The property advisory group acting for the firm that wants to build Coppergate phase 2 has offloaded its residential agency in York.

DTZ Debenham Thorpe, of Fossgate, which acts for Land Securities in its bid to build the £60 million home and shopping complex straddling the Ouse in the city centre, has sold its residential agency in Colliergate.

The buyer, for an undisclosed sum, is Stephenson & Sons, which specialises in residential and agricultural property and, in association with Boulton & Cooper, extensively covers North Yorkshire.

The five DTZ staff at Colliergate, four of them full time, have now transferred to Stephenson & Sons.

DTZ Debenham Thorpe last month reported pre-tax profits on its national and international operations up 58 per cent to £7.74 million on turnover up by a fifth to £79.61 million but in York it was decided to concentrate activity exclusively on the commercial side.

Ian McAndrew, director of DTZ Debenham Thorpe's 14-employee commercial office in Fossgate, said: "Our commercial business in York has gone from strength to strength in recent years."

Apart from his firm's portfolio with Land Securities, it also acted for Marks & Spencer when it sought to acquire property for its massive York city centre extension. It represents Norwich Union, landlords of the newly-revamped Davygate arcade; and it acts for White Rose Development Enterprises on its 80 acre York Business Park in Poppleton.

Mr McAndrew said: "It is the commercial and residential land and development sides of our business where we see the most potential for growth and it is here we want to focus our development in the future. It is very much about core business and staff.

"Because Stephenson & Sons were York based it meant that there was a synergy between the two."

Ian Reynolds, partner of Stephenson & Sons said: "We are very satisfied with our acquisition of DTZ's residential agency which represents an important step in our planned expansion."

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