A property management business has acquired the lettings arm of Hockley Developments, one of the largest supported living and residential development companies based in the East Midlands.
The Leef Property Group has acquired Sherwood Lettings and Management Ltd adding Sherwood’s 100+ units to its existing 3,000-strong portfolio of managed properties, which span from the Midlands to the North East and Yorkshire.
The Warrington-based business, which has operated a local team in the Nottingham area for more than five years, already has experienced agents covering the Midlands region to lease and manage the properties, supported by its head office function.
This latest acquisition is another boost to Leef’s fast ascending trajectory that’s seen it bolster its portfolio by more than 800 managed properties already this year. It’s on track to more than double its current portfolio within the next three years through new relationships with developers, investment companies and sales agencies.
Joe Knowles, co-founder and director of The Leef Property Group, said: “We’ve had a close relationship with Hockley Developments for a number of years and are familiar with its developments, so taking over the professional management of its rental portfolio fits perfectly into our operating model and specialisms.
“We’re expanding rapidly within the Nottingham area, which has a burgeoning rental market. Track Capital’s 2023 report placed Nottingham seventh out of all towns and cities in the UK in terms of rental yields. The average for Nottingham properties is 5.94%, which is well above the East Midlands average of 4.1%.
“As we have a proven scalable model, and unrivalled experience, we believe we have the capability to more than double our operations by attracting a range of clients from asset managers to property developers who are placing new schemes under our full management. Business acquisition is another key part of our future growth strategy.”
Managing Director of Hockley Developments and Sherwood Lettings, Alan Forsyth said: “The sale of our rentals management arm to Leef enables us to focus on our core business strategy, most notably the design and build of Supported Living developments, as well as sustainably led residential schemes.”
Lettings manager Daniella Martin added: “It will also ensure that Landlords will benefit from Leef’s exceptional levels of service, delivered through its well-honed processes and experienced team.”
