Knight Frank is suing developer Kerrington Developments for almost a quarter of a million pounds after it was removed from marketing a Woolwich residential complex.
The property consultant has claimed that Kerrington breached an agreement giving Knight Frank sole selling rights at the 224-apartment Vista Building, in Calderwood Street, SE18.
Kerrington instructed Knight Frank in January 2002. However, 18 months later, the developer brought on board agent Kinleigh Folkard & Hayward to take over the job.
According to press reports at the time, Kinleigh took on the marketing of 59 remaining flats.
Knight Frank said Kerrington had agreed to pay 1.75% of the gross revenue generated from each sale. The agent is seeking more than £220,000 in fees.
Prices for one- and two-bedroom flats at the former office block range from £95,000 to £180,000, while 34 penthouse apartments on two upper floors have been marketed at more than £250,000 each.
According to the High Court claim, Kinleigh took over the role as sole agent for the top three floors of the 10-storey building in July last year.
Kerrington is said to have ordered Knight Frank to deliver its list of contacts for the remaining floors.
After 15 July, Knight Frank said Kerrington refused to negotiate with any of the prospective purchasers that it introduced, and refused the agent’s demand for fees on the basis that it had “abandoned its role as selling agent”.
All the parties involved refused to comment.
Jonathan Vandermolen, managing director of rival estate agent Blenheim Bishop, said: “It is unusual for disputes like this to get as far as the courts.”
References: EGi News 08/11/04
