Real estate agent Mark Kentwell, who heads the Newcastle franchise of PRD Real Estate, and who was at the centre of a Newcastle Herald investigation into PRD Presence's dealings will "transition" from his PRD-branded franchise into "a more autonomous and unique entity" called Presence Real Estate.
Mr Kentwell announced the move away from PRD toward a new brand that will include ventures named Presence Real Estate, Presence Projects and Presence Property Management, in a statement released on Friday, August 4.
"Our new brand signifies a major turning point in our journey," Mr Kentwell, who describes himself as the founding director and "chief vision officer" of the new outfit, said.
The Herald revealed in June that PRD Real Estate and its Newcastle franchise run by Mr Kentwell, PRD Presence, would cut ties after the former launched an investigation into the local branch following "serious and concerning" allegations about its operations.
Speculation had been rife for some time that PRD Presence Newcastle's franchise agreement would not be extended when it came up for renewal at the end of May, after insiders revealed it had been shopped around to other potentially interested parties.
But at that time, it remained unclear as to exactly which party had ended the 18-year association. In his Friday statement, Mr Kentwell indicated it was he who was moving away from the PRD brand.
"Recently, we informed you about our ambitious plans to transition from PRD Presence and evolve into a more autonomous and unique entity. Today, I am incredibly excited to announce the culmination of our vision," he wrote, adding that the new entity will take effect on August 15.
"We've undertaken every measure to ensure that this evolution takes place smoothly, causing no disruption to our services or relationships with clients, potential clients, community groups, and our treasured team members. Your interests and satisfaction remain our highest priority."
The rebranding news comes as NSW Fair Trading confirmed it had completed an investigation into PRD Presence and found its actions complied with relevant sections of state legislation.
In March, the Herald revealed that the Newcastle PRD Presence franchise, which is majority owned by Mr Kentwell, and which had only recently been named franchise of the year, was facing a litany of concerns over some of its business dealings.
An investigation by this masthead raised questions at that time surrounding allegations of conflicts of interest, lack of transparency, data sharing and possible privacy breaches.
NSW Fair Trading, the state's property services watchdog, confirmed in March that PRD Presence Newcastle and another real estate firm linked to Mr Kentwell, Future Property Co, which trades as Henderson Advocacy, were the subject of "active inquiries".
It was understood NSW Fair Trading was looking at a number of property sales where PRD Presence represented the sellers and Henderson Advocacy, run by Jack Henderson, a 26-year-old former construction worker who boasts he has a $26 million property portfolio, represented the buyers.
Agents in NSW are not permitted to act for the buyer and seller of a property at the same time, or to profit from both sides of a sale.
In a letter late last month, NSW Fair Trading said records provided by Mr Kentwell to the investigation satisified the requirements of the relevant act.
Mr Kentwell denied any wrongdoing, saying he does not work for Henderson Advocacy, has not profited from a 50 per cent stake in the business that is linked to him, and PRD made "adequate disclosures" about the business relationship to clients.
Mr Henderson has previously declined to comment to Herald inquiries on the matter.
In his statement on Friday, Mr Kentwell said his new Presence brand "signifies a major turning point in our journey, a natural evolution built on our enduring commitment to excellence, innovation, and superior service within the Australian real estate industry.
"It's a transformation that mirrors our growth, ambition, and deep-seated passion for going beyond the norm to deliver the extraordinary."
At the time that PRD head office confirmed its investigation of the Newcastle franchise, Mr Kentwell released a statement in response that can be read here.
