DTZ claims major share of Manchester office market

DTZ said it now has 57% market share of office agency in Manchester as it unveiled its financial results for the year to May.

The office agency team was appointed on Allied London's massive Spinningfields scheme during the year and advised on the largest 11 deals in the city, the firm said.

Mike Mitchell, northern region chairman, commented: "DTZ's northern region offices, which employ around 400 people in Manchester, Leeds, Newcastle and Liverpool, made a strong contribution to group turnover during the financial year to the end of April 2008, in line with the group's overall performance."

Group revenue was up 44% to £446.3m, largely on the back of the acquisition of Donaldsons, with like-for-like revenue up 15% to £356.4m. However, pre-tax profit was down from £38m in 2007 to £20.6m. After exceptional items profit came in at £5.6m, compared to £41.8m the previous year.

Mitchell added: "Across the northern region there are a number of examples of DTZ's major business wins. In Manchester DTZ's award-winning office agency team of the year were involved in the top 11 largest deals in the city as part of its 57% market share. Significant highlights included DTZ's successful appointment on the Spinningfields scheme. This office development is the largest ever undertaken in the North West, alongside the most significant regional office scheme in the UK and the largest urban regeneration scheme in Europe. The team were also responsible for other key transactions, including Opus 340 and Square One, Manchester, the largest letting in 2007.

"DTZ's Manchester investment team also advised on 14 transactions with a capital value of over £133m. This included the sale of the Capella Portfolio, UK, the sale of The Pavilion, Blackpool and the acquisition of Cobalt Business Park, Newcastle upon Tyne.

"With the acquisition of Donaldsons in 2007, DTZ now boasts some of the largest teams in the northern region, including valuation, offices, investment, management and development consulting. The development consulting team, including planning, strategic development and regeneration, are currently advising on a number of high profile schemes across the region. These include the preparation of a framework, linked to the North West legacy for the Olympic Games, for the development of 12 sport villages across the region on behalf of NWDA. In Liverpool the team are preparing an investment framework for the new Liverpool Vision which will set development priorities for the city over the next decade."

DTZ will reduce its final dividend from 8p in 2007 to 3p this year.

Shares in the company were down 1% at 163p.