Jones Lang LaSalle has sold off a residential business acquired through its takeover of King Sturge.
The Plymouth residential estate agency has been sold to Atwell Martin Plymouth for an undisclosed sum, JLL said this morning.
The Plymouth office was bought by King Sturge in 2007 and became part of JLL in May following the merger of the two businesses.
Jeremy Richards, regional head for South West and Wales at JLL, said: “Our commercial property and investment activities in Plymouth are unaffected and our commercial staff will be redeployed to our Exeter office. This is an isolated business sale which impacts only our residential agency services. We remain committed to the city and to our clients, who will be well served by our Exeter office.
“The existing residential staff will transfer with the business and we will be working collaboratively with Robert Atwell, a former partner of King Sturge, and the new owners on various development projects in Plymouth and the wider region.”
JLL, which bought King Sturge for £197m, announced last week that it had entered into a redundancy consultation across its UK business.
The firm, which employs 2,700 people across the country, said that the consultation had been launched in response to the ongoing economic downturn.
julia.cahill@estatesgazette.com
