11 April 2014
Farebrother and Tuckerman launch Union Street Partners in South Bank

Two of central London’s leading independent niche real estate advisory firms have formed a new 50:50 joint venture which will provide a specific and bespoke service for the South Bank.

Farebrother and Tuckerman, best known for their experience and expertise in the Midtown and Victoria/Westminster mar­kets respectively, have launched Union Street Partners.

Union Street Partners brings together the many years of combined South Bank experience of both firms, to form the first new specialist real estate advisory agency in this market for over 20 years.

The new practice, which will be equally resourced and managed by Farebrother and Tuckerman, will be based in Cop­perfield Street, just off Union Street in the heart of the South Bank. Both firms will continue to operate independently as leading London real estate advisors, Farebrother anchoring its business in Midtown, with Tuckerman continuing to special­ise in SW1.

Union Street Partners will hit the ground running, with both Farebrother and Tuckerman already acting on a number of instructions in the South Bank market, encompassing over 150,000 sq ft of predominantly office space on behalf of a range of clients including CLS Holdings, Native Land, SWIP and Delancey.

The consolidation of the two firms’ complementary capabilities will enable the new practice to capitalise on a wealth of opportunities in a market which in recent months has become one of the capital’s most dynamic and fastest growing com­mercial and cultural locations.

The amount of office space let across the South Bank in 2013 was the highest for seven years, with take up reaching almost 1.7 million sq ft, more than double the corresponding figures for the previous two years. Investment transactions surpassed the previous year by 50%, making 2013 the strongest year of Annual Investment turnover on record.

Alistair Subba Row, Senior Partner, Farebrother, said: “South Bank is undergoing an unprecedented transformation and is now firmly established as one of London’s most important business districts. Our union with Tuckerman is a perfect fit; two very similar firms sharing identical business models and cultures coming together to create a new platform greater than the sum of its parts. It is a real meeting of minds, and a case of right time – right people – right place.”

“Both firms already have a strong track record in the market, but in coming together to share our experience, expertise and resources, we are able to offer clients a more rounded, considered and comprehensive service, which I believe is unrivalled in the market. In engaging Union Street Partners, clients are effectively buying into two agencies for the price of one. Any business, particularly in our industry, is only as good as its people, and we have collectively pooled a group of very talented, highly experienced and motivated individuals.”

Mark Fisher, Managing Director, Tuckerman, said; “I believe this is an incredibly exciting time for the London office mar­ket, with the South Bank emerging out of the shadows of the more established Central London markets. The creation of Union Street Partners is testimony to the confidence and commitment both Tuckerman and Farebrother has to the South Bank market.”

“Establishing this joint venture is a milestone for both firms, and we are all immensely excited at the prospects of growing the business. From the DAMIT (Design; Advertising, Marketing & PR; Media; Internet and Technology & Telecoms) clusters around London Bridge, to the public sector presence around Waterloo, punctuated by the iconic cultural landmarks, South Bank is being transformed into a social and commercial hub, with the market set to go from strength to strength.”

Earlier this year, Farebrother unveiled its new ground breaking analysis of the South Bank market, for the first time splitting it down into five distinct submarkets: London Bridge, Bankside, Waterloo, Borough West and Bermondsey. Union Street Partners will expand on that research and given the exciting development pipeline covering Vauxhall, Nine Elms and Bat­tersea Power Station, will be publishing data across a much wider area, encompassing the SE11, SE17 and SW8 postcodes.