A Tayside couple who have been described as Scotland’s largest private residential landlords have unveiled plans to add thousands of properties to their rental portfolio.
Graeme and Leanne Carling currently rent more than 300 properties through the Carling Property Group and other associated companies.
But they are looking to rapidly expand with an aim of owning 5,000 rental properties “as quickly as possible”.
The Carlings believe recent changes to the private rented sector means it is no longer profitable for landlords with small portfolios and that it is now time “to go big or go home”. The duo are now looking to buy out landlords operating anywhere in Britain who have portfolios of more than 20 properties or which are worth more than £1 million.
“We want to take advantage of the current market conditions UK wide,” said Mr Carling.
“There are so many landlords wanting to exit at the moment because of the squeeze on tax and the increased regulations.
“People ask how we can make it work when they can’t, but when you have scalability things are not as costly and we have a cheaper cost of funding.”
To fund their ambitious plans, the couple have secured funding from overseas from a network of high net worth individuals and serial investors.
They also have the support of their bank, which will partly finance the deals through their newly formed company, the PRS Group.
In conjunction with purchasing property portfolios, the pair are also looking to purchase property management companies.
The long-term aim is to build the company up to a scale which could then be floated on the stock exchange.
Mr Carling added: “Every deal would be based on its own merits. The numbers need to stack up for us. It will depend on the type of properties and their condition.
“We have a board in place, we have the financing in place and now we are looking to go and get the deals.”
The Carlings have converted several buildings into housing in recent years, including the Chance Inn in Inverkeilor, the upper levels of the Bank of Scotland building in Arbroath and the St Stephen’s Primary School building in Blairgowrie
They also purchased the former Alloway halls of residence situated north of the Kingsway from Abertay University.
Earlier this year, the husband and wife pair also launched an investment firm called United Capital.