Savills have opened a new office in Exeter after growth in the area over the last six years saw the firm expand quickly.

Since April 2001, when the firm opened its first office in the town, it has had to establish a second location to accommodate an increasing number of staff, up from four in 2001 to 40 last month.

The two older offices have now been closed and a new 5,000 sq ft office established in order to centralise operations.

Martin Lamb, head of the office, said that the move went without a hitch and expressed confidence in the future of the firm.

"Our aim is to be able to provide property advice in every sector from our office and we are now attracting the best talent in the South West. This with the Cornwall success in 2006 of our residential office in Truro and management office in Bodmin, marks Savills firmly as the dominating property force in the South West," he said.

Yesterday, Savills reported a seven per cent rise in pre-tax profits and predicted that it would meet its yearly target despite recent economic problems stemming from the US sub-prime lending crisis.