Case studies
Confidential client
Mothballing 60 retail properties in a month We mothballed 60 retail properties in a month and then acted as the managing agent on behalf of the receiver and guarantor. Our agency team also dealt with some of the disposals.- Location National portfolio UK and Ireland
- Key figures 47 properties, 1.5m sq ft, total rent liability of £17.2m per annum
- Additional Information Louise Barnes, +44 (0) 121 234 6851
The results
- Our client was able to significantly reduce its risk by mothballing the 47 properties within a month, in line with landlord and insurance requirements
- It was able to control the costs associated with the management of the properties
- The client was able to ensure rents, service charges, insurance and other costs were managed by gaining budgetary control of the properties.
The challenges
- Our client was a guarantor of a business and when it went into receivership our client inherited a corporate legacy portfolio of 47 retail properties. The properties were a huge liability for our client and it needed someone to take control and manage the assets in order to control its costs and reduce risk.
What we did
- We inspected every unit to identify whether it was secure or occupied to give our client a full understanding of the portfolio
- We assisted with the decommissioning of services across the portfolio and put in place an inspection regimes to ensure the safety and security of each site
- By liaising with our client and its lawyers we ensured that the landlords were paid
- Our property management team took on the day to day management of the properties to enable our client to concentrate on its core business
- Our agency team assisted our client with the disposal of several of the properties.
English