Nama work helps Savills back to profit

SAVILLS IRELAND has described 2010 as a “turnaround year” for the company, as consultancy work for Nama and insolvency processes led to the company returning to profit.

Despite the collapse of the Irish commercial and residential property market, Savills Ireland hired 30 new employees during the last 12 months.

A spokesman for the company said that, despite the reduced number of transactions, the company benefited from heightened demand for expert advice, including work for Nama.

Tenants’ issues with leases, examiners and liquidators were also a source of work.

“Savills, like most other property consultancy firms, had tough years in 2008 2009, particularly on the residential side, but 2010 was an excellent year for the business,” the company said.

Savills is one of the oldest property firms in Ireland, focusing mainly on commercial property. Formerly known as Hamilton Osborne King, it was bought by London-based property firm Savills in 2006 for €50 million.

The company has offices in Dublin, Cork and Belfast, as well as suburban residential offices throughout Dublin.

It employs approximately 140 people.

Savills Ireland parent company, Savills PLC, published full-year results for 2010 earlier this week, which showed that full-year profit more than doubled last year after real-estate deals increased in Asia and the London prime residential market remained strong.

Revenue rose by 21 per cent to £677 million, up from £560.7 million the previous year.

The listed company increased its presence in the Asia-Pacific market, with revenues from Asia-Pacific business now representing 41 per cent of overall group revenue. The company also noted an improvement in the property market in continental Europe.