Palmer McCormack, one of Dublin's top commercial estate agents, is to be dissolved following a decision yesterday by seven of its eight partners to set up a rival consultancy.

The other partner, Pat McCormack, could not be contacted for comment last night.

The new firm, HWBC Chartered Surveyors, will be affiliated to Savills, the UK based international estate agency. Palmer McCormack had a similar affiliation. This link will allow HWBC to provide expert advice to Irish investors on the UK and international property markets.

Palmer McCormack has been one of the most successful Irish agencies and had a turnover last year of more than €5.5 million. It has represented some of the leading developers, institutional investors and occupiers including Green Property, Treasury Holdings, Alanis and Canada Life. HWBC is expected to take most of the staff of Palmer McCormack when it moves today to new offices at International House on Lower Hatch Street, Dublin 2.

Michael Harrington, who will be the managing director, filled a similar role in Palmer McCormack. He said last night that they saw HWBC as a great opportunity "to take our existing business to a whole new level, focusing on what we do best...providing innovative market-led advice across the entire commercial property market." Tony Waters, who will act as chairman, recently advised the Alanis consortium in the €100 million purchase of the Royal Exchange portfolio in London.

One of the main strengths of the new company will be in the retail sector where Michael Harrington and Eoin Feeney are acknowledged as two of the main players in the market. They are advising British Land on the redevelopment of the Ilac centre and have also been working on the Blanchardstown Town Centre.