Knight Frank set up Australian prestige residential department to cater to super rich
Real estate firm Knight Frank has set up a Prestige Residential division in Australia after its recently released Wealth Report found that the country is one of the most important markets for the richest across the globe.
In addition, it has internally appointed Sarah Harding as the new head of Residential, Australia in a newly-formed role for the firm based in the Sydney office.
She is currently Knight Frank’s Head of Residential for APAC and will move back to Sydney for the role. Harding has worked within the residential property business for close to 20 years. Over half of this time was spent working in London, handling all aspects of residential prime and new-build markets.
Sarah will also oversee the prestige division, said Knight Frank Australia CEO Stephen Ellis.
“While Sarah will oversee the national business, her day-to-day focus will be building Residential Project Marketing – particularly at the prestige end – and from a top level overseeing our new Prestige Residential division, for which we recently brought Deborah Cullen on board to lead as Head of Prestige Residential, Australia,” he said.
Cullen has been brought in from Colliers International’s Lifestyle Estates team to head Prestige Residential Sales, Australia. She also brings from her previous team Richard Sholl, who joins Knight Frank as Sales Executive, Australia for the Prestige Residential Sales division.
Cullen has been in the prestige and luxury lifestyle market in Australia for 15 years.
Her team will focus primarily on prestige Australian residential sales of more than $3 million.
Knight Frank’s global head of Residential, Lord Andrew Hay, said, “Deborah joins Knight Frank’s global network of prime agents positioned in key markets around the world. These agents are positioned to act as a global team, passing investors and product around the network to give our clients access to the very best in the market.”
Lord Hay said that Australia is an increasingly important market globally for the world’s richest. “Our latest annual edition of The Wealth Report has found that Sydney and Melbourne are in the top 10 list of most important cities globally for the wealthiest to invest.
“While the value of the world’s leading prime residential markets recorded slower growth in 2016, at 1.4% in comparison with 1.8% in 2015, the top-tier of price growth is being driven by Australia, China, New Zealand and Canada.
He said Australia’s politically stable environment and quality of life, are expected be the drivers of strong growth over the next decade in the populations of super-rich.
In Sydney, Knight Frank’s Asian Markets team recently closed three high-end residential transactions to the value of over $35 million. In Hobart, resent sales include “Sentosa” at 650 Sandy Bay Road, Sandy Bay for $6.5 million; 11 Ellington Road, Sandy Bay for $3 million; 15 Grange Avenue, Taroona for $2 million; and 21 Grange Avenue, Taroona for $1.925 million.
Knight Frank’s chief executive officer, Australia, Stephen Ellis said the establishment of a Prestige Residential Sales division in Australia is a strategic move for the business – and that there has never been a better time.
The team has strong connections in Asia Pacific, the UK, Africa, and throughout Europe and the Middle East, Knight Frank is partnered with Douglas Elliman Fine Homes in the US.