Sotheby’s International Realty Affilates LLC will set up its first office in Sydney in September. This will be the first property in Sydney that will have the Sotheby’s brand and is a 2,000-square meter estate at Vaucluse. The expected price of the property is $25 million, according to the Wentworth Courier.
The Sotheby’s Sydney operations will be headed by Michael Pallier, formerly with Raine and Horne Double Bay.
“Sydney is a strategically important market for the brand and this signing represents a key step forward in our overall growth plans across Australia,” Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC said in a statement. “Michael Pallier has built a team of seasoned executives with talent and expertise. Under his leadership, we are confident that Sydney Sotheby’s International Realty will bring quality service to clients in Australia and worldwide.”
Sydney Sotheby’s International Realty will provide owners of high-end luxury properties in New South Wales and the Australian Capital Territory the best tools to attract premium buyers from around the world and showcase their properties to a global audience.
The Sydney office will be located at Double Bay and additional offices are planned in Sydney's north shore and CBD between 2013 and 2015. Sotheby’s International Realty currently has approximately 625 offices in 44 countries.