The high-end property agent’s revenue boost has also allowed for the employment of new staff and the opening of new offices.
- Revenue increased by 8%
- The company’s revenue now totals £334 million
- Middle Eastern investors account for 15% of London real estate since 2010
There’s no secret about the fact that British investors are keen in overseas investments with Dubai in particular being popular. However, details have recently emerged that highlight overseas investment in the UK with London in particular being a favourable location.
The sheer volume of interest in the UK market has led to an increase in revenues for property agents Knight Frank who have noted an eight percent increase in revenues which totalled £334 million in the year to the end of March.
In terms of prime London real estate, Middle Eastern investors made up more than 15 percent from 2010 to now. The commercial property market drew many overseas investors with nearly 70 percent of commercial property sold in Central London over the past year being purchased by such investors.
The performance by Knight Frank has led to the opening of new offices around the world with more staff also being employed, the four percent rise in staff numbers mean that levels now stand at 7067 globally.
Nick Thomlinson, senior partner, Knight Frank commented: “Knight Frank has again delivered strong performances across our global network in what have continued to be very challenging markets.
“Our strong links to international capital through our global network have ensured our teams have had an exceptional year and been involved with some of the world’s leading transactions.”
He added: “The firm has made substantial investment into the business over the past year as we believe that this represents the right time to build for the future and continue to extend our global network.
“We have opened new offices, with both commercial and residential capabilities, and grown in areas where we feel there is room for expansion. These include offices in South Africa, Calcutta, Dubai and Qatar, four offices around the UK and two offices in Australia. Moving forward, we plan to open further offices in Scandinavia and Germany, as well as other strategic Asia Pacific locations.”
Some of the company’s sales to overseas investors include Battersea Power Station to a Malaysian consortium, believed to be for £400 million and St John’s Wood Barracks to a global investor for a reported £250 million.