The group is doing this as part of its plans to increase its focus on long-term strategic asset management.

The contract – which will commence on 1st December 2018 – will see Derwent staff impacted by the decision transferring to Savills. 

The group’s 2.8 million sq ft commercial property portfolio includes Liverpool Shopping Park, Walkden Town Centre, White City Retail Park, Lancaster Business Park and Goose Green in Altrincham.

It will continue to remain debt free, although it’s estimated that it will have more than £50m to spend on acquisitions over the next three years.

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Hugo Clark, group property managing director at Derwent Group, said: "This is a major move for the group and underlines our intention to deliver best-in-class property management to our occupiers while focusing Derwent’s efforts on value creation through asset management.

“Working with Savills retail warehouse and commercial property specialists will enable us to rapidly expand our capabilities across IT systems, procurement, health and safety, and compliance. 

“We will be working closely with Savills to ensure that our assets are well positioned to meet the challenges of the current operating environment and offer a great experience to occupiers and visitors alike.”

Megan Keany, property management director at Savills, Manchester, said: “As the Derwent Group is one of the largest and most successful property owners in the North West, appointing an external managing agent for the first time is a major milestone.

“We look forward to supporting the group through this cultural shift and helping to fully maximise the value and performance of its extensive property portfolio.”