Stonehouse Lettings strengthens Scottish heartland presence with Burnett & Reid acquisition
A leading residential letting agency has strengthened its presence across its Aberdeenshire heartland after sealing a major acquisition deal.
Stonehouse Lettings has bought the portfolio of rental homes formerly managed by Burnett & Reid, the 267-year-old Aberdeen city centre law firm and land management business.
The deal sees approaching 200 homes transfer seamlessly between Stonehouse’s central Aberdeen branch based in Carden Place, and its office at Kemnay.
This injection of additional properties from Burnett & Reid – thought to be the oldest legal practice in the city, and one of the longest-established in the UK - propels its total managed property portfolio throughout Aberdeen and neighbouring districts to approximately 1700.
Lettings staff from Burnett & Reid – spearheaded by leasing manager Nicky Webster - will also join the Stonehouse team to ensure a smooth transition for both landlords and clients.
CEO of Stonehouse, Andrew Seldon, said: “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.
“Our investment also signals a real vote of confidence in Aberdeen and its neighbouring communities, underlining its appeal as a much sought-after place to live, work and study.”
He added: “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 long established legal, estate agency, and land management practices.
Colin Bremner, the Residential Property Partner at Burnett & Reid, said: “We will continue to offer a wide range of professional services to clients of our firm.
“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 Lomond, a group of residential letting and sales agencies across England and Scotland, and is the sister agency of fellow Scottish chain 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 more than 40 local people.