Knight Frank and Bayleys acquires third largest real estate firm in Australia
The announcement follows shareholder and regulatory approvals being met
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Knight Frank and Bayleys has completed its acquisition of leading Australian real estate firm, McGrath Limited, it was announced today.
The news follows regulatory and shareholder approval, with the Scheme of Arrangement coming into effect on June 17 and implemented on June 27.
McGrath Limited is the third largest real estate group in the country, according the data from CoreLogic, behind behemoth Ray White and stalwart LJ Hooker.
McGrath founder and CEO John McGrath said in a statement that he welcomed the move.
“We are delighted to be joining forces with two of the greatest real estate brands in the world,” Mr McGrath said. “Knight Frank is the most prestigious residential agency globally and provides us and our customers with instant access to the best global network and the most sophisticated international buyers in the world.
“Our goal is to build Australia’s leading and finest real estate brand over the next few years and this new partnership and network puts us in an extraordinarily strong position to do just that.”
Between them, Knight Frank and McGrath have 171 offices across Australia and Knight Frank is the largest privately owned real estate agency in the world with more than 740 offices worldwide.
Mr McGrath will remain at McGrath Limited as chief executive and managing director and retain his 23.3 percent shareholding in the company. Mr McGrath will also be on the new board of directors, along with Knight Frank Australia CEO James Patterson, Knight Frank Global head of residential Rupert Dawes, Bayleys managing director Mike Bayley and Bayleys finance director Ken MacRae.
Mr Patterson, CEO at Knight Frank Australia, said the acquisition represented a significant milestone in the company’s international expansion.
“McGrath is a great fit culturally,” he said. “We are aligned on many areas including our values, how we operate and our brand positioning. The Knight Frank, Bayleys and McGrath teams will continue to operate on a ” business as usual” basis, but with each party gaining access to vastly broadened networks, stretching across multiple borders, unlocking greater opportunities for our clients.”
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$30 Million Nashville-Area Estate Quietly Looks for a Buyer.
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A 120-acre property 35 miles outside of Nashville, Tennessee, is selling off market for $30 million, making it the second-most-expensive home for sale in the state.
Located in Franklin, about 20 minutes from downtown, Cortina Farms is both a private residence and an event venue, which charges up to $56,000 to rent for the day, according to Compass, which is marketing the pocket listing. Erin Krueger holds the listing.
The only residence on the open market with a higher price in Tennessee is another Franklin property, which spans 749 acres and is asking $37.5 million.
Cortina Farms takes design inspiration from the Italian countryside, with stonework heavily featured around the verdant grounds.
The main house, with a stone exterior and a shingled roof, has approximately 2,500 square feet of living space, with three bedrooms and two bathrooms. Outside, there’s a covered back porch, an outdoor grill, a pool and a hot tub. There are also two guest apartments off the main house, each with a bedroom and a full bathroom.
In addition to its event business opportunities, the property is also designed for an equestrian, with two barns featuring a total of 12 stalls. Near the stables are four large fenced pastures that equal about 10 acres.
Other amenities include a wellness center, a party barn with a catering kitchen, an amphitheater, two lakes stocked with bass and catfish, and a helipad. Scenic trails for walking, running or ATV riding meander throughout the property past creeks, mature trees and waterfalls, according to information provided by Compass.
The property last traded hands in 2021 for $9 million, records on PropertyShark show. The owners weren’t available for comment.
The Nashville metro area has become a luxury real estate hot spot over the past few years, largely attracting people from Los Angeles as well as other out-of-state buyers looking for properties with a large amount of acreage.
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The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
