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sale of 68 new-build apartments

We don’t just say it, we’ve done it...

sale of 68 new-build apartments

the deliverables

When our client purchased a block of 68 residential apartments from a developer in central Birmingham, the objective was to complete the final snagging works and sell them to the open market as soon as possible.

Centrick Property was asked to oversee three elements of the project: assuming the block management of the site; taking over the tenancy management function of 20 pre-tenanted units within the development; creating a marketing strategy and launching the units for sale to the open market. In order to expedite the sales within a short timeframe, Centrick Property was asked to work alongside another sales agent in the city to maximise exposure for the units. 

what we did

snagging

Most of the units had been poorly finished therefore, in order to obtain the best market value, a thorough snagging programme commenced immediately. Within a fortnight a comprehensive list of snagging requirements was submitted to our client and Centrick managed on-site contractors and took on the role of quality controller, which enabled a comprehensive marketing campaign to commence within a month of the initial purchase. 

tenancy management

A review of the pre-tenanted units demonstrated that most properties had been let at considerably below market value. While it was the intention to leave the sale of the tenanted units to the end of the sales programme, clearly a poor rental track record would damage the value of the units and discourage potential investors. Action had to be taken…and quickly! A few units in the same block as the other tenanted units were identified as suitable to market to let, and Centrick set about proving that the market would support much higher rentals, achieving a 15% rental value increase (and therefore a 15% property value increase in the eyes of an investor). At the same time, Centrick’s tenancy management team undertook a programme of rental increases on existing tenancies wherever possible. Those tenants who were not happy to pay the increased, albeit market value handed in their notice and Centrick was able to offer the unit for re-let to the market at the increased value. 

sales

Together with the partner sales agent, Centrick Property created and rolled out a robust marketing programme that involved print advertising, online marketing, flyers, brochures and other marketing material.

We worked hard to promote the site as a great opportunity both for investors and owner/occupiers and were delighted with the interest and agreed sales from the first time buyer section of the market, particularly during a time when mortgage products for this type of buyer were very limited. Our large database of investors also took the opportunity to buy a piece of what, thanks to the rent increases, was now a fantastic little investment opportunity. 

the results

In a challenging market where other new build sites had been taking in excess of 18 months to sell out, a total of over 60% of the units were sold in under 6 months  - and over 80% of these were sales agreed by the Centrick Property team. How’s that for a result!

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