Expanding North East estate agency Hive Estates has acquired a Newcastle lettings business as part of its ambitious plans for growth.
Tyneside Lettings has been acquired by Hive Estates for an undisclosed six-figure sum. The team of four staff join Hive Estates and sister companies and director Robbie Kalbraier joins the board of Hive Estates as its chairman.
His appointment strengthens the board, and he will help steer Hive Estates into further growth, advising from a property development and chartered construction background.
This deal adds more than 267 tenanted units to Hive’s larger property portfolio, adding more quality managed properties to the business, extending the choice and offering to tenants.
Hive Estates MD Michael Mortimer said: “Now in our sixth year, this acquisition is a new milestone in our growth plans. We are passionate about delivering a better estate agency experience for tenants, landlords, house buyers and sellers. I joined this industry many years ago and quickly saw a desperate need for change so that we can move away from old fashioned, outdated traditions that don’t serve anyone.
“We are passionate about transforming the local landscape of estate agency and this portfolio of quality managed properties in Newcastle city centre, Jesmond and Heaton complements our already substantial portfolio.
“The addition to the business really shows we’re a serious player around the city and we are already on the hunt for our next acquisition. We’re also delighted Robbie agreed to join us as chairman which builds a strategic partnership between our two companies. We really value his experience and expertise and know he will play a vital role steering us going forwards. Robbie’s construction company has already referred a development to us to sell, in Jesmond on Highbury which was a £1.5 million conversion of 3 stunning homes and we sold all of them for above asking within seven days. We created a unique marketing campaign around the site, with an open-house and bespoke brochure.”
Robbie Kalbraier added: “I’m excited to be joining the board of Hive Estates at such an exciting time. The company is young, fresh and ambitious about providing something different in the market. They take the traditional estate agency model but inject their own ideas with a unique spin and approach. Michael’s vision and passion for a new breed of estate agency really drew me into wanting to do business with him, and I’ve already referred a client over to him. He didn’t just help sell the development, but advised on the interiors too, which caused me a lot more work but in the end resulted in a better product for the market that the client and I were very proud of putting our name to.”
When Michael set up Hive Estates in 2016, he had a clear aim of offering an alternative to his ‘salesy’ counterparts who, he says, over-promise, inflate valuations and under-deliver.
Based in Newcastle’s suburb of Sandyford, Michael says the company’s strong growth is down to several things: “It’s our accurate house price valuations and gaining our customers 105% of the asking price on average, when the national average is 98%, according to GetAgent. We do this in market-leading time. And, because we use state-of-the-art videography and new, modern ways of marketing homes, including TikTok and Instagram.
“We don’t lock house sellers into long unfair contracts and don’t charge extortionate withdrawal feels either. My fabulous team work with them every step of their home moving journey. Above all, we care about making our customers happy. That’s it. That’s our special formula.