By Kristy Dorsey
A fledgling commercial property firm based in Gourock is expanding into the west coast residential market after forming a joint venture with Glasgow-headquartered agency Newton Lettings.
Bowman Rebecchi, set up in February of this year by co-founders Andrew Bowman and Marco Rebecchi, aims to establish a leading position in residential lettings in target markets including Greenock, Gourock, Inverkip, Kilmacolm, Bridge of Weir and Largs.
Bowman Rebecchi Commercial Property provides lettings and sales services, portfolio management and maintenance work to its local markets. The tie-up with Newton Lettings, owned by managing director Riccardo Giovanacci, will give it access to Newton’s processes and expertise in residential lettings.
READ MORE: Letting agency expands in Glasgow with plans to hire
Purchased by Mr Giovanacci in 2019 from his family’s long-established business, Newton Property Management, Newton Lettings’ portfolio covers approximately 600 units let on behalf of about 400 landlords. Bowman Rebecchi Letting will be jointly owned by Messrs Bowman, Rebecchi and Giovanacci.
“This is an exciting natural development for Bowman Rebecchi, with many existing clients asking us to manage their commercial and residential portfolios,” Mr Bowman said.
“Partnering with Riccardo enables the business to hit the ground running and enables a seamless transition from the commercial to the residential market.”
READ MORE: Glasgow lettings company snaps up city rival
Mr Giovanacci said: “I am excited by this tremendous opportunity to enter a joint venture agreement with Bowman Rebecchi, which will offer our established expertise to the west coast residential marketplace.
“There are considerable opportunities to grow the business, and in Andrew and Marco, both of whom I have known for many years, I have the ideal trusted partners.”
Mr Giovanacci started his career with Newton Property Management 14 years ago, and then held senior positions in estate agency in London and Glasgow before returning to the family business. Stephen O’Neill, Mr Giovanacci’s uncle and joint managing director of Newton Property Management, started the company in 2001 after selling off his first business, O’Neill Property.
Mr Giovanacci’s grandfather, William O’Neill, worked in the industry since the 1950s running one of Glasgow’s first estate agencies in the city’s West End.
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