London coup for Sherry FitzGerald

IRISH property group Sherry FitzGerald is to be the majority shareholder in the €8 million buy-out of one of London’s larger and oldest estate agency firms, Marsh & Parsons.

And, set to be managing director of the Central/West London venture, which will facilitate further Irish investment into prime London property, is the highly regarded Peter Rollings, one of Britain’s highest profile estate agents.

He stepped down as managing director of Foxton’s, London’s largest residential property sellers, amid market speculation as to his next move. His involvement is seen as a coup for the Irish-backed purchase.

Sherry FitzGerald last night confirmed its acquisition of the 150-year-old Marsh & Parsons which employs 60 people in seven branches, in Kensington, Holland Park, Notting Hill Gate, Bayswater, Chelsea, Knightsbridge, and Brook Green. The annual sales market in the affluent Central/West London district is worth over €7 billion.

Marsh and Parsons was bought from David Marshall, whose spent 38 years with the business. He will stay on as a consultant for the next two years.