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Aberdeen outshines UK Knight Frank peers

Eric Shearer, Aberdeen-based partner of Knight Frank
Eric Shearer, Aberdeen-based partner of Knight Frank

The Aberdeen office of Knight Frank was the international property giant’s star performer in the UK during the year to March 31.

A 72% jump in profits and a 24% rise in turnover at the Granite City branch put other offices around Britain in the shade, the London-based firm said yesterday.

The record contribution to group results from Aberdeen was despite many north-east firms already reining in their spending in the wake of lower oil prices.

Eric Shearer, managing partner for Knight Frank in Europe’s energy capital, said: “The last four years have been very strong for us, with each year producing an increase in both turnover and profit.

“We have been particularly strong in the development and investment sectors, being involved in many of the major office and industrial lettings and sales in the city.

“Our business has been built on a very firm foundation of development work, where we provide advice on acquisitions, valuation, planning, design, project management, letting and sales.”

Knight Frank’s Aberdeen office has completed deals worth more than £200million in the past two years.

The largest were the £127million sale of the new Aker office complex at Aberdeen International Business Park at Dyce and the more recent change of ownership for EnQuest’s new North Sea office headquarters in a deal worth more than £44million.

Knight Frank did not give actual 2014/15 trading figures for Aberdeen as it reported record group profits and turnover.

The firm, which employs more than 12,000 people in 370 offices around the world, said overall pre-tax profits grew by 19% to £162million.

Group turnover was up by 13% at £443.1million.

Chairman and senior partner Alistair Elliott said: “Our global strategy is working and we are winning more best-in-class instructions, especially in capital markets, valuations, residential sales, tenant representation and office leasing.

“The benefits of a balanced business are, I believe, being delivered.”

Mr Elliott said Knight Frank’s 10 commercial offices around the UK, including the Aberdeen operation, had enjoyed their best ever year.