Following its recent acquisition of Xact Lettings Ltd, Lomond has expanded its presence across the South Coast with the acquisition of Mishon Mackay.
The five-branch business of Mishon Mackay was originally established in 1987, covering Brighton, Hove and Mid Sussex, operating across the lettings, sales, land and new homes sectors.
Mishon Mackay has more than 500 rental properties under management, with a 175-property sales instruction portfolio valued at an estimated £1.3m in commission value.
Mishon Mackay will be absorbed into Lomond’s Brand Vaughan business.
The acquisition includes all aspects of the Mishon Mackay business – lettings, sales and land and new homes.
In doing so, Brand Vaughan is set to see the number of rental properties under management increase to more than 4,600.
In addition, Brand Vaughan will also see a boost of 100 new homes across nine new-build developments in East and West Sussex with a market value of £45m.
Ed Phillips, CEO of Lomond, said: “Having originally acquired the Brand Vaughan business in 2017, we’ve watched it go from strength to strength in what is an incredibly strong and diverse area of the market.
“The acquisition of an equally reputable and established brand in Mishon Mackay is one that we’ve had on our radar for some time now and we’re delighted that it has finally come to fruition.
“Both businesses already hold a very strong position within the regional market and so the acquisition of Mishon Mackay will help strengthen our south coast operations considerably.
Paul Broomham, CEO of Brand Vaughan and Lomond’s South Coast Division, said: “We have been long standing admirers of the Mishon Mackay business and we’re delighted to have finally reached an agreement that will combine two formidable forces in the regional property market.
“In doing so, we are creating a one stop shop for landlords, sellers, tenants and buyers within the region, all of whom will benefit from the staggering level of local market experience that both teams possess.
“We can’t wait to welcome the Mishon Mackay team and their clients and we look forward to unifying two of the market leading teams over the coming weeks, with exciting growth plans for the future.”
