Estate agency group My Property Box has further strengthened its presence in Tyneside, Wearside, and Northumberland, with the acquisitions of Acorn Properties Ltd and KIS Lettings.
Newcastle-based estate agent Acorn Properties is a significant player in the lettings market and advertises more than 800 properties, including houses of multiple occupation, a year.
All 14 staff are to be retained, together with its office in Jesmond, which serves an area from Durham City to Northumberland.
The sale of Acorn Properties, which was owned by John and Margaret Henderson and Louise Greetham, operates from the area of Alnwick in the North, Durham to the South and Hexham to the West. Louise will remain to manage Acorn Properties.
My Property Box, which operates throughout the North East and North Yorkshire, has also acquired KIS Lettings.
Its 130-strong portfolio of properties across an area including South Shields, North Shields, Newcastle, and Sunderland, has been transferred to My Property Box’s sister company, Groves Residential, which is based in Jesmond.
KIS Lettings, which previously operated branches in Sunderland, North Shields and Welwyn Garden City, was founded by entrepreneur and UK property guru Ajay Jagota, who sold the business to launch a new venture offering a specialist tenancy compliance service. Its remaining office in South Shields has now closed.
My Property Box, currently celebrating its 10th anniversary, has now completed nine acquisitions within the last four years, including South Shields-based Westoe Lettings and Groves Residential in 2021, which serves an area from Berwick upon Tweed to south of the Tyne.
The purchase of Acorn Properties represents real synergy with Groves Residential, which also has extensive expertise across sales and the professional and student letting sector.
Ben Quaintrell, founder and managing director of My Property Box, said: “Both acquisitions highlight the significant growth trajectory of this business while further strengthening our position across Tyneside, Wearside, north Durham and Northumberland.
“Last year’s deal involving Groves Residential, combined with that of Acorn Properties, represents an extensive expansion into both the professional, executive and student lettings market, as well as residential sales within the North East of England.
“I personally wish to reassure the clients of both Acorn Properties and KIS Lettings that they can expect the same high standards of service whilst continuing to benefit from that all-important local knowledge and expertise.”
John Henderson, a director of Acorn Properties, said: “Margaret and I bought the business in 2004 and along with Louise Greetham, her husband Simon and our dedicated team, we have established it as well-respected and vibrant family business. We are proud of our exceptional levels of service, something that we know will continue under My Property Box with Louise at the helm.”
Ajay Jagota of KIS Lettings said: “I founded KIS with the ambition to become the North East’s best lettings business. I’ve thoroughly enjoyed the experience, but it’s the right time to move on to a new venture – which sees me continue my association with the property sector with the launch of tenancy compliance service, Veriwise.”
My Property Box was established in 2012 as a disruptor to the market, offering a digitally focused approach to lettings and sales. It also provides property investment advice.