PLC Client

A major PLC client of 20 years standing rang us to say that they had been asked to manage 196 properties in four locations by a High Street Bank, following re-possession from a property company. The immediate need was to assess the works required on selected properties, mostly for the student market, and let properties in Edinburgh which were with other agents.

This was a project carried out in partnership with our sister company, Property Extra, with whom we offer a virtually unique combination of services from initial refurbishment and repair of property to letting, and then on to comprehensive management throughout the tenancies.

We initially refurbished and repaired 17 properties at the various locations and found tenants for 31 of the properties, 84% of the number allocated to all agents.

Subsequently we were also asked to refurbish and repair a further 82 properties, and organise the move out of existing student tenants together with the move in of new tenants in time for the new University term. This involved the whole process from dilapidations assessments prior to exit, the writing of exit reports, refurbishments, inventory preparation and move ins as well as associated paperwork.

These properties were in a variety of conditions. One run down property had been on the market with another agent for 6 months. We carried out minimal refurbishment together with painting, replacement of flooring and cosmetic furnishing, and the property was let within 3 days of completion.

This project was completed on time, with all 99 refurbished properties occupied and over 396 student tenants settled in for their University studies.

The bank wanted to sell some of the properties. In one of them we refurbished a badly converted 5 bedroom flat back to 4 beds and prepared it for the sales market through repair and refurbishment. This resulted in the property being sold for £5000 over the asking price within a short time of it returning to the sales market.