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Two Liverpool agencies have announced they are merging their lettings operations and forming a joint venture to enable continued growth in their respective areas of expertise.
City Residential will take over the rental portfolio of Central Property Management (CPM), transferring two existing staff and integrating it into the existing structure.
The merger will allow City Residential to continue expanding its portfolio while allowing CPM to focus on growing its city block management services.
In addition to the rental portfolio agreement, the two institutions announced a new joint venture to provide mixed services in both the private rental sector (PRS) and the build-to-rent (BTR) market.
In the PRS market, integrated operations cover schemes where both companies work together to offer a joint approach to freeholders and leaseholders. The joint venture is already negotiating with and acting on behalf of several developers, freeholders, lenders and leaseholders.
In the BTR market, the JV will work on building advice, operations and management with a view to challenging domestic operators operating in Liverpool.
Alan Bevan, Managing Director of City Residential, said: “We have worked closely with CPM for many years, with City Residential recommending CPM for block management and CPM recommending City Residential for sales, so the merger of our rental businesses is a natural fit for our existing business. This is an extension of our relationship. It also allows CPM to continue its significant growth in urban street management guidance while providing additional benefits to CPM’s current clients.”
Sean Duffy, owner and director of CPM, commented: “When we decided to focus on block management, the team at City Residential was the logical partner to take over our rental portfolio, especially given their knowledge, reputation and experience in city center rentals. ” Asset management.
“This agreement allows us to build on our progress to date in becoming the city’s leading residential block manager, with a number of new directions planned.”
Both companies will continue to operate from both existing offices, allowing new and existing customers to enjoy the benefits of having an urban and Docklands branch.