National mixed use property portfolio

A portfolio with ownership across 11 different entities comprising some 80 units nationwide, with bank debt of £20 million plus. The assets varied widely in quality and value ranging from £90,000 to in excess of £2 million. An initial rent roll of circa £1 million per annum with a large number of vacant units, particularly to the residential parts. There were numerous complex issues including liquidator appointments, landlord compliance matters to residential units, and significant rent arrears.

Work undertaken

Through Eddisons – a Begbies Traynor Group consultancy of chartered surveyors and property management specialists – we assessed the portfolio on a property by property basis and undertook asset management including regularising tenancies and securing deposits. We reduced rent arrears and improved occupancy by securing new lettings and secured lease re-gears to improve investment value. We then implemented a mixed disposal strategy including private treaty, bulk investment and auction sales.

Outcome

This resulted in the bank debt cleared in full and after our initiatives were completed, the rent roll increased by £500,000 and reached £1.5 million per annum.