- Two NE Scotland deals underline Lomond’s new Stonehouse brand as leading force in Aberdeen’s residential property sector
- Manchester deal cements Lomond’s Thornley Groves business as leader in the NW city
The Edinburgh- based property management company, Lomond Capital, has completed its 18th, 19th and 20th acquisitions in its four years of trading, underlining its leading position in the growing private rental and residential property markets in Aberdeen, Edinburgh and Manchester.
In Aberdeen it has acquired Langley Serviced Apartments from Bill Brebner as well the lettings book of business from Alex Hutcheon Legal & Estate Agency business. The Aberdeen lettings team now has 1,600 property assets under its management worth £365m and has a 38-strong property management team, operating from three branches to cater for its growing client base.
The news comes as the various lettings brands owned by Lomond in the region are brought together under the Stonehouse name. The newly consolidated Stonehouse brand brings together the legacy brands Stonehouse, Simpson Brebner, K.W.A.D., Bon Accord and Yvonne Moir along with the newly acquired book of business from Alex Hutcheon.
In Manchester Lomond Capital has acquired Vital Space’s Manchester City Centre lettings business, which will be absorbed into its Thornley Groves operation in the North West city. The deal takes the total number of properties managed by Thornley Groves to 2,600.
Stuart Pender, Chief Executive of Lomond Capital, parent company of Stonehouse and Thornley Groves, said: “These three acquisitions, the 18th, 19th and 20th since we set up in 2010, bring great benefits to our offerings in Aberdeen and Manchester.
“We see Aberdeen, with its strong micro-economy, as a strategic pillar of our business plan. The Aberdeen property market has experienced consistent growth in recent years and has out-performed the central belt over the last decade. Being able to offer the corporate market excellent quality serviced accommodation through our Langley Apartments business is an exciting new venture for us in this dynamic marketplace.
“In Manchester Thornley Groves has established itself as one of the North West’s most highly respected and recognisable estate agencies. The deal with Vital Space enhances its position offering further choice of properties.
“We are committed to delivering more efficient, professional property management services that benefit both tenants and landlords in all three cities we operate in, as this sector continues to grow.”
The industry is seeing rapid consolidation and improving service levels for property owners who now expect their property asset managers to assist them with insurance, maintenance and mortgage sourcing to help our landlords extend their investment in the private rental sector. There is an even greater focus on tenant retention, minimising void periods and enhancing yields.
Since it was set up in 2010 Lomond Capital has undertaken 20 acquisitions. It now employs over 240 personnel, manages over 7,400 residential properties worth over £1.5 billion and sells over £70 million worth of residential property every year.
Lomond currently operates in three major UK cities – Aberdeen, Edinburgh and Manchester and is set to launch into Birmingham and Leeds later this year with a view to entering other cities in the south of England in 2015.
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