Ray White CBD Residential has acquired inner city rental business Marshall of Brisbane CBD Pty Ltd, expanding its foothold in the inner city residential rental market.
An extra 65 inner city properties worth $30 million will be added to Ray White’s growing rent roll, taking the number of properties under management to more than 860.
Ray White CBD Residential principal Dean Yesberg said the acquisition of the Albert Street-based Marshalls was part of a longer term growth strategy for the business.
“We were attracted to Marshalls because it was a well run family business,” Mr Yesberg said.
“The acquisition will add another 65 rental properties to our rent roll which will generate around $2 million in rent each year. In total, Ray White CBD Residential now has $530 million worth of property under management taking in $27 million in rent each year.
“Ray White’s rent roll is becoming a big business in its own right and now constitutes 20 per cent of our overall business.
“We see it as a very important part of our business and will be looking at further acquisitions in the future.”
Ray White CBD Residential is Brisbane’s biggest privately owned rental agency. Mr Yesberg, who also heads up Ray White South Brisbane, said the business’s rent roll had more than doubled in five years.
“Five years ago we had 300 properties on our rent roll and we’re growing by around 20 properties each month,” he said.
“While recent interest rate rises have hit buyers hard, they are good news for the rental market. The lack of new developments in Brisbane is also helping rental growth.
“Ray White CBD Residential is constantly looking for expansion opportunities to take advantage of the growth in inner city living.”