With its commercial property business back to the same levels as during the boom, Savills is to embark on a major expansion of its Dublin headquarters. It is gearing up to move its entire commercial operation from number 32 Molesworth Street to the adjoining building, Lisle House, which will give it almost twice as much space – 1,858sq m (20,000sq ft).
Savills has already relocated its residential business to Dawson Street, where newly appointed Graham Murray is steadily rebuilding this part of the business.
Lisle House was bought during the boom for about €29 million by a six-man investment group, headed by Derek Quinlan, and is now valued at less than €10 million. Receivers Grant Thornton are funding an extensive refurbishment of the former Davys-occupied building, and Savills are also contributing to the final fit out, which will have a range of modern facilities, including a canteen and a gym, for the 170 Dublin-based staff. Savills has a further 50 employees in Cork and Belfast.
The surge in commercial property sales over the past 18 months has led to the recruitment of 60 staff in Dublin with the investment team increasing from four people to 11 and the asset management department from six to 30.
Investment specialist Domhnall O’Sullivan, who has been given the responsibility of moving the Savills operation to number 33 by Christmas, says it is “quite satisfying” to have staff numbers back to the same level as during the peak.
Savills previously traded as Hamilton Osborne King and cashed in when it decided to sell the business to the UK company – in June 2006 , two years before the crash – for €55 million.
