Property firm defies the downturn

AS further high profile recruits join WSB, Ian Briggs speaks to the Yorkshire property consultants which has proved the doubters wrong following a successful first year in business.

“We’ve had a storming first year and with all the work we’ve got in the pipeline things are looking good,” says David Watson, one of the founder members of Yorkshire property consultants WSB.

There’s no gloating from the directors of the Leeds-based business about the way WSB has won work from the bigger, more established firms, despite claiming many thought the business had no chance of survival given its launch during the worst recession of recent times.

But for Mr Watson and the firm’s other founding directors, Duncan Senior, Robin Beagley and Carl Smith, failure was never on their minds and they believe they’ve turned the downturn in the property market to their advantage.

WSB specialises in commercial office, industrial, retail agency, investment consultancy, planning and development, and professional services.

And with team, which also employs David Smith, further boosting its agency presence through the appointment of Adam Mobley from King Sturge, its future is bright.

Major wins over its first year of trading included acting on the major letting of 55,000 sq ft of office space at Livingstone House at Clarence Dock in Leeds to Yorkshire Water on behalf of GE Real Estate, a 36,000 sq ft at 10 South Parade in the city on behalf of Wilton Developments, and 20,000 sq ft at 17-21 York Place, also in Leeds, on behalf of O’Rourke Reid.

Despite the continuing challenges in the commercial property market, WSB are upbeat about the future prospects for office and industrial take up within the region. 

Mr Beagley, partner in WSB’s office agency team, said: “We have had an extremely positive 12 months during which time we’ve secured over 500,000 sq ft of office instructions to let or for sale and transacted over 150,000 sq ft of office space and over 250,000 sq ft of industrial space in the region. 

“We’ve seen a lot of activity, particularly in the smaller size ranges from local and regional companies and we see this trend continuing over the coming year.”   

Mr Mobley, a retail and leisure property specialist, will soon be joined by business rates specialist Paul Giness from Beattie Partnership in Manchester.

Sitting in the company’s boardroom in Leeds city centre, Mr Watson is bullish about WSB’s prospects and believes the company’s nimble approach as a small company, as well as the experience and contacts of its staff, has given it an advantage over some of its bigger, more established rivals.

“It’s been refreshingly different for us over the past year,” says Mr Watson. “People we’ve spoken to have been a bit down and have been hacked off with the bigger firms.

“People have perceived the market hasn’t got any better when it actually has. We’ve taken a different approach and had some great results and we want to keep going from strength to strength.”

Mr Mobley, fresh from a period of gardening leave following his exit from King Sturge, where he worked for 12 years and was a partner, and Mr Giness will complete the skills across all sectors at WSB.

However, the firm is not ruling out making further appointments if the right candidate is available.

“If the right people come along and offer the right opportunities we’d be foolish not to explore them,” says Watson.

Mr Mobley, who claimed to be bringing several clients with him from King Sturge, including Whitbread, said: “It was a very difficult decision to leave such a close knit team however I wanted a fresh challenge and the opportunity to join WSB’s expanding Leeds office as an equity partner was one that I just couldn’t miss.

“There are still tough times ahead in the property market but there are some very acquisitive operators in the retail and leisure sectors which we will be assisting in identifying suitable opportunities.

“I will be advising a number of WSB’s major national clients who have requirements throughout the North West, North East, Yorkshire and Lincolnshire areas. This will provide WSB with a solid foundation from which to build our presence in the regional retail and leisure market.”

On the appointment, Mr Watson adds: “Securing an experienced surveyor of Adam’s calibre represents a major coup for the business. 

“This key appointment significantly enhances WSB’s agency and development profile in Yorkshire and further enables us deliver the results our clients are seeking in this challenging market.”

Mr Beagley and Mr Watson left Lambert Smith Hampton to launch WSB alongside Mr Senior, formerly of CB Richard Ellis.

Carl Smith, a specialist valuer, joined from Christie & Co, while industrial property specialist David Smith arrived from Dresler Smith.