In the first merger to be announced this year in the estate agency and property management business, Knight Frank Ireland has merged with the Dublin-based Most Commercial Management Ltd. The new company will trade as Knight Frank Management.
The amalgamation will increase the new company’s turnover by €650,000. Eleven staff members in Most Commercial Management will be joining the new company. The little-known Most Commercial Managment was set up in 2005 to specialise in the fast- growing management side of the commercial property business. It has been managed by John Mockler and Gerry Butler, both formerly of DTZ, and Peter Moloney, who will be joining the new company.
Paul McDowell, managing director of Knight Frank Ireland, said that now more than ever before there was a need for asset and commercial property management on account of the downturn in property movement.
Knight Frank is understood to have made a net profit of €617,356 in the year ending in April 2010, after clearing losses of €1,319,086 in the previous 12 months. Knight Frank was controlled by the international estate agency up to September 2009, when ownership reverted to the Irish directors.
