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16 new-build residential apartments

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

16 new-build residential apartments

lettings & estate management of 16 new-build residential apartments

the deliverables

Centrick Property was asked to carry out rental valuation, create a cost-effective maintenance management budget for the year and begin marketing the apartments, prior to the build being completed.

After a four week marketing ‘run-up’, while final internal decoration and snagging works  were being completed (before the properties became available),  Centrick Property had successfully let all 16 units within six weeks of instruction. All leases began less than a month after the units were complete and ready for habitation.

the initial outlay

All properties were marketed with the option of being furnished, however, Centrick Property advised its client not to furnish a lot of units straight away in order to reduce capital expenditure. Instead, just one apartment was furnished at the outset to act as a ‘show apartment’ for prospective tenants that may require furniture. With the ability to order and complete the installation of a cost-effective furniture pack within just one week, Centrick Property was still able to facilitate quick turnaround lets, without incurring excessive costs at the outset. In the end, only 4 out of the total 16 apartments had to be furnished, a much cheaper set-up than our client was expecting.

the cost saving

The client owned the freehold interest as well as 100% of the units onsite, so instead of having to set up a full estate management service charge, budget to include things like a reserve fund and accrual for planned maintenance, Centrick Property was able to create a bespoke ‘Maintenance Management Budget’ at a considerably reduced cost to its client.

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