A Scottish couple who have established one of the UK’s largest private rental property portfolios over just a few years say they have offered deals to buy more portfolios worth £200 million.
Leanne and Graeme Carling (pictured, above), who already operate 350 properties in Scotland, recently revealed that they had the financial backing from UK banks and US financiers to increase their business to 5,000 units.
The couple have been building up their property portfolio since 2008 as Carling Property Group but last week launched PRS. This new company says its goal is to quickly become the UK’s most dominant operator in the private rented sector.
Graeme and Leanne say they want to hoover up properties from private landlords who have been squeezed by the recent changes in mortgage tax relief and wear and tear allowances.
The Dundee-based couple’s offer appears to have hit the spot. Landlords have now offered the pair property portfolios worth £200 million and PRS, which has property maintenance, management and development arms, is now said to be mulling them over.
“We are in full-on expansion mode and have been impressed by the businesses which have approached us, some of which we are seriously considering for purchase,” says Graeme Carling.
“There are many landlords out there who are being squeezed by new tax and regulatory changes in the private rental sector.
“It’s difficult right now to be renting private property without some sort of scale and investment behind you, which is where PRS Group comes in. I think that’s why we’re seeing so many people knocking on our doors.”