Principle Estate Management, the national property business based in Birmingham, has made its first acquisition – acquiring a London firm and opening an office in the capital.
The purchase of Myhill Newman for an undisclosed sum increases Principle’s properties under management by 10% and brings a further 24 residential developments totalling 861 units into the business established by founder Brett Williams in April 2018.
Brett Williams said: “Bob Myhill was looking for a route to retirement in the coming years, and we were introduced by a mutual business contact.
“We quickly established that the two businesses would be a good fit, and the deal represents a very significant step forward in our growth.”
Chartered surveyor Bob Myhill remains with the business as a full time consultant and brings with him six additional office-based staff and an office on Wardour Street, Soho.
Mr Williams added: “The 24 additional residential developments we will be managing are mostly high quality residential management company instructions, many with concierges and other site staff, ranging from a six unit development close to Hyde Park to one of 164 units at Regents Park.
“Within this portfolio, there are some very exclusive residential properties, a number of which are valued at over £5 million.”
The deal also includes four commercial management clients, totalling 29 rented units.
Mr Williams said: “The new instructions fit nicely into Principle Estate Management’s portfolio being primarily management of residential apartment buildings with the additional capability of commercial and residential portfolio management.
“Myhill Newman has a reputation for providing a top quality service and we want to maintain this as it aligns with Principle’s founding aim of ‘property management, properly done’, and our vision statement formalised last year – to have a positive impact on the everyday lives of our communities.
Joe Jobson, joint managing director, added “We will be integrating Myhill Newman’s properties into Principle’s management systems over the next few months, giving our new clients access to our customer portal and other benefits to add to the existing service currently provided.”
The developments being integrated into Principle’s management are located across the boroughs of Islington, Camden, Westminster, Kensington and Chelsea.
“Our portfolio as of today is now 40% Midlands, and 35% London and South East, with the remainder nationally spread and includes over 8,900 units in more than 275 developments across the UK, as well as rented commercial and residential properties.
Bob Myhill said: “Having spent the last 30 years establishing Myhill Newman as a prime central London managing agent, I was keen to ensure that our clients would continue to receive a proactive and personal service. It soon became apparent that Principle worked with the same ethos and would be the ideal partner.”
Principle was advised by Kate Hackett of law firm The Wilkes Partnership in Birmingham, and Gavin Whitehouse of Halesowen accountants Bennett Whitehouse. Myhill Newman was advised by Colin Dunstall of lawyers Donaldson Dunstall in Bexhill-on-Sea.
