned real estate business with highly respected staff,” said Mr Cornish.

“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 Mr Cornish.

General Manager Residential Estate and Brand Belinda Connor said this latest acquisition comes at a time of significant growth in Elders’ real estate division.

“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,” said Ms Connor.

“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 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 Chief Executive Officer James Patterson, told COMMO “Knight Frank’s Tasmania franchise headed up by Scott 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 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.”

Related Reading:

Knight Frank and Bayleys agree to acquire 100% of McGrath Limited | The Real Estate Conversation