Profits accelerate at property agency as partnerships bear fruit
Independent property agency, North Property Group, (NPG) has reported pre-audit revenue of £9.5m for FY24 (FY23 £6.5m), equating to year on-year growth of 40%.
EBITDA for the Leeds and Manchester-based firm, which was founded by Tim Coen and Oli Banks in 2017 with an investment of just £4,000, reached £2.43m.
The business offers property investment and development services, as well as a lettings management service.
Focusing on expansion efforts, NPG opened a new office in Shoreditch, London, early this year. This month it will also be moving to new office space in Manchester.
Coen said: “Facts and figures aside, we also positioned ourselves as one to watch in the industry and made plenty of long-lasting connections.
“We have partnered with huge international developers such as the Far East Consortium (FEC).
“With them, we have worked closely to help deliver a multi-billion pound project in Manchester’s Victoria North and a £750m project in Canary Wharf.
“Our relationship has continued, with NPG becoming FEC’s joint-exclusive UK sales agent, alongside Savills, for the next phase of their multi-billion pound masterplan this year.”
Banks added: “We’re always looking for new developments to market to our clients. The UK’s population is growing so fast that new homes cannot be built quickly enough to meet demand.
“This has created a supply and demand imbalance that is pushing property values and rents up, especially in the most popular city centre markets like Manchester, Leeds, Sheffield and Liverpool.
“The Northern Powerhouse is a great place to invest – regional city locations in the north of England offer the best rental yields in the UK, regularly above 6%.
“Yields can go up or down, but the future is ever growing for the buy-to-let market in the big northern cities given the huge regeneration they are seeing.”
