16 December 2009
The Church Commissioners for England have appointed Knight Frank’s residential property management team to manage their London residential portfolio.
Knight Frank have been instructed on a three year contract from 1 January 2010 and will be responsible for the prestigious Hyde Park Estate, which is bordered by Bayswater Road to the South, Sussex Gardens to the North and Edgware Road to the East. The Estate also includes the boutiques, galleries and restaurants that make up Connaught Village, one of London’s most fashionable shopping destinations.
Joy McSmythurs, partner at Knight Frank, commented: “We are delighted to be selected by the Church Commissioners and will be working closely with them to continue the development of the Estate. We will also continue to build relationships with local stakeholders including the Hyde Park Residents’ Association.”
Rosemarie Jones, Deputy Surveyor at the Commissioners, commented: “Knight Frank have been chosen following a thorough voluntary tender and statutory consultation process. They are a long established agent with the range of skills necessary to manage the diverse requirements of this large and complex central London Estate”.
The Church Commissioners' role is to manage most of the Church of England’s historic assets, today invested in stock market shares and property, to produce returns to support the Church's ministry. The Church of England costs over £1 billion a year to run and in 2008 the Commissioners met around £193 million, or one-sixth, of this figure - 17p in the pound.
The Commissioners’ London residential portfolio is predominantly concentrated on the Hyde Park Estate, which comprises 1,700 flats and houses let on a variety of tenancies, and 100 shops, restaurants and galleries centred around Connaught Village. The Commissioners have reinforced their ownership in the area through selective refurbishments and purchases.
Knight Frank LLP is a leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank operate from 207 offices, in 43 countries, across six continents. More than 6,340 professionals handle in excess of US$886 billion (£594 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants.