More musical chairs
News
by
Noella Pio Kivlehan
All change Noella Pio Kivlehan reports on the takeovers and launches that have characterised the last year for agents in Ireland
There were many changes and movements among Irish agencies last year and in the first half of this. New agencies were created and the names of others changed. Given that the market started to slow last year, no more new firms are likely to arise in the near future. But there is still plenty of rivalry to win the latest deals and continue tapping into the Irish investor market.
In Northern Ireland last year, Lambert Smith Hampton’s name was lost when a management buyout saw the company reborn as BTW Shiells. Also lost from Belfast was Hamilton Osborne King. But a newcomer in the north was GVA Grimley, which opened an office in August.
In the Republic of Ireland, there were breakaways and repositioning involving a number of agencies.
Low interest rates
Paul McNeive, who celebrates just over 12 months at the helm of Hamilton Osborne King, commemorates a year allied to Knight Frank. HOK was beaten by rival Insignia Richard Ellis Gunne for the CB title when the US giant sought a new partner after it took over Insignia Richard Ellis.
McNeive said the loss of their alliance with CB after 10 years was disappointing. Pat Gunne, CBREG’s managing editor, was understandably pleased, although he did lose some top staff just prior to the CB link-up.
DTZ SherryFitzgerald in Dublin also suffered the loss of three top people who broke away to open their own agency in Dublin (see MJ Meagher O’Reilly panel).
Spurred on by GDP forecasts of 5% and continuing low interest rates, several agents in Dublin have been predicting the return of the Celtic Tiger. But they do not believe there will be any more breakaways.
It is equally unlikely that any more large London-based companies will follow GVA Grimley’s lead into Ireland. Cushman & Wakefield Healey and Baker, one of the UK’s biggest firms, still has no office in either Northern Ireland or the Republic of Ireland — and it has no plans to open one.
Clive Bull, head of London investment at CWHB, says his company has everything it needs through its affiliation with Lisney. “Lisney is a strong firm. It has a network in both Northern Ireland, and the Republic, and it works for us to have access to Lisney’s clients. It means we haven’t had to make a massive financial injection into Ireland.”
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HT Meagher O’Reilly, Dublin
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Four former DTZ Sherry FitzGerald agents – Adrian Trueick, Declan O’Reilly, James Meagher and Deirdre Hayes split from the company in May and set up their own practice in Dublin.
The company, which now includes (above, l-r) Paul Hanly, Trueick, O’Reilly, Robert Fey, Meagher and Hayes, handles lettings in Dublin, including the Smithfield Market Development, Swords Business Campus, Park West, and the Oval on Shelborne Road.
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Hamilton Osborne King, Dublin
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It has been a mixed year for the Dublin-based agency. Last June, the company saw a 10-year relationship with CB disappear as the US giant chose the younger Insignia Richard Ellis Gunne as its new partner.
Hamilton Osborne King was disappointed because it had strong credentials, having handled more than €2bn of cross-border investment deals in the five years to 2003. But one year on, and the company is very much looking forward, not back.
Paul McNeive, who took over as managing director on 1 September, says: “We are gaining market share in all sectors. Our alliance with Knight Frank has been very successful.”
In the year to September, McNeive says turnover has increased by 20% to more than €20m, and profits are up to €10m. Staff levels have risen from 165 last year to 180. “That is driven by overseas and Irish investment, ” says McNeive. “We have acquired our first European mixed-use development opportunity in central Brussels on behalf of a jv between HOK Investors and Woodford Construction.”
Away from the triumphs in Dublin, HOK’s Belfast office did not fare so well, and the three-man Northern Ireland base closed earlier this year.
McNeive says there are plans for HOK in Belfast to be reborn. Work has never stopped in Northern Ireland, and the company has “retained our office premises in the city”.
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GVA Grimley, Belfast
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London-based GVA Grimley has taken the plunge, opening a Belfast office in August. The office will be staffed by (above, l-r) partner Paul Scott, consultant planner Tom Stokes, partner Kevin McGovern – formerly of Belfast firm Colin Buchanan, GVA regeneration partner Gerry Hughes, and associate Michelle Henry.
McGovern is not worried about entering the Northern Ireland market, despite its notorious difficulties
having claimed the scalp of Strutt & Parker and, most recently, Hamilton Osborne King. GVA Grimley’s decision to open an office was, he says, based on its confidence in the Northern Ireland economy and the skilled staff the company can allocate, especially in planning and regeneration.
McGovern, who was involved in the masterplanning of Belfast while at Buchanan, is now involved with the city’s North West Quarter Strategy. “We won’t necessarily be looking at agency, ” he says. “We are more concerned with consultancy.”
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BTWShiells, Belfast
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After extolling the benefits of being part of a large English chain, Keith Shiells led a management buyout that saw the end of Lambert Smith Hampton’s name in Northern Ireland.
Last July, BTW Shiells, now Northern Ireland’s largest agency, was created by (right, l-r) investment director Paddy Brennan, professional services director Paul Thornton, agency director Douglas Wheeler and chief executive Keith Shiells.
The company agreed with LSH’s parent company WS Atkins that Lambert’s name would not be used in Northern Ireland for at least two years, and that BTW would not open a Dublin office for at least a year.
That year is now up. But, despite hints and talks about going to Dublin, Shiells categorically states there will be no BTWShiells, Dublin.
“We have no plans for Dublin. The Dublin market is very tight. And we have no plans for affiliations. We are enjoying our independence,” he says.
Shiells says he is happy to continue concentrating on building the Belfast-based business, which has made a number ofhigh-profile shopping centre investment deals over the past year. These include buying the Priory Meadow, Hastings, last December for £61.5m, and the Martineaux shopping centre in Birmingham in July, for £93m.
Shiells refuses to reveal any financial figures for the company.
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CBREG, Dublin
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Just over 12 months ago, Insignia Richard Ellis Gunne scooped one of the biggest prizes in the Irish agency market by winning the favour of CB to become CB Richard Ellis Gunne.
However, getting the prize was blighted by the loss just days before the merger of two senior executives – Garvan Walsh and Jeremy Kelly – who went on to form their own practice, Kelly Walsh.
Pat Gunne, CBREG’s managing director, called the resignations “disappointing”, because they were “great operators, and good friends of mine from college”.
But, the resignations did not affect CBREG’s first year. Gunne describes 2004 as “our best year ever both in terms of turnover growth and profitability”.
“We expect fees to be up by nearly 50% to €12m, which is where we expected to be in 2006. It is very encouraging.”
Gunne says the company’s overseas investment division saw the most dramatic growth. “With our new team in place, we have exploited the huge volume of capital being invested by Irish investors abroad.”
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All change Noella Pio Kivlehan reports on the takeovers and launches that have characterised the last year for agents in Ireland
There were many changes and movements among Irish agencies last year and in the first half of this. New agencies were created and the names of others changed. Given that the market started to slow last year, no more new firms are likely to arise in the near future. But there is still plenty of rivalry to win the latest deals and continue tapping into the Irish investor market.
In Northern Ireland last year, Lambert Smith Hampton’s name was lost when a management buyout saw the company reborn as BTW Shiells. Also lost from Belfast was Hamilton Osborne King. But a newcomer in the north was GVA Grimley, which opened an office in August.
In the Republic of Ireland, there were breakaways and repositioning involving a number of agencies.
Low interest rates
Paul McNeive, who celebrates just over 12 months at the helm of Hamilton Osborne King, commemorates a year allied to Knight Frank. HOK was beaten by rival Insignia Richard Ellis Gunne for the CB title when the US giant sought a new partner after it took over Insignia Richard Ellis.
McNeive said the loss of their alliance with CB after 10 years was disappointing. Pat Gunne, CBREG’s managing editor, was understandably pleased, although he did lose some top staff just prior to the CB link-up.
DTZ SherryFitzgerald in Dublin also suffered the loss of three top people who broke away to open their own agency in Dublin (see MJ Meagher O’Reilly panel).
Spurred on by GDP forecasts of 5% and continuing low interest rates, several agents in Dublin have been predicting the return of the Celtic Tiger. But they do not believe there will be any more breakaways.
It is equally unlikely that any more large London-based companies will follow GVA Grimley’s lead into Ireland. Cushman & Wakefield Healey and Baker, one of the UK’s biggest firms, still has no office in either Northern Ireland or the Republic of Ireland — and it has no plans to open one.
Clive Bull, head of London investment at CWHB, says his company has everything it needs through its affiliation with Lisney. “Lisney is a strong firm. It has a network in both Northern Ireland, and the Republic, and it works for us to have access to Lisney’s clients. It means we haven’t had to make a massive financial injection into Ireland.”
HT Meagher O’Reilly, Dublin
Four former DTZ Sherry FitzGerald agents – Adrian Trueick, Declan O’Reilly, James Meagher and Deirdre Hayes split from the company in May and set up their own practice in Dublin.
The company, which now includes (above, l-r) Paul Hanly, Trueick, O’Reilly, Robert Fey, Meagher and Hayes, handles lettings in Dublin, including the Smithfield Market Development, Swords Business Campus, Park West, and the Oval on Shelborne Road.
Hamilton Osborne King, Dublin
It has been a mixed year for the Dublin-based agency. Last June, the company saw a 10-year relationship with CB disappear as the US giant chose the younger Insignia Richard Ellis Gunne as its new partner.
Hamilton Osborne King was disappointed because it had strong credentials, having handled more than €2bn of cross-border investment deals in the five years to 2003. But one year on, and the company is very much looking forward, not back.
Paul McNeive, who took over as managing director on 1 September, says: “We are gaining market share in all sectors. Our alliance with Knight Frank has been very successful.”
In the year to September, McNeive says turnover has increased by 20% to more than €20m, and profits are up to €10m. Staff levels have risen from 165 last year to 180. “That is driven by overseas and Irish investment, ” says McNeive. “We have acquired our first European mixed-use development opportunity in central Brussels on behalf of a jv between HOK Investors and Woodford Construction.”
Away from the triumphs in Dublin, HOK’s Belfast office did not fare so well, and the three-man Northern Ireland base closed earlier this year.
McNeive says there are plans for HOK in Belfast to be reborn. Work has never stopped in Northern Ireland, and the company has “retained our office premises in the city”.
GVA Grimley, Belfast
London-based GVA Grimley has taken the plunge, opening a Belfast office in August. The office will be staffed by (above, l-r) partner Paul Scott, consultant planner Tom Stokes, partner Kevin McGovern – formerly of Belfast firm Colin Buchanan, GVA regeneration partner Gerry Hughes, and associate Michelle Henry.
McGovern is not worried about entering the Northern Ireland market, despite its notorious difficulties
having claimed the scalp of Strutt & Parker and, most recently, Hamilton Osborne King. GVA Grimley’s decision to open an office was, he says, based on its confidence in the Northern Ireland economy and the skilled staff the company can allocate, especially in planning and regeneration.
McGovern, who was involved in the masterplanning of Belfast while at Buchanan, is now involved with the city’s North West Quarter Strategy. “We won’t necessarily be looking at agency, ” he says. “We are more concerned with consultancy.”
BTWShiells, Belfast
After extolling the benefits of being part of a large English chain, Keith Shiells led a management buyout that saw the end of Lambert Smith Hampton’s name in Northern Ireland.
Last July, BTW Shiells, now Northern Ireland’s largest agency, was created by (right, l-r) investment director Paddy Brennan, professional services director Paul Thornton, agency director Douglas Wheeler and chief executive Keith Shiells.
The company agreed with LSH’s parent company WS Atkins that Lambert’s name would not be used in Northern Ireland for at least two years, and that BTW would not open a Dublin office for at least a year.
That year is now up. But, despite hints and talks about going to Dublin, Shiells categorically states there will be no BTWShiells, Dublin.
“We have no plans for Dublin. The Dublin market is very tight. And we have no plans for affiliations. We are enjoying our independence,” he says.
Shiells says he is happy to continue concentrating on building the Belfast-based business, which has made a number ofhigh-profile shopping centre investment deals over the past year. These include buying the Priory Meadow, Hastings, last December for £61.5m, and the Martineaux shopping centre in Birmingham in July, for £93m.
Shiells refuses to reveal any financial figures for the company.
CBREG, Dublin
Just over 12 months ago, Insignia Richard Ellis Gunne scooped one of the biggest prizes in the Irish agency market by winning the favour of CB to become CB Richard Ellis Gunne.
However, getting the prize was blighted by the loss just days before the merger of two senior executives – Garvan Walsh and Jeremy Kelly – who went on to form their own practice, Kelly Walsh.
Pat Gunne, CBREG’s managing director, called the resignations “disappointing”, because they were “great operators, and good friends of mine from college”.
But, the resignations did not affect CBREG’s first year. Gunne describes 2004 as “our best year ever both in terms of turnover growth and profitability”.
“We expect fees to be up by nearly 50% to €12m, which is where we expected to be in 2006. It is very encouraging.”
Gunne says the company’s overseas investment division saw the most dramatic growth. “With our new team in place, we have exploited the huge volume of capital being invested by Irish investors abroad.”
