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.
"International clients from the Knight Frank network looking to purchase or lease real estate in New Zealand would be drawn to Bayleys' full suite of listings and service.
Knight Frank Asia Pacific regional head Kevin Coppel says his people are 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," says Coppel. "We are both committed to developing our offerings for the benefit of our clients, from owners, vendors and tenants to investors across the world."
Staff from Knight Frank New Zealand have transitioned to Bayleys. As a result, Bayleys' property management services and advisory capabilities have strengthened, particularly in Christchurch; while the valuations team has more than doubled in size.
Bayleys' national commercial and industrial director, Ryan Johnson says there will be an integration phase as the 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 purpose-built premises in Christchurch. The partnership has catapulted Bayleys to the Number One position as a full-service commercial and industrial real estate agency in Canterbury."
Bayley says the partnership offers a mix of services in the property management and valuations disciplines, as well as sales and leasing. "Bayleys will continue its New Zealand legacy, retaining homegrown ownership, operations and best practices while enhancing its international presence through the relationship with Knight Frank's global business."
Bayleys' research shows overseas funds have contributed to 50 per cent of the total sales value of commercial and industrial property sales over $20m since 2014. In the first half of 2018, foreign investors have committed over $1.4b to the commercial property market in New Zealand.
Alistair Elliott, Knight Frank senior partner and group chairman, says his company seeks to expand its presence around the world through partnerships with local players.
"The relationship with Bayleys is a clear demonstration of this approach. Private ownership underpins the strategic partnership, enabling a winning entrepreneurial spirit."
Bayley believes the private ownership structure of both Bayleys and Knight Frank will enable them to evolve their entrepreneurial and innovative approach.
Coppel says the firms have much in common, including 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.
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.