Yorkshire offices prop up Knight Frank’s £162m profits

PROPERTY consultancy Knight Frank has had a record year, reporting pretax profits of £162m.

The firm, which has offices in Leeds, Harrogate and Sheffield, also reported £443m turnover for the year to 31 March 2015.

Knight Frank’s commercial property offices in Leeds and Sheffield had their most successful year ever.

The Leeds team advised on major investment deals, including the sale of Sterling Capitol’s Tesco Distribution Centre at Goole for £47.1 million.

Alistair Elliott, group chairman and senior partner of Knight Frank said: “I am pleased to report another strong set of results for our latest financial year.

“We have achieved a 19% increase in profit, whilst continuing to invest significantly in recruitment and expanding our global platform.

“Our priority for the year ahead is to continue to develop our key services in the principal cities of the world.
“The benefits of a balanced business are, I believe, being delivered. At a time when activity in commercial occupier markets is increasing in many cities around the world, we see the return of rental growth drawing more investor interest.

“The specialist property sectors (including hotels, student property, healthcare, residential capital markets and automotive) are becoming a more central part of investors’ portfolios and solid returns over turbulent periods have increased their appeal.

“In the UK, commercial real estate activity has increased and there is now significant life in the sector. Our 10 commercial offices across the UK have had their best year ever.

“The residential market is more mixed, with the prime sector still absorbing the changes to stamp duty made last December, especially in central London.

“That said, the market continues to be underpinned by a combination of undersupply of housing, the improving economy and the low interest rate environment.”