December 3, 2007

Knight Frank profits up nearly 70%

According to this mornings Times, Knight Frank LLC (division of New York based Newmark Knight Frank) is reporting 67% profits over the last financial year and paying an average £1m bonus to each of its 38 partners, with the highest earning an impressive £1.8m on top of his salary.
The partnership has a large commercial division, which advised clients on a string of high-profile transactions last year, including the acquisition of 30 St Mary Axe, the office building nicknamed the “Gherkin” in the City of London, for £600m.
Its residential division, which is best known for selling country houses and luxury homes, has also had some big wins, including the sale of the Crown Estate’s former headquarters to tycoons Srichand and Gopichand Hin-duja. In November Kate Moss sold the three-bedroom Victorian mansion in north London that she shared with former lover Pete Doherty for £3.25m through Knight Frank.
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Knight Frank said that, overall, in the financial year to April 30, 2007, turnover rose by 32% to £284.4m and underlying group operating profits increased by 67% to £59.6m.
In total its staff will now share in a £51.4m bonus pool, but the biggest earners will be its 38 proprietary partners, who saw their average earnings rise by 47% to £1.1m each.

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