MADISON, NJ and MELBOURNE, AUSTRALIA - (Marketwired - Aug 8, 2013) - Sotheby's International Realty Affiliates LLC today announced it has expanded its presence in Australia with the signing of an exclusive 25-year master franchise agreement with Melbourne SR Pty Ltd to develop the Sotheby's International Realty® brand in Australia's Victorian market.
The firm will operate as Melbourne Sotheby's International Realty, with David Colbran, one of the firm's owners, serving as the managing broker. The firm's other co-owners, Gary Singer and Geoffrey Smith, are also licensees of the Sotheby's auction house for Australia. Melbourne Sotheby's International Realty is located at 14 Wallace Avenue in Toorak, one of Melbourne's most exclusive residential locations, with additional offices planned to open over the next year.
"Victoria is a key market to advance our growth in Australia," said Philip White, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "Known for its grand tree-lined boulevards, Victorian architecture, world-renowned parks and gardens and steeped sense of history, Victoria has some of the finest luxury real estate available. We are proud to bring the Sotheby's International Realty network's quality services to this strategically important market."
Previously, the brand entered Australia in 2012 with the opening of Sydney Sotheby's International Realty, owned by Michael Pallier and located at Level 3, 45-51 Cross Street, Double Bay in Sydney.
"Our team at Melbourne Sotheby's International Realty brings together more than a hundred years of combined experience in the prestige Victorian market," said Colbran. "We are honored and excited to provide the full resources of the Sotheby's International Realty global network to our buyers and sellers."
The Sotheby's International Realty® network currently has more than 13,000 sales associates located in approximately 670 offices in 49 countries and territories worldwide. Melbourne Sotheby's International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby's International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.
Director, International Marketing, Asia
Sotheby's International Realty Affiliates LLC
175 Park Avenue
Madison, NJ 07940
m + 852.9851.5333
t + 1.973.407.4953
f + 1.866.746.2429
Melbourne Sotheby's International Realty
14 Wallace Avenue, Toorak VIC AUS 3142
m + 61418 348 481
t +6143 9825 0555
f +6143 9825 0500