“Harrods Estate is now closed and is not accepting new enquiries.”
This message is prominently displayed on the website of Harrods EstatesConfirms the closure of the 130-year-old agency and brings closure to one of the most recognized names in London’s prime property market.
The agency is the latest victim of a downturn in the capital’s high-end housing sector, where higher stamp duty and the abolition of non-dome status have reduced the appeal of foreign buyers considering a move to London.
The agency, which opened on the ground floor of Harrods in 1897 and later expanded to offices in the Home Counties and Monte Carlo, said it has decided to close its last branch on Brompton Road. knightsbridge.
sean drummondThe residential director said the move would allow the business to focus on its core retail operations within the Knightsbridge store and online. He said services for existing tenants, landlords and ongoing sales will continue temporarily, before being phased out in phases, with a complete closure expected by March next year.
Some industry observers have also pointed to reputational factors, including the impact of the allegations involving the former owner. Mohammed Al FayedWho died in 2023 contributing to clients choosing alternative agencies.
Shutdown ends a long period of activity Harrods EstatesWhich expanded significantly after its relaunch under the Managing Director mark collins. During that period, the business built a client base among high net worth individuals and opened four offices in London.
The agency also appointed rain spencerPrincess Diana’s stepmother, as a director, a role she held for 10 years until her death in 2016.
Since 2010, the Harrods brand, which includes both Harrods estates and department stores, is owned by? Qatar Investment Authorityfrom which it was obtained Mohammed Al Fayed For £1.5 billion.
A spokesperson for Harrods said: “Harrods Estates has taken the decision to close its operations, in line with the expiry of its lease. The office closed as planned following the expiry of the lease at the end of March, and plans have been put in place to ensure there will be no impact on current Harrods Estates customers.”