Why tenant demand for residential property is soaring in the heart of Leeds
A YORKSHIRE-based property company has secured a major acquisition to help it grow.
Adair Paxton has significantly increased the number of Leeds city centre rental apartments it manages, after it bought the boutique estate agency firm, Hudson Moody Wass.
Founded in 2001, Hudson Moody Wass operates from city centre offices on York Place and manages a large rentals portfolio on behalf of more than 200 landlords, as well as offering a residential sales service.
Both its residential and lettings divisions, as well as several members of its team, will now merge with Adair Paxton, which celebrated its 160th anniversary this year.
It’s the third acquisition in 10 years for Adair Paxton, which already employs a 30-strong team, offering a full range of residential and commercial property services across offices in Leeds city centre, Horsforth and Adel.
Guy Roberts, director at Adair Paxton, said: “Hudson Moody Wass has a reputation for providing a very high standard of service and reliable, considered advice. This complements our ethos perfectly.
“Crucially, Hudson Moody Wass has established a substantial residential rentals portfolio, worth more than £50m, in Leeds city centre, where tenant demand is currently soaring. Plus, after years of under-supply, work is now underway on several new, high-profile apartment developments that will help shape the future of the city centre’s residential property market and encourage even more investors and tenants into Leeds.
“When this is combined with the city’s phenomenal rate of growth, it makes it a really exciting time for both Leeds and city living as a whole, and this acquisition will help to further cement our position at the forefront of Leeds’s property market.”
Apart from its sales and lettings divisions, Adair Paxton offers block management services and oversees the running of a wide range of developments across Yorkshire. These include Concord Street – a development of 171 apartments in Leeds city centre’s highly sought-after Northern Quarter - and the company is currently selling 120 of the apartments.
Adair Paxton’s commercial division also manages a wide range of high profile properties in and around Leeds including Leeds Corn Exchange and Thornton’s Arcade.