Countrywide, the UK’s biggest estate agency has teamed up with auction house Sotheby’s to sell multi-million-pound luxury homes, estates and properties across the country.
The property firm signed an exclusive 25-year licensing agreement to expand the auction giant’s property franchise network - Sotheby's International Realty - across the UK and in the Channel Islands.
The deal also gives Countrywide control of Sotheby's prestigious Mayfair office – the group’s only estate agency branch in Britain. The office, which has a £16 million, eight-bedroom house in Hyde Park Gardens on its books, will be renamed London Sotheby's International Realty .
The Sotheby's International Realty network currently has around 500 offices in 38 countries and territories across the globe.
Countrywide Group chief executive Grenville Turner said: "One area where we feel we are not punching our weight is in the high-end market."
"Sotheby's is the best brand name in the sector, in addition to which it brings huge international opportunities for us."
"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 ."
Robert Scarff, managing director of Countrywide Estate Agents, added: "The Sotheby's International Realty brand is iconic and offers a huge potential for quality growth."
"The strength of the UK property market for foreign investors makes this an ideal acquisition for us."
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