Hodnett Martin Smith’s 10-strong property management team has resigned to join leading Covent Garden and South Bank specialist EA Shaw.
The team opted out of DTZ’s £9.1m acquisition of the West End agent, which was signed last week (5 March, p37), and is taking its principal client Shaftesbury to EA Shaw.
DTZ is already Shaftesbury’s valuer. Shaftesbury chief executive Jonathan Lane said he had given Bark’s decision the “thumbs up”. “If I were ever asked, I would generally prefer that valuation work, which is a form of audit, should be seen to be independent. I’m sure DTZ reached that conclusion without me ever saying it,” he said.
But he added: “The HMS team’s decision certainly wasn’t directly linked with us.”
The team, led by shareholding director Nick Bark, wanted to remain within a niche practice. It manages 1.35m sq ft of property in Covent Garden and Soho, including more than 200 shops, bars and restaurants owned by Shaftesbury.
Clients including PPG Metro, Dawnay Day, KBC and Picasso Investments are also moving.
Bark, who takes over from Richard Deeble-Rogers as head of the combined department at EA Shaw, said: “We feel that we give our clients a bespoke service, which is all about attention from high-level property people. We’ve chosen EA Shaw to continue that.”
Directors Neil Milburn and Mike Stones are moving with him, along with two associate directors, two junior surveyors and three accountants, doubling the size of the EA Shaw team.
The parties had been in discussions for two months. The deal will diversify EA Shaw’s management business, which focuses on offices and residential property. Clients include Credit Suisse, United Grand Lodge, Arlington, Standard Life and Soho Housing Association.
Deeble-Rogers said: “This puts us on a different plane. It means we can go to people and ask them to consider us next time they review their advisers.”
The HMS team will stay at their Regent Street, SW1, office until mid-May, when they move to EA Shaw’s building at 9-12 Bow Street, WC2.
