Knight Frank, estate agent to the rich and famous and a leading commercial property adviser, has come in with surging profits.
And its top partners have seen their salaries crash through the £500,000 barrier.
Pretax profit increased by 31 per cent to £24.3 million, up from £18.6 million in 2004. Turnover jumped 25 per cent to £ 171 million against £136.7 million.
The profits will be largely split between the firm's "proprietary partners". Each will get an average of £563,000, up from £489,000.
As of May 1 next year, Knight Frank will have a total of 38 such partners.
Staff will share a bonus pool up by 54 per cent to £21.4 million.
Total numbers of staff increased to 2,138 in the year from 1,977 in
There are more than 70 people in the Birmingham office which handles both residential and commercial.
Headed by Mark Swallow, the office recently moved to the highprofile location of No1 Colmore Row in the city centre. Founded seven years ago, it notched up a 25 per cent rise in turnover in the last year.
It was appointed on the landmark Mailbox project and has been acting for Abstract Land on Colmore Plaza, the redevelopment of the former Post & Mail building. Nationally, Knight Frank's residential arm had a record year, selling more than 250 houses at £2 million-plus apiece.
The firm recently announced a new strategic global partnership with leading New York-based commercial real estate brokers Newmark.
Nick Thomlinson, senior partner and chairman of the Knight Frank Group, said: "With a long and distinguished history of successfully operating in the global residential and commercial property sectors, Knight Frank continues to prosper and has experienced another record year of sustained growth." It is the first time the firm has released its results after converting to limited liability status.
The company said: "The UK country house market remains firm - we are still in the position of having ten buyers for every house we are instructed to sell. In addition, we have had a record year in the estates department, selling over 22,500 acres.
"Knight Frank continues to grow its activities across all fronts of commercial property. In particular, we have taken full advantage of a very strong investment market.
"We look forward to another year of continued growth for the group."