Dundee based Carling Property Group has become Scotland’s largest independent residential landlord after completing the purchase of Alloway Halls in Dundee with a view to creating affordable homes to let.
The 148 tenancies secured as part of the acquisition of the Abertay University halls of residence takes the property and investment group’s portfolio to more than 350 properties making it the biggest independent group in Scotland and one of the largest in the UK.
Graeme Carling, co-founder of Carling Property Group, said: “We are delighted to have successfully acquired Alloway Halls from the University of Abertay who were an absolute pleasure to deal with. This is a significant purchase for our business and is part of a multi-million pound plan for the site. There’s a tangible shortage of quality affordable housing in Scotland, and a collection of well-maintained properties like this will help us to plug that gap.”
Carling believes that the firm’s latest addition to its portfolio, which was part financed by The Bank of Scotland, and overseen by Glasgow conveyancing practice McVey and Murricane, puts the company firmly on track to own 1,000 properties by 2021.
He added: “The residential property investment market is a volatile landscape for small operators at the moment and, with the introduction of new tax changes, investment in this sector will undoubtedly become increasingly difficult.
“As a sustainable business with the intent to provide affordable housing at our core, Carling Property Group believe scale is vitally important to ensuring the future of affordable housing in the UK providing good quality and value for tenants and we’re well on track to achieving those aims.”