Knight Frank makes residential acquisition

London-based Knight Frank has said it is “ramping up its residential presence in Australia” after buying a local agency.

The commercial giant, which has 370 offices around the world, has acquired Melbourne-based Look Property Group.

Look specialises in project sales and property management, with managing director Michael Robinson now taking on a new role as Knight Frank’s head of residential project marketing for Australia.

Knight Frank has 28 other Australian offices, including three more in Melbourne, 16 in the other capitals and nine in regional centres.

“Globally, Knight Frank is a leader in the residential market and we want a bigger presence in Australia’s market,” a Knight Frank spokesperson told REB.

“We’re in the Australian residential market for the long term. The economy might vary from state to state but generally the population growth is there to sustain more demand for housing, and that’s not going to go away.

Knight Frank’s Victorian managing director, James Templeton, said in a statement that Mr Robinson will play an important role in growing the group’s project marketing division across Australia.

“Look Property Group has handled some significant projects in Melbourne, including The Hawksburn in South Yarra, Silverleaf in South Melbourne, The Cotery in Northcote and Guild in Southbank,” he said.

Another commercial giant, Savills, is also expanding its residential footprint, after recently acquiring prominent agency Century 21 Cordeau Marshall and opening a flagship Sydney office.

[Related: Many countries have higher price growth than Australia]

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