FPDSavills has entered the Leeds market with the acquisition of a niche commercial practice.
It has bought Peter Lund & Partners as the first step towards building a full-service office in the city with up to 20 staff.
As EG went to press, news also broke that Knight Frank’s Leeds office agency partner Paul Fairhurst had resigned and was expected to join the Savills office.
Peter Lund and Chris Fox, the niche firm’s two partners, both move across as directors. Savills chairman and chief executive Jeremy Helsby would not disclose how much it paid to take over the agency, investment and development business, saying only that “both sides are very happy with the price”.
Lund will be office head and Fox development director.
Helsby said: “We’ve been speaking to developers and funds and asking for recommendations. Peter’s name came up from a number of people as the best niche player in Leeds.”
He added: “It’s an extremely profitable business.”
Lund said the move was a “quantum leap” that would give his firm the resources to expand.
Savills said it was close to appointing a commercial leasing director and would then add a residential team. It is looking for a 2,500-3,000 sq ft office.
Savills has commercial offices in Manchester, Birmingham, Glasgow and Edinburgh. It plans to add a commercial team to its Bristol office in the next year.
Peter Lund & Partners
Peter Lund left Weatherall Green & Smith to found his own practice in 1987. He was joined by Chris Fox, formerly a director at Keith Cardale Groves, in 1994.
They recently advised law firm Cobbetts on its relocation in Leeds and are advising Simons Developments on the 7-acre, mixed-use scheme at Sweet Street, Leeds. Town Centre Securities is another key client.
References: EGi News 26/11/04
