Four of the UK’s biggest developers were forced to make job cuts this week as the sector prepared for more “darkness”.
Development Securities has closed its three-man Thames Valley operation and abandoned development activity in the region for the foreseeable future.
Director Christopher Reid, Piers Blewitt and development surveyor Stephen Naish – who joined last June – were left without jobs this week as DevSec came to terms with the lack of new development activity in the Thames Valley.
A spokesman said: “It is very unfortunate, and certainly no reflection on the ability of the individuals concerned.”
The commercial development wing of Tony Pidgley’s Berkeley Group – called Berkeley Commercial – is also being wound down.
Based in Cobham, Surrey, it was the driving force behind Ely Business Park in Cambridge and Gunwharf Quays in Portsmouth Harbour.
But chairman Pidgley said: “The commercial division has always been something we have had to have for mixed-use schemes.
“We do not specialise in straight commercial schemes and some of the commercial team will be incorporated into the wider business.”
Pidgley said half of the 12-strong development team, headed by commercial director Andrew Lewis and finance director Jeff Skinner, would move to managing Gunwharf Quays, while six employees, including former Knight Frank surveyor Oliver Quarmby, had decided to leave the company.
Bluewater developer Lend Lease said this week that it too planned to cut management jobs and West End specialist Benchmark is expected to announce job losses soon.
Sources said six people in the development and asset management teams were expected to leave Benchmark’s Grafton Street, W1, offices, including development executive James Lambert and asset manager Kim Stephenson.
Jeremy Titchen, commercial director at Grosvenor, said: “It is all darkness again in the development sector.
“There has been a downturn in offices, and few development opportunities are being taken up.
“However, as a result of natural wastage and our existing pipeline we are actually looking to recruit.”
References: EGi News 24/02/2003
