Bayleys Realty Group Limited, New Zealand’s largest full-service real estate organisation, has entered into a strategic partnership with the world’s largest privately-owned international property consultancy Knight Frank.
As part of the arrangement, Bayleys has acquired the Knight Frank operations in New Zealand.
“Gaining extensive exposure to international markets for our clients across the residential, rural and commercial property sectors is one of the most important elements in this partnership with Knight Frank which has a footprint in 60 markets worldwide, says Bayley Corporation managing director, Mike Bayley.” Similarly, international clients from the Knight Frank network looking to purchase or lease real estate assets in New Zealand would be drawn to Bayleys’ full suite of listings and services.”
Knight Frank Asia Pacific regional head, Kevin Coppel, says, “We are very excited to be embarking on this new partnership with such a highly regarded firm as Bayleys. Knight Frank and Bayleys have a long history of dealing with both institutional and private clients across commercial, residential and rural real estate. Bayleys and Knight Frank are committed to developing our service offerings for the benefit of our clients, ranging from owners, vendors and tenants to investors across the world.”
#1 position in Canterbury
Mr Bayley says staff from Knight Frank New Zealand have transitioned over to Bayleys. “As a result, Bayleys property management services and advisory capabilities have been significantly strengthened, particularly in Christchurch; while the valuations team has also more than doubled in size. This transaction has catapulted Bayleys to the number one position as a full-service commercial and industrial real estate agency in Canterbury.”
Bayleys’ national commercial and industrial director, Ryan Johnson, says there would now be an integration phase as both companies work towards becoming one entity in New Zealand. Central to this is the relocation and unification of the commercial and industrial teams to a new purpose-built premises in Christchurch.
Mr Bayley says partnership offers a seamless mix of services in the property management and valuations disciplines, as well as sales and leasing.
“The essence of the partnership is that Bayleys will continue its New Zealand legacy, retaining its homegrown Kiwi ownership, operations and best practices while enhancing its international presence through the relationship with Knight Frank’s global business. We look forward to working with new clients affiliated with Knight Frank operations around the world.”
Bayleys’ research shows overseas funds have contributed to 50 per cent of the total sales value of commercial and industrial property sales over $20 million since 2014. In the first half of 2018, foreign investors have already committed over $1.4 billion to the commercial property market in New Zealand.
Alistair Elliott, Knight Frank senior partner and group chairman, says Knight Frank seeks to expand its presence around the world through partnerships with the leading local players. “The new relationship with Bayleys is a clear demonstration of this approach.”
Private ownership underpins the strategic partnership, enabling a winning entrepreneurial spirit Mr Bayley says the private ownership structure of both Bayleys and Knight Frank will enable the two entities to evolve their entrepreneurial and innovative approach far more quickly in today’s rapidly changing markets than their internationally-owned and publicly-listed real estate agency competitors.
Mr Coppel adds: “Our firms have much in common – private ownership by property people who understand the ebb and flow of property markets, independence, a long-term perspective, comprehensive residential, commercial and rural services. Together these characteristics enable us to have a singular focus on providing our clients with the best professional advice focused entirely on their best interests.”
Knight Frank was established in London 123 years ago. The firm has a global network incorporating real estate sales, leasing, advisory, valuations, property and project management in more than 400 offices across 60 markets, including Australia, Southeast Asia, India, China, Europe, North America, the Middle East and Africa.