Student lettings and management company Uni2 Rent has expanded its business with the acquisition of Full House Management, which traded as Nottingham West Lettings, for an undisclosed figure.
Through the acquisition, Uni2 Rent – which was founded in Nottingham by an entrepreneurial student in 2012 – has acquired an additional 204 student rooms across 50 properties, expanding the number of student rooms under its management to over 1,200 across the city.
The majority of the newly acquired properties are houses of multiple occupancy (HMOs) located in Lenton – one of Nottingham’s prime student areas.
Uni2 Rent worked carefully to provide a smooth transition process, successfully onboarding landlords to the company, letting all 204 rooms in just a few months and ensuring an excellent standard of service for its new clients.
Uni2 Rent’s founder and managing director, Ed Henderson, said: “This strategic acquisition is a firm statement of how strong the student HMO market is and has allowed us to work with more landlords to further our investment in this sector.
“Students remain at the heart of our business and the demand for our high-quality rooms and the transparent service we offer enables us to grow and innovate. The acquisition of Nottingham West Lettings was a natural step for us as we look to further expand our business and presence in Nottingham.
“Our strategy is to look at similar deals with other businesses in the near future – the June 2019 Tenant Fees Act coming into force has affected some small agencies and if any are looking to sell, we’re perfectly placed to take on further acquisitions.
“Market-wise, we have seen a 5% rental increase across our portfolio over the last 12 months which illustrates that Nottingham continues to be a fantastic investment opportunity for landlords. We are lucky and proud to operate in such an amazing city and our letting figures outline the level of demand we continue to see for quality student accommodation.”
Nottingham West Lettings’ former owner, Stephen Bristow, commented: “With Ed’s forward-thinking approach and proven track record of acquisition, I’m pleased that Uni2 Rent have taken our business to the next level.
“The company has embraced our portfolio, used its expertise to increase landlord rental income and provided a team of specialists in each area of property lettings and management. Ed and the team will continue to guide landlords through the complex regulatory industry and I wish him and the team the very best.”
The acquisition was facilitated by Fraser Brown Solicitors (recently acquired by Knights plc) and Butler Cook Chartered Accountants.
Tom Gray, partner in the Corporate team at Knights plc, said: “It was a pleasure to act for Ed and the team at Uni2 Rent on this acquisition. The company continues to grow in a positive away, and Full House has an excellent business.
“Comprehensive student lettings and management remains a key market for the city of Nottingham as an international seat of learning and research with two world-beating universities. Uni2 Rent is a clear market leader in this space with great experience and continues to go from strength to strength.”
Managing director at Butler Cook Chartered Accountants, Alex Reynolds, said: “We were delighted to help facilitate this acquisition on behalf of Ed and the Uni2 Rent team. It is a hugely positive step forward for the company as it continues to grow in order to meet the rising demand for quality student accommodation in Nottingham.”
The reason for the sale of Nottingham West Lettings was to enable the previous owner to explore other ventures.
Uni2 Rent works to house the Nottingham student community in contemporary, centrally located homes and works with landlords with HMOs and large investment funds with purpose-built accommodation sites. It also offers property sourcing, purchasing, development, lettings and management to investors, culminating in the sourcing and sale of more than £12million worth of property stock over the last two years.