Lomond Group’s lettings empire expands with HUGE buy-to-let purchase
The agency has again looked south of the border with its latest acquisition to grow further outside Scotland.
Lomond Group has acquired an agency specialising in buy-to-let for overseas investors boosting its portfolio by almost 600 properties.
The latest deal by the lettings giant involves Leeds-based buy-to-let agency ERE Lettings.
The properties are located in Leeds, York, Hull, Manchester and Birmingham.
Management of the properties, as well as the ERE lettings team, is being shared between three of the group’s long-established high street brands.
More than 330 properties are transferring to Linley & Simpson, and its 21-branch network across Yorkshire and Humberside. Over 170 are switching to Thornley Groves, which operates 15 offices throughout the North West. John Shepherd’s Midlands operations will inherit another 79.
The sale of its lettings arm will enable ERE Property, which was founded almost 20 years ago by Tim Morgan and Robert Medd, to focus exclusively on this core investment business.
As part of the deal, ERE Property will link up with the Lomond Group and place its future pipeline of properties under the management of its nationwide network of letting agencies.
This latest acquisition mirrors the Lomond Group’s purchase of Manchester-based Property Hub Lets in August, which saw over 700 properties across Yorkshire, the North West and the Midlands transfer to the same trio of brands.
Ideal fit
Will Linley, managing director of Lomond Group, says: “In many ways, this deal represents another ideal fit for us – and perfect timing as ERE Property expands its overseas operations.
“We are also excited by the prospect of more to come, as ERE Property strengthens its presence in Hong Kong and now Dubai to meet the growing needs of overseas investors with an appetite for UK rental property.”
The Group now has a combined portfolio of over 37,000 properties under management, worth around £8bn.
