Agencies merge lettings teams and set up Joint Venture operation

Two agencies are merging their lettings operations and launching a Joint Venture company to enable continued growth in their respective areas of expertise.

Liverpool firms 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. 

A statement says the merger will allow City Residential to continue to grow its portfolio while allowing CPM to focus on block management in the city. 

City Residential managing director Alan Bevan says: “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”. 

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.

The agencies have also 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 currently lacking in the market. 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 bringing an unrivalled level of knowledge and experience to a sector that has been dominated by national operators - the merged company claims many operators struggle to understand the “nuances and complexities” of Liverpool.