Elders keeps expanding with five offices added to its network in Tasmania

Five Knight Frank offices officially came under the Elders brand from today (Wednesday).

Those offices are located in Hobart, Kingston, Launceston, Devonport and Swansea.

Elders bought the century-old Charles Stewart network in western Victoria late last year.

Charles Stewart employed more than 60 people across six locations in south-west Victoria - Colac, Camperdown, Geelong, Warrnambool, Hamilton and Ballarat.

Elders told shareholders it expected its new business to earn about $5 million annualised EBIT (before interest and taxes) in its first year.

Elders also bought Emms Mooney real estate and livestock agency business in NSW early last year.

Operating as Elders Emms Mooney, the acquisition added six locations throughout NSW's Central Tablelands - Orange, Bathurst, Oberon, Blayney, Molong and Cowra.

With that purchase, Elders told the ASX the Emms Mooney business was expected to add about $4.3 million in earnings before costs to Elders' bottom line each year.

As well, Elders bought a stake in dominant farm services group PGG Wrightson in New Zealand in late 2022.

Now the Adelaide-headquartered company has made a significant expansion to its existing network across the Bass Strait.

Knight Frank Tasmania chief executive Scott Newton said he was excited about the partnership.

"To partner with Elders, one of the most experienced and trusted residential and rural agencies in Australia, opens an exciting new chapter with endless possibilities," Mr Newton said.

"Elders' strong regional presence nationally is an obvious fit for the Tasmanian market."

Elders general manager Tasmania James Cornish said Elders was pleased to welcome the Knight Frank team to the Elders network.

"Knight Frank is one of Tasmania's largest, full service, privately owned real estate business with highly respected staff," Mr Cornish said.

"This enhanced real estate offering, which includes commercial, rural, residential sales agency, property management and valuations service, enables a blue-ribbon service to all Tasmanian clients across every square inch of the state with the backing, network and knowledge that a truly national business with 185 years brings."

Elders general manager (residential estate and brand) Belinda Connor said the latest acquisition comes at a time of significant growth in Elders' real estate division.

"Elders has been relentless in its pursuit of growth through its franchise network and acquisition strategy, demonstrated by year-on-year growth in market share and profitability," Ms Connor said.