Client
Private Client
Location & Size
c. 26K sq ft office building in Manchester City Centre, with 8 units
Appointed
January 2016
Role
Investment, asset, property & facilities manager, and corporate service provider
Asset Management
- Ahead of the acquisition Catella APAM built a five-year business plan to demonstrate investment opportunity to the client and agreed delivery strategy to ensure target returns were met.
- Deployed £2M of capex over the business plan and delivered a speculative fit out of all floors, improved reception and new shower, changing and cycle store facilities.
- Asset revalued following delivery of first two years of the business plan at £26.1M; a 5% increase on the acquisition price.
- Lease Events Managed: 9 new lettings, regears, renewals and rent reviews and we have added £2.6M in value to the asset.
Property Management
- Recommendation, delivery and management of the asset ESG strategy.
- EPC of C secured with pre-planned maintenance strategies in place to improve during the business plan.
- All Governance Measures are proactively actioned and regularly updated.
- Rent collection improved to 96% and 95% for rent and service charges respectively since acquisition.
- Service charge budgets and reconciliations delivered in line with RICS governance timescales.
ESG
- ESG is embedded in our business plan at 60 Spring Gardens and the strategy, both in terms of capital expenditure and planned maintenance
- Examples include the installation of best-in-class end-of-journey facilities, collaboration space and M&E upgrades resulting in EPC improvements (D to a B rating).