Tom Smithers, who joined the business as an asset manager in 2016, has become property director. He will now take a “leading role” in Ashby’s future development activities, the company said.

Lucy Arthur, who has been with the business since it was founded and has led a drive to bring wellness to traditional offices, has been made operations and marketing director. Lastly, Joe-Man Wan, who also joined in 2016, has been promoted from investment analyst to investment associate. He analyses the feasibility of investment opportunities and handles financial operations in the management of Ashby’s portfolio.

Peter Ferrari, chief executive, said: “I’m proud of the close-knit team we’ve created at Ashby and the talent we’ve nurtured here. Lucy, Tom and Joe are exceptional operators who do outstanding work to source, develop, maximise and market our investments.

“Having invested £1.7 billion since our inception and with some exciting future activity in the pipeline, these promotions recognise these three individuals’ contribution to our continued business success.”