GLASGOW-Based Newton Property Management has sold its lettings business to one of its senior executives.

Riccardo Giovanacci has taken over a business which manages more than 500 properties for around 350 landlords in Glasgow and beyond. And he immediately set his sights on opening an office in Edinburgh.The division has five full-time and two part-time employees who have transferred over to a new company, which will continue to trade as Newton Lettings and be based at its current premises in Port Dundas Road.

Mr Giovanacci started his career with Newton Property Management 13 years ago and returned to the company after stints with estate agencies in London and Glasgow. His uncle, Stephen O’Neill, established Newton in 2001, while his grandfather, William O’Neill, has worked in the industry since the 1950s, running of the first estate agencies in Glasgow’s west end. Mr O’Neill is joint managing director alongside Derek MacDonald.

Mr Giovanacci said: “I am delighted that we have been able to reach a win-win agreement with the shareholders of Newton Property Management. My priority is to reassure our landlord clients that the same high-quality service they have enjoyed in the past will continue. I anticipate that by increasing use of technology we will be able to build on this solid base over the coming months and years. It is also my firm intention to expand and develop the lettings business throughout Scotland. There is a vibrant market out there for rented property and I see that only increasing. We want to have our new Edinburgh office up and running within the next two years.”