ESTATE agent Knight Frank has named London as its prime location as it reported increases in both turnover and profit in the last year.
The upmarket property advice company saw its profits lift seven per cent to £102.7m in the year ending 31 March, while turnover rose five per cent to £350m and net cash balances rose from £98.5m last year to £105.3m.
The company said its success came from involvement in deals such as the sale of 20 Grosvenor Square for £258m, the instruction on Estée Lauder’s search for new 100,000 sq ft headquarters in London and the sale of Winchester House to the Chinese Investment Corporation for £250m.
“In the UK, the prime London market continues to show strong activity and a steady rise in values,” the company said. “While international demand has remained strong, the resurgence of domestic demand, fuelled by improving conditions in the UK economy, has added impetus to both activity and price growth. The private rented sector continues to outperform.
“On the commercial front, there is increased demand for office space from the technology and media sector as more businesses seek a collaborative working environment.”