Cold-start estate agency branch closes after 18 months
Northampton firm Strada Realty Ltd, which launched in August 2022 and leased a large branch in the centre of the city, has shut up shop.
An estate agency in Northampton has shut its branch just two years after it was opened just 18 months ago.
Strada Real Estate, which trades as Strada Realty Ltd, has confirmed to local media that the it has closed the doors of its branch and calls to the firm’s office on Giles Street in the city are no longer being answered.
A spokesperson for the estate agency told The Northampton Chronicle that the “market conditions were terrible for a start-up agency, and with very little support from the same community we sought to serve… we were forced to close.”
The firm has been late filing its account at Companies House, and it is also reported that its only branch, which is also its registered address, has had a notice of forfeiture attached to its front door by the property’s landlord, who told the paper this was because the agency had built up rent arrears.
It signed a ten-year lease on the property prior to launching in August 2022.
Sing and dance
At the time of the launch, co-director Paul Campbell, who has worked in property for 22 years, told the paper that “It’s not just about the bricks and mortar – we want to sing and dance about Northampton and get people excited about this town and what we have to offer.
“I have lived here since I was eight so I’m passionate about Northampton and we want people buying homes to be passionate about it too.
“We’re going to try and promote everyone else in the town and lift up the locality, really.”
Seven staff are understood to have worked at the branch including Campbell, co-director Daniel Sutton plus five other staff including an office manager, a mortgage broker, two property sales staff and a lettings director.
Last month shock figures were published that claimed some 3,000 agency branches closed last year.
Admittedly it was some years ago but when we set up our agency we initially rented a tiny unit & our only employee was a secretary. We worked 15 hour days seven days a week, took no breaks for two years & worked for nothing for the first 3 months. Running before you can walk with high rents & excessive staff costs is asking for trouble.