Strutt & Parker has unveiled ambitious plans to double its turnover after beating off rivals Savills and Knight Frank to become the sole UK affiliate of international auction house Christie’s.
Christie’s, founded in 1766, entered the property market in 1995 after acquiring Great Estates, and now has 125 affiliates in 45 countries.
The deal with Strutt & Parker comes hot on the heels of Christie’s announcing that it was launching a property buying service in London aimed at rich international buyers. Christie’s Private Property is headed up by ex-Savills man Giles Hannah.
For Strutt & Parker, the new deal will give it huge access to foreign buyers of luxury homes.
Neil Palmer, chief executive at Christie’s International Real Estate, said he had embarked on a two-year ‘aggressive search’ to find a UK affiliate, choosing Strutt & Parker over its larger, and arguably better known, UK rivals Savills and Knight Frank. Strutt & Parker will be the only affiliate of Christie’s in the ‘foreseeable future’.
Palmer said: “Strutt & Parker fully exemplifies the Christie’s brand values of passionate expertise, unparalleled client care, and the highest standards of professionalism and discretion.
“Two years ago, we embarked on an aggressive search to identify the most qualified company in the United Kingdom to represent our brand.
“Of paramount importance was selecting a partner fully appreciative of the Christie’s corporate culture and the opportunity to build our collective businesses by forging strong working relationships between art and real estate colleagues.
“Strutt & Parker’s continued growth in both central London and other UK markets has positioned them as the most qualified estate agency to be our standard-bearer in the UK.”
Strutt & Parker senior partner Andy Martin said the venture formed a cornerstone of his firm’s plan to double its turnover to £150m in five years.
He said: “We will also be able to serve our UK clientele with unparalleled exposure to international buyers and provide access to key international markets throughout the world. Gaining international reach through joining the world’s leading network of luxury real estate specialists is the next logical step in our continued expansion.”
Strutt & Parker, which celebrated its 125th anniversary last year and merged with Lane Fox in 2007, enjoyed a strong final quarter last year with a 14% rise in new instructions, 25% more viewings, and 21% more properties under offer.
But it was also the subject of speculation that it could bought, with rumours at the end of last year that it was being targeted for takeover by CBRE – rumours that Strutt & Parker has been anxious to quell.
With 50 offices in the UK, it now becomes one of the largest affiliates in the Christie’s network.
It will now market its properties through other affiliates in Christie’s International Real Estate and also in Christie’s auction house venues in London and around the globe.
There will also be collaboration between Strutt & Parker partners and Christie’s specialists to ensure both sets of clients receive advice on art, antiques and property in the UK.
Comments
An aggressive search that took 2 years to find 3 top end agents.... i took 2 hours to make an aggessive cup of tea the other day....can i have 200k a year as well?
Sounds like a bally good wheeze for plenty of rugger chaps. What.