Hammonds partner Michael Cassidy has been appointed chairman of Eagle Strategic Land, a new property company that is expected to list on the Stock Exchange before Christmas.
Eagle, which is sponsored by London property entrepreneur Mel Griffin, aims to purchase and get planning consent for disused sites and then redevelop them. In particular, it will focus on failing football stadiums.
Griffin already heads a group of investors who brought Hull City's Boothferry Park stadium with plans to redevelop it for retail use. His name was also linked with a possible takeover of Swansea City FC's stadium, the Vetch, in early 2002.
Cassidy said: "It's at the very sharp end of property, so I'm going to be very much hands-on. We'll look at difficult situations and try and turn them into profit."
Thomas Eggar is advising on the formation and listing of the new company, but Cassidy said that Hammonds might get some work further down the line.