Fri 13 Oct 2023
A long-established Glasgow property business has changed name and moved to new premises in the city’s west end.
Newton Letting has been rebranded Rosevale Letting upon the conclusion of a licensing period that followed its acquisition by Riccardo Giovanacci. Mr Giovanacci, a former senior executive of Newton, acquired the lettings business in April 2019.
Mr Giovanacci is also a director of Inverclyde’s largest independently owned property firm, Bowman Rebecchi Letting.
The re-rebranding has been described as an amicable parting of ways. Mr Giovanacci had worked for Newton Property Management for 13 years before the buyout and his uncle, Stephen O’Neill, had established Newton in 2001.
Mr Giovanacci said: “It was always planned that a time would come when the Newton connection would come to an end, and with the expiry of our licensing agreement early next year, that time has now arrived.
“With Rosevale Letting now trading, we are looking forward to an exciting, distinct future with a fresh, professional, and tailored approach to the lettings sector.”
The name change comes as Rosevale experiences its busiest-ever quarter. It now manages around 700 properties of 400 landlords and aims to increase its portfolio of 1,000 properties soon, should it maintain its recent annual growth rate of 10%. The firm was managing around 500 properties for about 350 landlords at the time of the acquisition.
Mr Giovanacci said: “As part of our re-branding exercise we have moved to new offices at 4 Newton Place, Glasgow where our seven strong staff are now happily settling in. We are grateful for the support and encouragement over the years from our former parent company and are delighted to see it continue to thrive and prosper.”
Mr O’Neill, chairman of Newton Property Management, said: “Riccardo has done brilliant things with what was always a great lettings business. Rosevale is now nearly double the size it was when we agreed to sell our lettings arm to him.
“Newton Letting, now Rosevale Letting, has been completely transformed under Riccardo’s first-class tutelage - quite an achievement and almost certainly more to come."
Mr Giovanacci added: “Despite gloomy media coverage, this is a great time to be a Buy-to-Let investor, with many properties, certainly in the West End of Glasgow, offering annual returns of around 10 percent.
“Just a couple of years ago returns were only five to six percent but the sheer scale of demand for rental properties has almost doubled those figures.”