Dundee-based chartered surveying firm Shepherd yesterday hailed the return of speculative property development, as it seeks to grow its commercial consultancy business following a merger with Glasgow-based Keynorth.
The Albert Square-headquartered firm said it had agreed terms with Keynorth over a merger of the complementary businesses and would be creating jobs as it steps up its offering to create a “market-leading” brand.
It said its priority would be to recruit in Edinburgh and Dundee, which is poised to benefit from a construction boom as the city seeks investment in its £1 billion waterfront redevelopment.
Keynorth has been owned and managed by Mark Totten since 2000, and specialises in surveying and project management services to the commercial property sector.
Mr Totten will lead the newly-combined business under the Shepherd banner, after being appointed as a partner in the Dundee firm.
Shepherd said the agreement would enhance its “already substantial” commercial consultancy operations, boosting the quality of service to clients as it strives to take a bigger slice of the industry.
Senior partner George Brewster said the loosening of lending and finance conditions meant the time was right to boost its presence in the sector.
“It became evident from the first meeting with Mark that there was considerable synergy arising from this deal that enables us to offer clients an integrated property solution with building consultancy and surveying at its core,” said Mr Brewster.
“With the availability of development funding now returning to the market, I believe the timing of this announcement is central to Shepherd’s client service proposition, with many now beginning to consider speculative opportunities once again.”
The combined business will employ 14 staff across an office network including bases in Aberdeen, Dundee, Edinburgh, Inverness, Glasgow and Dumfries.
Mr Totten said the merger was a “very exciting prospect for everyone”.
“This merger is a perfect fit for both firms and a tremendous opportunity for me personally to participate in the further development of an established building consultancy business within a highly regarded national firm,” he said.
“Shepherd’s national building consultancy coverage, its strength and diversity of clients, and the quality and experience of its building surveying staff combine to make this deal a very exciting prospect for everyone.
“Whilst the Keynorth brand will be phased out following the merger, it will be a case of business as usual, as the merger will be administered in a seamless manner to ensure there will be no impact on clients or projects.”