Knight Frank partners set for big profits share-out

Knight Frank’s 61 partners are to share a profit of £65.2m – and may be slightly disappointed.

The figure is down on last year’s £72.7m, despite increased revenues of £95m, up from last year’s £101.9m. However, the firm has been investing in new offices globally in South Africa, Dubai, Australia and India, plus four new branches in the UK.

The firm has also taken on more staff, with head count up 4% to 7,067 globally.

Nick Thomlinson, senior partner, said: “Knight Frank has again delivered strong performances across our global network in what have continued to be very challenging markets.”

He added: “Remaining independent is essential to our strategy. Our partnership structure helps us to attract the very best people and allows us to focus entirely on our clients and their needs.”

Recent highlights for the firm include the sale of Battersea Power Station to a Malaysian consortium for a reported £400m, and the sale of St John’s Wood Barracks to a global investor for £250m. Knight Frank also sold the most expensive house on record in the UK but did not identify the property.

The firm reported that prices in the prime residential London market have gone up 11% in the last year, and are now nearly 50% higher than in March 2009.

However, it warned that the 2012 Budget’s changes to Stamp Duty have reduced sales volumes in the £2m-plus market by 20%.