Big property management firm snaps up lettings rival

Leef Property Group has snapped up Sherwood Lettings and Management, the lettings arm of Hockley Developments and one of the largest supported living and residential development companies based in the East Midlands.

The deal sees Leef adding more than 100 units to its existing 3,000-strong portfolio of managed properties which span from the Midlands to the Northeast and Yorkshire.

LEASE AND MANAGE

The Warrington-based business, which has operated a local team in the Nottingham area for more than five years, already has agents covering the Midlands region to lease and manage the properties.

The acquisition sees Leef bolster its portfolio by more than 800 managed properties and putting it on track to more than double its current portfolio within the next three years.

Joe Knowles (main picture), Co-Founder and Director of The Leef Property Group, says: “We’re expanding rapidly within the Nottingham area which has a burgeoning rental market.

“Track Capital’s 2023 report placed Nottingham seventh out of all towns and cities in the UK in terms of rental yields. The average for Nottingham properties is 5.94%, which is well above the East Midlands average of 4.1%.”

MORE THAN DOUBLE

And he adds: “We believe we have the capability to more than double our operations by attracting a range of clients from asset managers to property developers who are placing new schemes under our full management.

“Business acquisition is another key part of our future growth strategy.”

Alan Forsyth, Managing director of Hockley Developments and Sherwood Lettings, adds: “The sale of our rentals management arm to Leef enables us to focus on our core business strategy – most notably the design and build of Supported Living developments as well as sustainably led residential schemes.”

And Lettings Manager Daniella Martin says: “It will also ensure that Landlords will benefit from Leef’s exceptional levels of service, delivered through its well-honed processes and experienced team.”