Elders closes Launceston office, then buys out Knight Frank

Five Knight Frank offices across the state have been rebranded as Elders, including the Launceston branch in Cameron Street.

Elders will not retain the building on the corner of St John and Elizabeth streets, which housed its Launceston operations for decades.

Staff from the previous Elders Towns Shearing business will also not be retained "at this stage".

Elders' general manager residential real estate and brand Belinda Connor said the company had been eyeing off Knight Frank for several months.

"We've been doing several real estate acquisitions - we've completed about eight over the last year," Mrs O'Connor said.

"Late last year we thought Tasmania would be a great place to expand our real estate presence.

"We already had presence across the state in Burnie, Smithton, Margate - but we saw some opportunity there so really just initiated discussions with [Knight Frank Tasmania boss] Scott Newton and the team and went from there."

Mrs Connor said Elders did not have immediate plans to acquire other Tasmanian real estate businesses.

"There are no firm plans, but we are always looking at really well-run great business like Knight Frank as potential acquisitions," she said.

Their 27-year-old Tasmanian franchise may be gone for now, but Knight Frank is far from done with Tasmania.

The organisation is keen to re-establish a presence in the state's commercial market, and a widely-reported takeover $95.5 million takeover deal could also see it join forces with Bayleys to acquire McGrath.

"While the proposal is yet to be finalised, if it goes ahead Knight Frank will continue to have exposure to Tasmania's residential market through the strong presence McGrath has in Tasmania, with offices in Hobart, Launceston and Devonport," Knight Frank chief executive James Patterson said.

"Knight Frank is also currently in discussions with a number of parties to maintain its presence in Tasmania's commercial property sector."

Mr Patterson thanked Mr Newton for a "successful partnership".

"Knight Frank's Tasmania franchise headed up by Scott Newton has been a valued partner since joining our franchise network in 1997," he said.

"We wish Scott and his team all the best."