Managing Luxury properties in Central London
We have a look here at what we were able to achieve for this landlord and the results are outstanding
- Properties: 9
- Value: £15 millions
- Onboarded: 2023
Overview
A portfolio of luxury freeholds across Central London
The challenges
Several management parties: The client’s portfolio was previously handled by multiple blue chip estate agents, who failed to provide the level of attention it deserved.
Service charges arrears: Due to the asset nature, all properties were subject to service charges with many of them being unpaid and severe financial penalties being due.
Extensive voids: Voids were extensive and the portfolio was loss-making overall.
Our Solution
Cost consolidation
Service charges, ground rents, utility bills and all maintenance costs were streamlined and records were updated to allocate responsibility to either landlord or tenants. This led to a 20% cost reduction immediately.
Rent optimisation
With vacant units and properties let at below market prices a significant effort was put to reprice and relet a large part of the portfolio. After the exercise was carried out an uplift of a total rent of 41% was achieved.
Portfolio dashboard
A structured reporting system for portfolio landlords to highlight asset optimisation, financial returns, and benchmarking assets against market to illustrate need for rebalancing and/or rent increases.
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