DTZ returns to profit after improved year

Jul 14 2010 by Alun Thorne, Birmingham Post

A number of key instructions for DTZ’s Birmingham team helped contribute to an improved year for the property consultancy.

The company saw its losses fall sharply for the year - down to £22.9m from £79.7m - after a successful year in the Asian market as well as seeing significant improvements in the Americas.

Overall revenues slipped slightly from £356m to £364m with the company posting an operating profit of £3.6m compared to a loss of £35.1m last year.

Geoff Thomas, Birmingham based regional chairman for DTZ in the Midlands and South West, said: “A number of key instructions demonstrate the strength of our local teams including our appointment as adviser on the prestigious New Street Station development and upgrading project, which includes the Pallasades Shopping Centre. 

"This instruction, on behalf of Birmingham City Council and Network Rail, provides a range of professional services including development consultancy, valuation, management set-up, leasing and investment agency.

“Significant to the Birmingham office is DTZ’s appointment to manage the entire UK property portfolio for Barclays’ Global Retail Banking arm.  The expanded Barclays contract will be run by the Birmingham based corporate real estate management team.

”In spite of the difficult market conditions, DTZ’s agency teams have also had some notable successes, including the acquisition of 40,000 sq ft of Grade A office space at Baskerville House, on behalf of The Legal Ombudsman.  This deal represents the biggest acquisition in the city centre so far this year.”