Rescue for commercial arm of property agents
ARESIDENTIAL property agency is moving into the commercial sector after acquiring a business out of administration.
Birmingham-based Centrick has bought Andrew Grant Commercial in an undisclosed deal.
It was previously a division of Worcester-based Andrew Grant LLP which was placed into administration in June.
The rescue deal has created a new outfit which will operate as Centrick Commercial, overseeing a portfolio of property lettings and sales instructions, rent reviews, lease renewals and valuations.
It is also looking to expand its services to include building surveying, commercial property management and investment brokerage.
The full team from Andrew Grant Commercial will move across to the new set up, led by director George Xydias alongside valuation directors Michael Sheppard and Katherine Nolan and property consultant Sue Gould.
Andrew Grant, who founded his eponymous business 50 years ago, will continue to act as a consultant to Andrew Grant Residential.
Chairman James Ackrill said: “We are elated to be bringing this entirely new aspect of business to Centrick’s portfolio. “Having cemented our expertise in residential property solutions over the past 15 years, we felt the time was right to expand our offer and bring our innovative, expert-led and people-focussed approach to the commercial world.
“The present situation means the current market conditions are ideal for a dynamic, commercial property services team to thrive.
“We have enormous respect for the values Andrew Grant has established and we are looking forward to building on this under the Centrick brand.
“As a number of our existing Centrick clients hold both commercial and residential property, a move into commercial property services has been on the horizon for some time so we look forward to bringing it to fruition now.
“The last few months have been challenging for businesses across the board but, with the unwavering commitment of the Centrick team, we’ve continued to make positive changes and this latest acquisition is further proof of this.
“We have worked with the Andrew Grant team throughout the years and have always enjoyed a strong relationship with aligned values so this procurement process has been tremendously straight forward.
“We are eager to integrate the new members of the Centrick family into the team and are looking forward to bringing a whole new approach to the commercial property sector.”
Centrick, which was founded in 2005, now employs 125 staff across its team and manages more than 10,000 properties.