Douglas Newman Good Commercial acquired by rival

Property agent Lambert Smith Hampton has acquired rival Douglas Newman Good Commercial for an undisclosed sum.

Founded by Edmund Douglas in 1993, Douglas Newman Good Commerical manages over 2 million sq ft of assets, generating income in excess of €45 million per annum. Its services include property management, sales and acquisitions, lettings, rent review negotiations and valuations.

Key clients include AIB, Bank of Ireland, Grant Thornton, Nama, State Street and Tesco.

Edmund Douglas will head Lambert Smith Hampton's enlarged operations in Dublin and Galway. Peter Rowan, who was previously head of Lambert's Dublin office has left the business.

Lambert Smith Hampton, which can trace its origins back to 1773, is a national commercial property consultancy with a network of 26 offices across the UK and Ireland.

It has been on the acquisition trail of late, acquiring BTW Shiells, one of Northern Ireland's largest estate agents in 2014, and both ES Group and Tushingham Moore earlier this year.

BTW Shiells was previously part of Lambert Smith Hampton until a management buy-out in 2003.

"It is no secret that Lambert Smith Hampton is on a mission to create the most progressive commercial property agency in the UK and Ireland. We have been investing selectively in areas such as retail agency and property management over the past 18 months, where we are seeing considerable demand for our services," said Ezra Nahome, the company's chief executive.

“Bringing Douglas Newman Good Commercial into the group is perfectly aligned with this strategy, building on our acquisitions of BTW Shiells and Tushingham Moore and giving us critical mass in markets where there is significant potential,” he added.