HIGH-FLYING Newcastle real estate agents Mark Kentwell and Jack Henderson are attempting to defy the Hunter region's struggling market, listing three of their own inner-city Newcastle properties for sale.
In past weeks, Mr Kentwell and Mr Henderson have found themselves on the other side of the fence, entering the region's property market as vendors.
PRD Presence Newcastle boss Mr Kentwell has listed two inner-city terraces for sale, with one selling at auction for $1,001,000 last month.
His Know Media business partner Mr Henderson, head of buyer's agency Henderson Advocacy, is also quietly testing the market, offering his lavish multimillion-dollar penthouse in Wolfe Street, Newcastle, as "coming soon".
All three properties are being sold by PRD Presence Newcastle agents Chasse Ede and Nathan Hunter.
The first of the three properties to hit the market was a terrace Mr Kentwell half owns in Laman Street, Cooks Hill.
His parents Allan and Shula Kentwell, who co-founded and helped run PRD Presence Newcastle before moving interstate, own the other half.
The two-bedroom, one-bathroom terrace sold at auction late last month, after a previous auction date was postponed.
Mr Kentwell has listed another Cooks Hill rental property he owns in Corlette Street for $1.35 million, which is also expected to be auctioned.
PRD Presence Newcastle advertising describes the "ultra trendy furnished" two-bedroom, two-bathroom terrace as "tastefully renovated" and exuding a "modern designer edge with vibrant pops of colour".
The Newcastle Herald has previously reported that the state's property services watchdog is making "active inquiries" into PRD Presence Newcastle and director Mr Kentwell's links to Henderson Advocacy, after one of his corporate entities took a half share in the buyer's agency last year.
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.
Mr Kentwell has denied any wrongdoing, saying that he does not work for Henderson Advocacy, that he has not profited from the half share of the business linked to him and that PRD made "adequate disclosures" about the business relationship to clients.
Henderson Advocacy clients who purchased PRD-listed properties also told the Herald they were unaware of the relationship.
Now the advertising for Mr Kentwell's rental properties has sparked further controversy and complaints to the Herald about the issue of disclosure.
A Department of Fair Trading spokesman said agents must disclose in all advertising their interest in properties listed for sale.
"Failure to do so may result in an on-the-spot fine of $1100 for an individual and attracts a maximum penalty of $11,000," he said.
The Laman Street property was for sale for several weeks without the usual 'agent declares interest' disclosure on the PRD advertising. An advertising brochure emailed to prospective buyers last month for the Corlette Street property also did not include the required disclosure.
The phrase 'agent declares interest' was later added to advertisements for both properties.
A potential buyer told the Herald he had no idea the sale of the Laman Street property was linked to PRD until a friend, who works in real estate, informed him.
"He'd heard it on the grapevine and told me when I mentioned the place to him," he said.
"It's really an issue about transparency."
The Herald asked Mr Kentwell about the issue, but he declined to comment.
In the luxury market, PRD advertised Mr Henderson's three-bedroom penthouse in developer Iris Capital's East End development in February as "coming soon", emailing potential buyers asking them to register their interest.
The three-bedroom apartment is one of four penthouses in Fabric House, which was part of stage one of the $1 billion East End development on the site of Newcastle's historic David Jones building.
The penthouse was purchased by Mr Henderson's Fabric House Property for $2.6 million in June last year.
Marketing material for the property describes it as "a masterpiece of bespoke design".
"Be enraptured by the breathtaking panoramic views of the Pacific Ocean as far as Port Stephens, and other iconic landmarks framed by magnificent arched windows," it reads.
"Indulge in alfresco entertaining or simply bask in the sun on the terrace, offering an unrivalled perspective of the city."
Mr Henderson declined to comment about the potential sale.
Mr Kentwell and Mr Henderson have been business partners in social media video and podcast company Know Media since 2020.
The two men have also jointly directed two other separate companies since April 2021: Henderson Metro Vic Pty Ltd and Henderson Metro Qld Pty Ltd.
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Read Mark Kentwell's full statements at the newcastleherald.com.au
- Do you know more? Donna.page@newcastleherald.com.au
