Growing letting agency rebrands as its leaves parent group

One of Glasgow’s longest established lettings businesses has undergone a major rebrand as demand for rental property in Scotland’s second city almost doubles.

Newton Letting is rebranding to Rosevale Letting now 35-year-old director (pictured) Riccardo Giovanacci’s licensing period with Newton Property Management has come to an end.

FOUR YEARS AGO

Giovanacci (main picture) was a former Newton employee and acquired the lettings arm of the business four years ago. The firm manages around 700 properties on behalf of some 400 landlords and is aiming to increase its portfolio to 1,000 properties.

He says: “It was always planned that a time would come when the Newton connection would come to an end, and with the expiry of our licensing agreement coming early next year, that time has now arrived.

“With Rosevale Letting now trading we are looking forward to an exciting, distinct future with a fresh, professional and tailored approach to the lettings sector.”

And he adds: “We are grateful for the support and encouragement over the years from our former parent company and are delighted to see it continuing to thrive and prosper.”

Stephen O’Neill, Chairman of Newton Property Management, says: “Riccardo has done brilliant things with what was always a great lettings business. Rosevale is now near double the size it was when we agreed to sell our lettings arm to him.”

COMPLETELY TRANSFORMED

“Newton Letting, now Rosevale Letting, has been completely transformed under Riccardo’s first-class tutelage – quite an achievement and almost certainly more to come.”

Giovanacci adds: “Despite gloomy media coverage, this is a great time to be a buy-to-let investor, with many properties, certainly in the West End of Glasgow, offering annual returns of around 10%.

“Just a couple of years ago returns were only 5 to 6% per but the sheer scale of demand for rental properties has almost doubled those figures.”