The acquisition of a Newcastle independents has allowed Northwood to become one of the city’s largest lettings agencies.
Inderpal Dhillon and Aman Singh of Northwood Newcastle have completed on the acquisition of Bowes Mitchell Limited, adding 224 rental properties to the Northwood rental portfolio, plus a successful residential sales business.
“Acquisitions remain a major growth strategy for Northwood, and I am very confident that the acquisition of Bowes Mitchell will be extremely successful, taking this business to an entirely new level. I wish them every success for the future” says Northwood managing director Phil Gee.
Dhillon says: “Northwood Newcastle has been in existence for 16 years, and we bought it two and a half years ago … It was always a goal of ours to grow the business as Northwood is part of the Belvoir Group.”
Northwood Newcastle now has over 500 rental units in its portfolio – a target the company has expected to meet in 2021 not this year.
“Bowes Mitchell is a fantastic local business and will continue operating under its own brand, with the same team in place. Bowes Mitchell has a strong reputation in sales with a ratio of 60 per cent sales to 40 per cent lettings, whereas Northwood has a lettings/sales ratio of 80/20” according to Dhillon.
“We will also be introducing Northwood’s highly successful Guaranteed Rent Scheme to the business, as well as investing in PropTech to make everything easier and even more efficient for landlords and tenants.”
This post has originally been featured in Letting Agent Today.