Carling Property Group own and manage rental properties all over the country with many properties in the Dundee and Arbroath area. Run by Graeme and Leanne Carling, a husband and wife team, Carling Property Group are committed to providing quality affordable housing for their tenants and are on course to increase their affordable housing portfolio to 1,000 properties within the next five years. The acquisition of a portfolio of 10 empty homes including Burrelton Garden & Sibbald Street properties follows hot on the heels of a Â£3.1m deal to purchase another 45 properties in Dundee earlier this summer, taking their property portfolio to over 200.
As well as growing their property repertoire, Graeme and Leanne are implementing a business model that will help to alleviate the affordable housing shortage in the Tayside area.
There are many problems faced by people in Scotland looking to access affordable housing and this group of properties have been empty for up to 3.5 years, exacerbating the problems experienced in this sector even further. After a Â£280,000 programme of essential repairs, the 10 properties were repaired, upgraded and ready for occupancy within 8 months.
Sibbald Street, a two-bedroom apartment, and Burrelton Gardens, a three-bedroom mid-terrace house (both in Dundee) were the properties which required the most work. The entire upper level of the Burrelton Gardens property was fire damaged and required a new roof, new bathroom, new ceiling, new electrics, a new gas boiler, complete re-decoration, new flooring and a new front and back garden. The Sibbald Street apartment was completely flood damaged and required a new kitchen, bathroom, ceiling, plumbing, electrics, flooring and windows, plus complete re-decoration.
Burrelton Gardens and Sibbald Street both saw significant refurbishment costs of Â£40,000 and Â£25,000 respectively, with works at Burrelton completed within 3 months and at Sibbald Street in under 2 months. Both of these properties, along with the other 8 in the project and entirety of the Carling Property Group portfolio are retained for the rental market, at affordable rates (as dictated by local housing authority) for the long term future.
All 10 of the properties that were included as part of this portfolio acquisition and re-development project were occupied within one month of being listed to the market and all remain occupied by tenants enjoying quality, safe and secure homes at affordable rates.
Carling Property Group financed the development projects themselves with no bank lending or government/ local authority grants. The project was personally managed by both Graeme and Leanne who employed a team of 16 local contractors to complete necessary works.
It is a long standing passion of both Graeme and Leanne to offer quality and affordable housing to the local market and, though this has continued to pose financial challenges due to increased legislation and newly introduced government initiatives, they both remain determine to offer an alternative solution to the local housing and rental situation across Scotland, believing that private organisations have an important role to play in supporting local housing authorities to improve living conditions and quality of life for those whom the rental market is their only option. As the only private landlords in Scotland currently committed to offering properties at affordable housing rates, and one of the largest private landlords by number of properties owned, Carling Property Group hopes to serve as an example of how to do things differently, offer a solution to a problem facing the nation, whilst developing a successful and profitable business.