Savills increases its London property share
Upmarket estate agent Savills has acquired its rival Chesterfield in a deal which looks likely to ensure its dominance in the central London property market.
Chesterfield has racked up £400m of sales and acquisitions this year. It has also been involved with around 10% of properties in central London area which have a value of over £5m.
Savills has dealt 46% of sites in the £5m plus category, which means that the company will now have associations with 56% of the properties in the area.
The company, founded by Brian D’Arcy Clark and David Forbes over 20 years ago, will be re-branded as Savills in the New Year.
Jonathan Hewlett, head of Savills London region, said: “This acquisition will considerably strengthen our presence within the heart of prime central London.
“Brian and David will have managerial responsibility of the prime central London agency to include the four offices Sloane Street, Knightsbridge, Kensington and Hampstead and will be driving the strategy for these offices to work together on forging our position in the market place.”
D’Arcy Clark said: “The central London market is increasingly being driven by profits and bonuses generated in the City, along with of course, the influx of money from abroad.
“To become part of an international marketing organization was the obvious next step for us and who better than Savills with their global network of over 140 offices and associates world-wide.”
© Crimson Business Ltd. 2006