Knight Frank’s 2,731 staff shared a bonus pool of £31.7m in the year to 30 April

The firm took advantage of the buoyant commercial and residential property markets to double profits.

The bonus pool of the limited liability partnership was 48% higher than in the previous year. Pretax profits doubled to £47.9m, which included a £5.2m profit from the sale of interests in residential website and Investment Property Databank.

Turnover rose 26% to £214.9m. Income per fee earner was up 8% to £154,000 and the average profit per proprietary partner increased by 34% to £752,000. The highest paid proprietary partner earned £1.2m.

Average staff numbers rose by 28% to 2,731. The commercial division launched an aggressive European expansion programme, set up an investment management business and increased activity in the retail, industrial and logistics, hotel, and healthcare sectors.

Overseas the firm established a partnership with New York-based Newmark.

The residential division experienced a record year, particularly at the top end of the market. New offices were opened in Bath, Cheltenham, Harrogate, Henley on Thames, Milton Keynes, Thames Gateway, and Wandsworth.