After 130 years, iconic estate agency shuts its doors – London Wallet

“Harrods Estates has now closed and is not accepting new enquiries.”

The message, displayed prominently on the website of Harrods Estates, confirms the closure of the 130-year-old agency and brings to a close one of the most recognisable names in the prime London property market.

The agency is the latest casualty of a downturn in the capital’s high-end housing sector, where higher stamp duty and the abolition of non-dom status have reduced the appeal for overseas buyers considering a move to London.

The agency, which opened on the ground floor of Harrods in 1897 and later expanded to offices across the Home Counties and as far as Monte Carlo, said it had taken the decision to close its final branch on Brompton Road in Knightsbridge.

Shaun Drummond, residential director, said the move would allow the business to focus on its core retail operations within the Knightsbridge store and online. He added that services for existing tenants, landlords and ongoing sales would continue temporarily, before being wound down in phases, with a full closure expected by March next year.

Some industry observers have also pointed to reputational factors, including the impact of allegations linked to former owner Mohamed Al Fayed, who died in 2023, as contributing to clients choosing alternative agencies.

The closure brings to an end a long period of activity for Harrods Estates, which expanded significantly after being relaunched under managing director Mark Collins. During that period, the business built a client base among high-net-worth individuals and opened four London offices.

The agency also appointed Raine Spencer, Princess Diana’s stepmother, as a director, a role she held for 10 years until her death in 2016.

Since 2010, the Harrods brand, including both Harrods Estates and the department store, has been owned by the Qatar Investment Authority, which acquired it from Mohamed Al Fayed for £1.5bn.

A Harrods spokesman said: “Harrods Estates made the decision to wind down its operations, in line with the end of its lease. The office closed as planned following the end of the lease at the end of March, and plans have been put in place to ensure there will be no impact on Harrods Estates current clients.”