Courtauld House in Bloomsbury, London, is a residential building occupying 5 floors of 140 student rooms. Eddisons were instructed by the client to provide full property management services.
Eddisons immediately took over communication and met with the leaseholder to understand their position. We reviewed the lease terms with the leaseholder, explained the implications, and informed them that, ultimately, they were responsible for the repairs. At the same time, Eddisons discussed the general upkeep of the building with the leaseholder, as the exterior was due for repair and redecoration under the terms of the lease. The leaseholder lacked the funds to carry our this work and began to struggle to meet rental commitments.
The leaseholder surrendered their interest, we marketed the long leasehold interest and secured a successful lease disposal, 30% in excess of the client’s expectations. This meant that the long leaseholder could invest in the property and improve the condition of the building to bring it back to the condition of the terms. This was important to the client as the building has significant historic interest for them and the trustees.