30 July 2016 – by Sheka Vyas
One of the world’s largest property franchises, Coldwell Banker, is making its first foray into the London commercial market.
Coldwell Banker Commercial has been set up by Chris Palmer and Robin Paterson, who have purchased the franchise from Coldwell Banker’s New York-listed parent Realogy.
The pair ran luxury residential agent Hamptons International until they sold it in 2006 to Emaar Properties.
They currently run the UK franchise of Sotheby’s International Realty, which they bought in 2014 – also from Realogy. It focuses on high-end residential property.
CBC will trade alongside Sotheby’s to meet growing enquiries from its clients about commercial opportunities in the capital, particularly owing to the fall in the value of sterling after the EU referendum result.
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Gregor Wallace, a senior director in BNP Paribas Real Estate’s London investment team, has been recruited as managing director.
He said: “It is an exciting start and shows there are opportunities post-Brexit. Where bigger firms are busy chasing pension funds, we want to focus more on private clients. There are very few niche practices left, so it is a great opportunity.”
The firm employs a team of five in its Knightsbridge headquarters, which it will look to expand as the volume of deals increases. It also has the option to sub-franchise CBC in regional UK cities.
CBC is the latest North American real estate adviser to target the UK. Eastdil Secured has established itself as one of the leading advisers in the country since the 2008 downturn while Avison Young has been expanding its presence steadily since 2014.