Project
Goldfish Property Private Limited - Bespoke management service keeps on top of property portfolio facilities compliance.
Engaged by the non-UK resident owner of a portfolio of 7 industrial warehouse units - 5 in Nottinghamshire, 1 in Leicestershire & 1 in Somerset - to facilities manage the properties on the client’s behalf.
Approach
In interrogating the brief, it was soon clear that what was required wasn’t the mainstream property management tasks such as rent collection from tenants - for which the client had existing arrangements. What the client required was a role more akin to a facilities management function which sits well with the East Region’s property management offering.
Indeed, the largest property in the portfolio, comprising 5 units in itself, required a service charge to be operated which Eddisons does and, in doing so, has become particularly familiar with this site to the point where it now produces a rolling five-year plan to address material site maintenance works.
Duties and responsibilities of the property management team see it ensuring any documentation pertaining to regulatory and insurance compliance is always current and satisfactory, that the properties are well maintained in accordance with the terms of the relevant leases and that, in conducting their business, tenants’ activities are both permitted under their leases and, more widely, are lawful.
Eddisons’ deep knowledge of individual and collective aspects of the client’s portfolio gives occupiers and the client confidence that they can quickly access the required documentation when it comes to matters of insurance, re-finance, valuations, dilapidations liabilities and building improvements, and that the documentation will be satisfactory.
Such a familiarity with the buildings has put the property management team in a position to recommend the services of Eddisons’ building consultancy where required and appropriate - such as in monitoring tenant alterations work, securing building control approval for client works and surveying roofs.
Results
Effectively, Eddisons manages a large part of the client’s property portfolio’s ‘data room’. By ensuring that certification, documentation, licences and permissions are always current and compliant, lease renewals or new leases can be agreed between landlord and tenant and their advisers and representatives without unnecessary delay. Similarly, at such time when the client may want to dispose of a property, it can be confident in the robustness of the portfolio’s documentation.
