Countrywide, the UK’s largest estate agent, has bought the UK franchise of Sotheby’s International Realty. The deal, for an undisclosed sum, will last 25 years and propel Countrywide into the realms of pricey global real estate.
There is currently just one UK office, in London’s Mayfair, but Countrywide plans to grow the brand in London and across the UK and Channel Islands.
“Finding the right locations, top-quality premises and the right people to run the offices will be absolutely key,” said Countrywide Group chief executive Grenville Turner.
The deal will give Countrywide access to sellers of the highest-end properties in the UK, whilst also giving it access to a global pool of wealthy buyers through Sotheby’s network of 500 offices in 38 countries.
Turner said: “Property has become an international commodity and the UK is extremely attractive to overseas investors. They benefit from lower property prices than a couple of years ago, and get 25% more for their money because of changes in currency.”
Like other franchisees, Countrywide will also have an association with Sotheby’s Auction House, which adjoins the Mayfair property office. As auctioneers, Sotheby’s do not sell property, but do sell furniture, works of art and antiques – typically, the contents of important houses.
Turner said: “We looked at the high end of the market over the last two years, and it became apparent that some of the competition were going downmarket and focusing on increased volume.
“Although we do have an upmarket brand in John D. Wood, the reality is that it is predominantly about a West London business. We felt there was room for us to expand in the high-end sector, and are delighted to have acquired such an iconic brand.”
Countrywide will not be putting its own brand on Sotheby’s International Realty. In London, the Mayfair office sells properties from £1m to £32m, with an average price of £6m.
Charles Smith, who runs the office, will continue to head up the operation. “He was a key part of the deal,” said Turner.
Smith said the deal heralded an exciting new era for the brand.
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Comments
Theres nothing wrong with Countrywide - I've worked for an Independant and Corporate and, if your good at what you do, you will be looked after and paid well. It's all about the people in the Branch that supply the service....
to answer your question about countrywide, please see inside traders comment, he sums it up nicely
Whats wrong with countrywide ?
having worked for a corporate, they are basically battery farms who do not in any way look after their customers or staff. it is a horrible stressfull toxic enviroment where nobody cares at all and the public are ripped off.
fair play these corporates got some bollox,,if i just lost my net worth 10x over i wouldn t be playing mergers and aquisition games
I hope Countrywide's new franchise turns out be just as benefical as the ones they sell to unsuspecting punters!
Upmarket? If it looks like a pig and smells like a pig.......
mmm, Sotheby's staff will really enjoy the targets of Countrywide, and relish CPL doing the conveyancing
Global- Accross the UK and Channel Island!? Bet they can ruin the name far quicker than 25 years.
oh dear kiss of death for southerby's them.