Residential asset and estate management firm Chainbow has bought a London letting agency, Dwell Residential, to beef up its offering to institutional investors.
Chainbow chairman Roger Southam said the deal would make Chainbow able to operate a full spectrum of services across the private rented sector.
The deal, worth around £100,000, means the Clerkenwell-based agency become a wholly owned subsidiary of Chainbow. Dwell Residential founder Nigel Bosworth stays with the business and acquires an eighth share in the parent company.
Southam said: “Chainbow has worked closely with Dwell Residential since 2011 and this seemed the next logical step.
“Nigel and his team always provide an exceptional service and I don’t think there is another London residential lettings agent who can offer the same calibre of negotiating skills, financial performance acumen and exceptional approach to customer service.
“This is an extension of Chainbow’s new incarnation of property professionals. We can provide clients with a one-stop shop when it comes to private rented sector management and I am not aware of another agency that offers building management, apartment management and financial asset management within London.
“Already we have worked together on a number of projects and are in discussions to grow with a number of companies to provide our PRS specialism. The industry can expect to see and hear more from us shortly.”
Dwell Residential exclusively manages just under 100 apartments, mainly in central London. Chainbow manages 25 developments with 1,200 units throughout the capital and provides consultancy to pension firms, city institutions, commercial property companies, developers and private landlords throughout the UK.
In January 2012, Chainbow announced the sale of 90% of its block management portfolio to competitor Trinity Estates in order to focus on its consultancy and PRS specialisms.
Bosworth and his team will relocate to Chainbow’s head office in Southwark in early August.
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