Cushman & Wakefield has scrapped its new homes and international project marketing operations within its UK residential business, resulting in job cuts and staff redeployment.
The agent’s UK and Asia-based operations have disbanded after it decided to withdraw from selling homes in the UK.
C&W said the closures were part of a strategic move away from consumer sales as part of a long-term review and were not driven by any specific event. However, the coronavirus pandemic effectively froze the housing market for seven weeks, with longer-term economic impacts expected to depress both prices and transaction volumes.
The review had also affected retail teams, as reported by EG in March, with cuts understood to have included the shopping centre investment team.
The new homes division was headed by Mike Bickerton, who has been a partner with the firm for 24 years, and international projects was led by Neil Batty, an international partner for four and a half years.
The teams advised on buy-to-let and owner-occupier purchases, with around 15,000 off-plan homes under instruction, according to its website. C&W is now working with clients on a transition process while it honours existing commitments.
Employees in the residential business are currently negotiating new roles as the agent refocuses on business-to-business operations.
This includes development and residential investment with a focus on build-to-rent under the residential capital markets team, which the firm expanded last year with a number of hires.
The residential investment team now sits under C&W’s specialist sectors group, led by David Haynes.
A spokesman for C&W said: “Following a comprehensive review of our business, we are withdrawing from the direct sale of UK new homes.
“Our UK residential business will focus on providing services to developers, corporates and investors, consistent with our core business-to-business proposition and wider service offer.
“Going forwards, we see opportunities in unlocking value from development land, our advice to residential investors and our expertise in specialist sectors including student and retirement living.”
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