Lomond acquires Purplebricks portfolio in Scotland
Lomond, the lettings and sales agency, has acquired the entire rental portfolio of Purplebricks in Scotland.
The deal, finalised for an undisclosed sum, will see all the properties transfer from the online agency to Lomond’s two principal Scottish brands, DJ Alexander and Stonehouse.
Two-thirds of the former Purplebricks’ Scottish lettings book are located in Glasgow, Edinburgh, and Aberdeen, with the remainder situated in Falkirk, Inverness, Kilmarnock, Kirkcaldy, Motherwell, and Paisley.
Lomond’s CEO, Ed Phillips, said: ““As a progressive and ambitious business, we remain proactive in identifying new opportunities that enable us to grow at pace and scale.
“This latest acquisition is the ideal strategic and geographical fit for Lomond. The properties we inherit are in ideal locations, throughout all our key Scottish heartlands.
“It also further strengthens our position as the biggest residential property specialist in Scotland, with an expanding lettings portfolio of 11,000 homes now under our management through our DJ Alexander and Stonehouse brands – as well as our strong specialism and track record in sales.”
David Alexander, chief executive of DJ Alexander and who heads up Lomond’s pan-Scotland operations, said: “This deal not only represents our strong confidence of the Scottish lettings market, it also heralds another major step forward nationally as we accelerate our ambitions to become the number one UK company in this sector.
“We believe there are excellent opportunities across all areas across the UK, and we will continue to grow in the coming years as landlords, property investors, and tenants welcome the growing range of services that Lomond offers, and the quality of delivery we provide.”
Lomond has now completed 41 acquisition at an average rate of one every 20 days. Seven of these have been in Scotland, spearheaded by the deal that added DJ Alexander to the group 16 months ago.
More than 40,000 properties throughout the UK in private rental hotspots are now under Lomond’s management, and it employs a team of over 1,100.
Straiton neighbourhood plan
A ’20-minute neighbourhood’ is being proposed off the Edinburgh by-pass at Straiton North, opposite the retail park.
Straiton Estates intends to build a residential-led development on land that has been allocated for development for over five years and is a key site in Midlothian Council’s current Local Development Plan.
In addition to homes there is the potential for a health centre while there is access to existing schools and facilities in Loanhead and Straiton. Included in the proposals will be a 2.4-hectare employment zone.