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Full circle as Newton Lettings boss expands into bigger offices where he started his career 14 years ago

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Riccardo Giovanacci, managing director in new Newton Lettings office, Glasgow

FAST growing Newton Lettings has secured a lease on new, bigger, premises in Glasgow’s Elderslie Street to cope with the current rise in demand for rental properties throughout Glasgow and other parts of the Central Belt of Scotland.

And, in an odd co-incidence, the new premises are within the same block of offices where he first got his taste for working in the letting industry.

Riccardo Giovanacci, managing director acquired Newton Lettings, the lettings arm of his family’s long-established business, Newton Property Management, which continues to trade successfully, in 2019.

He said: “Our move to new premises in the Charing Cross area of the city has been prompted by two things: first, we are expanding quickly and plan to hire more staff, so we need more space.

“Second, our former owners, Newton Property Management, is also on the growth path, having recently acquired a long-established factoring business in Ayrshire, so needs more of its office space to accommodate its new staff.

“We have been happily based at its Port Dundas Road offices since our buyout last year, but now is definitely the right time to move, so it is a case of successful expansion all round.

“Oddly enough, our new premises is where I originally got my first taste for the letting game – during a “work experience” stint with O’Neill Letting, Stephen O’Neill’s original letting company. It’s strange being back here now that time has moved on, but also somehow rather inspiring.

“The look of our new premises has been changed radically, mainly due to Luxe Casa, owned and operated by Jonny Kelly, who have transformed the old place into the coolest office in Charing Cross, if not the entire city centre. We’ve fitted an espresso bar to the main reception area for clients and tenants.”

On the current Glasgow house letting market, Mr Giovanacci said that his business has seen brisk demand from prospective tenants ever since the lockdown effects of Covid-19 eased off in early summer.

“This year has seen a surge in enquiries from tenants which, in turn, has helped to boost prices. We continue to grow organically by around 10 per cent and look continually to increase that year on year.

“Our portfolio stands currently at just over 600 units let and managed on behalf of around 390 landlords and we have invested consistently in extra staff and technology since the buyout to enable us to provide a better service to our clients.

“The new premises at Elderslie Street gives us the capacity to hire more, first class property experts to help us achieve our ambition of becoming one of Glasgow’s, and Scotland’s, larger letting agents”.