Two agencies in Liverpool have announced that they are merging their letting operations and launching a Joint Venture firm to enable continued growth in their respective areas of expertise.
City Residential will take over the letting portfolio of Central Property Management (CPM), integrating it into its existing structure, together with the transfer of two existing members of staff.
The merger will allow City Residential to continue to grow their portfolio whilst allowing CPM to focus on growing their block management service in the city.
In addition to the deal for the letting portfolio, the two agencies have announced a new joint venture which will see them offer a combined service in both the private rented sector (PRS) and Build to Rent (BTR) market.
In the PRS market the combined operation will target schemes whereby the two companies will work jointly to offer a joined-up approach to freeholders and leaseholders. The JV is already in talks with several developers, freeholders, lenders and leaseholders to act on their behalf.
In the BTR market the JV will look to advise, operate and manage buildings with a view to challenging national operators operating in Liverpool.
City Residential’s managing director, Alan Bevan, 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 the lettings operations is a natural extension to our existing relationship. It also allows us to offer additional benefits to CPM’s current clients whilst allowing CPM to continue to build on their substantial growth in block management instructions in the city”.
Sean Duffy, owner and director of CPM, commented: “When we decided to focus our attention on block management the team at City Residential were our logical partners in taking the lettings portfolio over especially given their knowledge, reputation and experience in city centre lettings/property management.
“The deal will allow us to build on the progress we have made in becoming the leading residential block manager in the city with numerous new instructions in the pipeline.”
The two companies will continue to operate out of both their existing offices allowing new and existing clients to benefit from having a city and docklands branch.
