Aberdeen-based Grouse Lettings, a residential property management and leasing business, has expanded its property portfolio by 295% following two acquisitions.
The firm has struck a deal for Babs Buglass Leasing and the long-term lettings side of the PMC Property business for a undisclosed six figure sum.
Managing director Ross Watt revealed Grouse Lettings will now be looking to hire more staff to add to its team of four.
The deals mean Grouse Lettings’ number of properties under management increases to 281, up from 71 – a rise of 295%. It will now be processing rents of £2.4m a year.
Acquisitions a ‘coup’
Mr Watt said: “The PMC deal came from a lunch with Neale where it cropped up in conversation and we moved it forward from there.
“The deal suits both parties and their plans going forward. Babs was looking to take a slight step back, and we’re delighted she is staying on to help us.
“To secure her company is a real coup for us.”
Mr Watt, who has nearly 20 years of experience at senior level in the property management and leasing sector, founded Grouse Lettings in 2020 as a part-time venture.
Earlier this year, he exited his role as shareholder and commercial director at Newton Property Management to focus on Grouse Lettings, which is based in Queen’s Terrace.
The lettings operations of PMC Property, based in Oldmeldrum, and Babs Buglass Leasing, in Westhill, will now be managed from the west end location.
Look towards further expansion
Babs Buglass, founder and director of her leasing firm, will join the Grouse Lettings team.
Having sold the residential lettings part of the business, Neale Bisset, co-chairman, and Simon Hudson, managing director, have exited the long-term rental sector to focus on the factoring and short-term rental division of PMC Property.
Mr Watt said: “We’re delighted to have made these acquisitions.
“The plan is develop Grouse Lettings quickly. I completed many acquisitions in my previous role and it’s a great way to grow the business, as long as it’s the right opportunity.
“Another acquisition in Aberdeen or Aberdeenshire is an option.
“Further down the line we may look at Inverness, Dundee and possibly Edinburgh. We are also looking to recruit.
“We see a significant opportunity to enhance the service provided to landlords and tenants.”
Grouse Lettings has a landlords’ portal to keep them informed and updated. It also offers virtual tours of residential properties as well as evening and weekend viewings.
It manages residential properties for rent in Aberdeen, Aberdeenshire and Angus.