Project
Parigan Property Company approached Eddisons’ Peterborough team to provide a marketing strategy and property management proposal for a speculative development of 11 industrial units.
The units, configured into two detached blocks, were proactively marketed as part of an agreed comprehensive marketing proposal. Such was the success of this that we were able to secure lettings before the practical completion of each block.
Approach
To support the marketing of the units, we created a provisional service charge budget setting out the principal heads of expenditure to cover the upkeep of the common areas. To ensure the scope of the service charge provisions was correctly incorporated into the lease documentation, we reviewed the initial drafts and provided comment to the landlord’s solicitor.
Upon practical completion and handover from the developers, new service contracts for the provision of services to the external common areas were set up using contractors from our approved list of suppliers.
Our ongoing commitment to Parigan Property Company includes the provision of both service charge administration and rent collection.
Results
Since Eddisons was instructed, the team has negotiated the re-gearing of the lease on one of the blocks, in order to provide additional office space.
We were also appointed to advise the client after they experienced an unexpected and unfortunate CVA arrangement regarding the other block. This concluded in possession of the unit being handed back, and terms being agreed for a new letting to an alternative occupier.
After satisfying Parigan Property Company with our marketing and service provision, Eddisons is now advising the client on further development of the site by way of 3 additional units, which we will market and manage once completed.
