Countrywide expands into luxury property
Countrywide plans to conquer the luxury property market after snapping up an exclusive agreement to expand the property franchise network of auction giant Sotheby’s.
Called Sotheby’s International Realty, the network offers luxury homes, estates and properties for sale across the globe.
The deal includes the 266-year old auction house’s Mayfair-based franchise office in addition to the exclusive agreement with which Countrywide plans to grow the 500-office network across the UK and in the Channel Islands. The network’s existing offices span 38 countries and territories worldwide.
Grenville Turner, Countrywide Group chief executive, says: “We plan to expand the presence of the Sotheby’s International Realty brand in central London and across the United Kingdom and to capitalise on the renewed sense of confidence we see in the property market.
“While this new business will be run separately from our other brands, we intend to leverage the support of our existing business structure.”
Robert Scarff, managing director of Countrywide Estate Agents, adds: "The strength of the UK property market for foreign investors makes this an ideal acquisition for us.”
Charlie Smith will continue in his role as managing director of Sotheby’s International Realty UK. He is one of five staff to be included in the acquisition, and has been with the network for more than 10 years.
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