Belvoir Lettings Jacks Up Its Property Portfolio
Belvoir Lettings franchise group has added 624 new properties to its growing portfolio.
Belvoir Lettings’ recent acquisition of 624 new properties to its portfolio promises to boost its networks global income by almost £1m per year. The AIM-listed firm confirmed that the properties located within Welwyn Garden City and St Albans, will upsurge group management service fees (MSF), Belvoir’s main revenue stream, by a whopping £400,000 in the first six years of ownership. The property franchise groups acquisition was funded by its Hitchin and Welwyn Garden City franchisee who are thrilled to add the territory of St Albans to their portfolio. They are not the only Belvoir Lettings franchisee to grow exponentially. Three other franchises in Derby West, Hendon and Corby have also recently boosted their local lettings portfolio with property acquisitions that would add £1m of network revenue and £122,000 of MSF per annum, with £193,000 of financial support provided by Belvoir Lettings franchise group.
Chief executive of Belvoir franchise group, Dorian Gonsalves, said: "In the recent trading update, we reported that we had doubled the number of transactions under our Assisted Acquisitions programme in 2017 and promised that there was a strong pipeline expected to complete in the first quarter of 2018.
“We have already delivered on that promise within just two months with these four transactions equating to 75% of the total value of 2017 franchisee acquisition transactions, adding around 1,335 managed properties to the Belvoir network.”
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