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Sotheby’s International Realty Affiliates will open its first Australian franchise office in September, in Sydney’s eastern suburbs, targeting owners of high-end luxury properties in NSW and the ACT.
The new office, which is the form of an exclusive 25-year master franchise agreement with former principal and the licensee of Raine and Horne Double Bay, Michael Pallier, will be the first of more to come in Australia, the company said.
“Sydney is a strategically important market for the brand and this signing represents a key step forward in our overall growth plans across Australia,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC.
“Michael Pallier has built a team of seasoned executives with talent and expertise. Under his leadership, we are confident that Sydney Sotheby’s International Realty will bring quality service to clients in Australia and worldwide.”
The firm said it will operate as Sydney Sotheby’s International Realty, with Mr Pallier serving as owner and managing director of the company.
The company said the new Sydney Sotheby’s International Realty offices will focus exclusively on luxury homes, apartments and high-quality farm, ranch and land markets in NSW and the ACT.
Additional offices are planned to open in Sydney’s north shore and the city’s CBD between 2013 and 2015.
“Sydney Sotheby’s International Realty will provide owners of high-end luxury properties in New South Wales and the Australian Capital Territory the best tools to attract premium buyers from around the world and showcase their properties to a global audience,” said Mr Pallier.
“Clients of Sydney Sotheby’s International Realty will have the ability to bring the world to their home. We strive to provide the very best in service and marketing for our clients, and we look forward to doing that with the Sotheby’s International Realty brand’s access to exceptional properties and exceptional people.”
The Sotheby’s International Realty network currently has more than 12,000 sales associates located in approximately 625 offices in 44 countries and territories worldwide.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.