Cairn acquires Rannoch Property

01/12/2023
David Rowand (Cairn)

GLASGOW-headquartered Cairn Group has acquired Rannoch Property, the Glasgow-based estate agency offering a range of property management, buying, and selling services, through its Cairn Letting division.

The acquisition marks the latest stage of Cairn’s ambitious expansion strategy that aims to double its turnover and property portfolio within five years.

Recent years have already seen Cairn acquire JJM Properties in Glasgow, Grange Letting in Edinburgh, and Stephen McIntyre Letting in Portobello, all of which have since beenrebranded to Cairn.

This latest acquisition mean that Cairn now manages a portfolio of some 1400 units, 200 of which are under HMO management, divided between Glasgow and Edinburgh.

David Rowand, managing director, Cairn Group, said: “We’re delighted to secure this latest acquisition and remain convinced that acquisition is the correct growth strategy to pursue given the present market dynamics.

“There are currently more landlords exiting than entering the market while the short-term lets licensing scheme, which is now mandatory for all short-term let accommodation across Scotland, has seen some former Airbnb properties return to longer-term letting.

“That said, we are convinced that there are many more opportunities for us to expand and, having secured funding, we are actively on the hunt to add to our property portfolio via further acquisitions.”

Rannoch Property’s Greg Dykes added: “With an increasing regulatory burden making the managing of overheads more challenging, we have taken the strategic decision to refocus our efforts and sell our letting operation in order to specialise in commercial sale and letting and are delighted to secure this deal with Cairn.”

Cairn now employs a staff of 25 and aims to double its turnover to £3 million and portfolio to 2500 units under management within the next five years through its ongoing expansion strategy to acquire independent letting operators.

“We are an independent reactive operation with loyal staff. Over 60% have been with us for more than six years, something we are very proud of in today’s transient workforce. We pride ourselves on our ability to service our expanding property portfolio with well-versed staff ensuring a smooth transition for both tenant and landlords,” said Mr Rowand.

“As such, while we presently concentrate on the central belt, the digitalisation of our operations means that we are now seeking to acquire more letting companies across Scotland.”

The latest stories

Glasgow University Study has Potential for Third World Impact
Wild Workforce Concept to be Implemented at 16th Century Lauriston Castle
First Glimpse of New Five Star Mar Hall Hotel
Network Rail and Balfour Beatty bring back successful charity partnership with Forth Bridge Abseil 2024