Adderstone Group have completed the sale of their wholly owned subsidiary business, Avoca Estate Management Ltd, to Kingston Property Services for an undisclosed six figure sum.
Avoca Estate Management is a specialist estate and block management business, managing almost 200 apartment blocks, housing estates and business parks from Manchester and Leeds up to Northumberland. The company was formally established in 2006 and grew to manage a property portfolio of over £300 million pounds on behalf of independent freeholders, developers and landlords.
Adderstone Group Finance Director, John Armstrong commented: “We have been working closely with Kingston Property Services for almost a year on this win-win deal. Adderstone Group is consolidating back to its core business of property development and investment and Kingston are consolidating their position as a market leader in this highly specialised sector.”
Avoca Estate Management’s Managing Director Sarah Dudgeon said: “We are very proud to have built the Avoca business from nothing into one of the largest estate and block management businesses in the North of England.
“It seems like only yesterday there were a couple of us sitting in an office with the idea to launch Avoca, so it is a deal that we greet with mixed emotions. On the one hand we are sad to be leaving Adderstone Group, but every member of the team has been proud to build the business from nothing into what it is today.
“We have been impressed with Kingston Property Services and are hugely excited by the prospect of being part of a bigger property management team.
“All of our customers can feel rest assured that their current high levels of service will be unaffected by the move to Kingston, as we will now be operating as part of a larger and more specialised block management team, we hope to be able to provide an even more comprehensive service.”
Managing Director of Kingston Property Services, Colin Ord said: “We have been impressed by the team, their industry knowledge and the systems in place at Avoca Estate Management. When the opportunity arose to bring them under the Kingston Property Services umbrella we were very keen to broker a deal that would work well for all parties.”