DTZ disbands residential division

  DTZ is selling its Scottish residential business and disbanding its UK residential lettings team as part of an overhaul that will lead to 20 staff leaving the firm.   The agent is in talks to transfer its Edinburgh estate agency in Queensferry Street to Blackie Ballantyne, a new business formed by DTZ director Cameron Blackie, who has headed the agency for five years, and former DTZ employee Rory Ballantyne.   DTZ said client instructions would be transferred to the new company, and hoped that the office’s 15 staff would be offered employment.   In England, four positions will be made redundant following the closure of DTZ’s UK lettings business.   Its London office in Ebury Street, SW1, has closed and the future of its remaining estate agency, at Thorpe House in Oxted, Surrey, is under review.   As part of the shake-up, Peter Braithwaite will stand down as chairman of DTZ Residential in the new year, but will continue working for the firm on a consultancy basis, advising key clients and working on major projects.   The team will now be led by two directors – Stephen Jennings, with responsibility for housing land and development, and Andy Palmer, with responsibility for new homes. They will both report to Ian Thomas, DTZ’s head of London and the South East.   The restructuring is part of redundancy consultation talks on 100 UK jobs, which began in September.   DTZ is trying to save more than £50m a year through various cost-cutting measures.   A spokeswoman said: “DTZ is restructuring its residential business in the UK to focus on its core capabilities of consultancy, land and development and, in London and the South East, new homes.   “DTZ’s residential estate agency at Ebury Street in London has closed and four roles have been identified for redundancy.   “DTZ’s residential estate agency at Oxted, Surrey, continues to operate as normal.”   patrick.clift@estatesgazette.com