Here at Ayers & Cruiks, we’ve helped many landlords across Essex find tenants and manage their properties, whether they are first time landlords or professionals.
Find out how we helped our valued landlord improve his property, a purpose-built block of flats in Leigh-on-Sea, source tenants and raise their rental income.
Ayers & Cruiks received instructions on a purpose-built block of flats, Sovereign Court, comprising of 8 two-bedroom flats over 3 floors in 2011.
At the time, all the flats were let on assured shorthold tenancies and the block was generally tired throughout. Communal areas had worn carpets and grubby paintwork. The garden at the rear was fairly overgrown and the car park area was full of weeds and growth.
Our task was to improve the block’s appeal, get longevity with tenants whilst upgrading the flats internal décor, kitchens and bathrooms and raising the rental income for the Landlord.
What we did
During the first few years, we were able to reduce the level of rental arrears and improve on the incoming tenants by introducing a more robust referencing procedure.
In 2015, we carried out a report and recommendation and organised quotations for the communal areas to be updated, communal lighting to be improved, the garden areas and car park area to be tended to, new fence and access gates to the front and rear.
Once these works were approved, the communal areas were completely redecorated and new flooring was laid. The building had a whole new look and when a flat became vacant at the end of 2015, we arranged for the total refurb with new kitchen, bathroom, complete décor and flooring. This enabled us to find a new tenant at a rental increase of over 30%.
The Landlord was very pleased with the new model and over the course of the next 12 months, the remaining flats were refurbished to the same standard equating to a rental increase of approx. £20,000 pa.
The yield for the block did not change from just over 4% but the capital value rose by over £800,000.
Tenants are happy in the block with a number now in the second fixed 12-month term.
Mr Ben Phillips, Group Property Asset Manager, shares the following comments on Sovereign Court:
“Ayers & Cruiks were instructed as our Managing Agents back in 2011 with a premise to augment the portfolio.
Within the initial two Year period the tenancies were restructured and all tenants were on an Assured Shorthold with rental increments in place.
Our aim was to improve the quality of our building, to enhance the lifestyle of the tenants along with improving the safety and security and increase capital value. We discussed our goals with Nick Clarke at Ayers & Cruiks who implemented along with our preferred contractors Quickcall M&E Ltd. They orchestrated a plan to refurbish the entire communal areas and then each individual flat as they were vacated, fitting new Modern Kitchens and Bathrooms, economic electric heaters and improving the ventilation and communal Garden and Parking areas.
We are very pleased with the end product which not only increased the rental income, raised the capital value but enabled us to establish happy tenants who have been retained and renewed on 12 month AST.
The communication and organisation along with successfully letting all the units is a credit to Ayers & Cruiks Lettings and Management team.”
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