The lettings book of one of the UK’s oldest property and law companies has been snapped up by a firm in the fast-growing Lomond Group.
Stonehouse Lettings has bought the portfolio of rental homes formerly managed by Burnett & Reid, the 267-year-old Aberdeen law firm and land management business.
The deal sees almost 200 homes transfer between Stonehouse’s central Aberdeen branch and its office at Kemnay.
This injection of additional properties from Burnett & Reid – thought to be the oldest legal practice in Aberdeen and one of the longest-established in the UK - propels its total managed portfolio throughout Aberdeen and neighbouring districts to some 1,700. Lettings staff from Burnett & Reid will also join Stonehouse.
“We are thrilled to consolidate our market-leading position in our home city with such a bullseye acquisition. This deal does not just mark the next chapter in what is very much a home-grown Aberdeen success story” explains Andrew Seldon, chief executive of Stonehouse.
“This acquisition is a perfect strategic and geographical fit for us. It is a great people fit too, as we inherit a team brimming with the same local knowledge, industry insight and high customer service standards on which we pride ourselves. It also equips us with the best possible platform on which to build further at pace and scale, through both acquisition and organic growth.
“We are actively exploring other acquisition opportunities to expand our lettings footprint not just across our Aberdeen heartland, but also into neighbouring in-demand districts.”
Burnett & Reid will now focus on its legal, estate agency, and land management practices.
Colin Bremner, residential property partner at Burnett & Reid, adds: “Given the increased administration and regulatory requirements associated with the operation of the lettings portfolio, we feel that our clients will at this stage be better served by Stonehouse, who are a well-respected letting agency in the Aberdeen market.
“Indeed, when considering a sale of the lettings portfolio Stonehouse were our preferred choice due to their reputation as Aberdeen’s premier letting agent.”
Stonehouse is part of the Lomond Group of residential letting and sales agencies across England and Scotland, and is the sister agency of Braemore, which operates out of Edinburgh and St Andrews.
Burnett & Reid marks Stonehouse’s 10th acquisition since joining Lomond and the agency now employs a team of over 40.