Hot Group Property sold
Invercargill company Pride Property Management has purchased Southland-based Hot Group Property management to expand its business.
Managing director Avinash Varghese said the deal would make the company the biggest property management business in Invercargill, managing more than 650 homes.
Representatives from other property management companies in the city agreed.
All the staff working in the Hot Group Property office in Yarrow St would move to the newly renovated and extended offices in Leet St.
Mr Varghese had managed Pride Property, previously known as Profit Rentals with his father, who died in February.
The death of his father prompted him to make changes to the business.
''We were undecided what would happen to the business but now we are ready for a bigger challenge,'' he said.
He approached Hot group owner Wayne Densem to sell.
Mr Densem had also joined Pride Property as a consultant.
Mr Varghese said the rental business was in good health and had not felt the affects of an economic downturn, but it meant he was unable to raise his rates because times were tough for others.
''This is a service-based industry and there is constantly work to be done.''
There were hundreds of properties for rent in Invercargill and he had seen the number steadily rise during the past year.
The average three bedroom house in Invercargill was renting for $230 per week, he said.
- © Fairfax NZ News