JLL rejigs regional team
Andrew Rands, associate director in the consultancy’s office agency team in Manchester, will move to the capital markets team and be replaced by Rhys Evans from Avison Young’s office agency.
Evans is currently associate director of office agency at Avison Young’s Manchester office.
In his role as associate director of capital markets, Rands will work alongside directors James Porteous and Ed Blood, as JLL look to grow its reach in the sector. Rands has worked in office agency at JLL for seven years after joining the team as a graduate in 2014.
Further hires include Anna Mackay, who joins the business space team as a surveying executive, and Tom Smith – previously a building surveyor at Lambert Smith Hampton – in JLL’s building consultancy team as a senior surveyor.
Stephen Hogg, JLL North West’s lead director and head of residential UK regions, said: “It’s brilliant to be able to bolster the team with these strategic hires. I’m particularly excited about Andy’s appointment within the capital markets team – the availability of capital is at levels we have not seen for a long time, so being able to advise clients with more resource will put us at the forefront as the market returns.”
He added: “We’ve specifically recruited in our offices department, and Rhys joins the team at a pivotal time.
“In 2020, JLL North West was responsible for 40% of all office space transacted in Manchester and Salford, including the largest deal of the year with Muse Development’s One Bailey to BT. [Office agency] will be a key focus area of the business as we now look towards our recovery.
JLL globally reported its full-year results for 2020 this week, showing that consolidated and fee-based revenues were down 12% and 19% respectively on the previous year.
However, the New York Stock Exchange-listed firm also reported record full-year operating cash flow of $1.1bn, “reflecting strong cash collections” and boosting its ability to pay down credit.
The firm is in a “resilient” position to capitalise on wider economy recovery in a post-pandemic environment, it added.
Hogg said he is “cautiously optimistic” about market recovery in 2021. “I’m very proud of how the whole team pulled together and performed in the face of a very tough year, and we feel poised and prepared for our next phase of growth – especially now that we’ve relocated to our new North West HQ at Landmark in Manchester, which has been designed specifically to support and inspire our teams.
“I’m confident and cautiously optimistic about our roadmap to recovery. We’re looking forward to what lies ahead.”
JLL acted as agent in the sale of the 1970s Renaissance hotel on Manchester’s Deansgate to a Property Alliance Group and Starwood Capital Group joint venture last month, and said it received 11 detailed bids for the site exceeding £250m in total. The value of the sale was not disclosed.
“The process highlighted that international interest in Manchester has by no means slowed; we received bids from the UAE, the USA, and further afield,” Hogg said.
“The city region is an enduringly attractive option for investors, and we feel confident that the 2021 ‘build-back’ will be both quick and strong, solidifying its standing on the global stage.”