Property management group Lomond has expanded its operations in the Central Belt with the acquisition of letting and estate agency business Clyde Property.
The deal includes Burgh Property and Cathedral Estates.
Clyde was co-founded in 1987 by Gary Thomson and Bill Cullen who grew it from an office in Bearsden.
Mr Thomson who will continue to lead the business, said: “This partnership will enable us to thrive.”
Lomond said the acquisition added another “market leading brand”, alongside DJ Alexander. Following the deal, Clyde Property will oversee business in the west of Scotland, while DJ Alexander will manage operations across the remainder of the portfolio.
Mr Alexander, chief revenue officer at Lomond, said: “I’ve long admired Clyde, and this partnership offers an exciting opportunity to expand our presence across Scotland.
Details of the acquisition were not disclosed.
Separately, new data from the Scottish Property Federation shows the number of build-to-rent homes under construction across Scotland in the first quarter fell by 22% when compared with the previous year.
It is the biggest drop among all UK nations, with starts across England and Wales falling by 17% and 12% respectively, while Northern Ireland saw zero growth.
David Melhuish, director of the SPF, soon to be rebranded as part of Real Estate UK, said that based on this trajectory, Scotland will soon exhaust its delivery pipeline as more schemes are completed compared to those starting.
The number of new schemes in planning remains static and Mr Melhuish has called for the next Scottish Government to promote greater certainty for investors.
“The continued decline in the number of BTR schemes starting on site represents a combination of the chilling effect that persistent policy uncertainty, especially around rent controls, has had upon investor confidence.
“Given the continued pressure of construction costs, capacity and overall investor sentiment, this challenge unfortunately isn’t going to improve any time soon for either private or publicly led housing development.
“Further tax, regulatory and policy uncertainty is not likely to support new investment in Scottish BTR.”
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