New Builds
New Builds: The RopeworksLocation: London Borough of Barking and DagenhamProperty: 246 one and two bedroom apartments
"Dear
Paul, Troy, Danny and Simon,
Just
a brief note to say a huge 'thank you' and 'well done' for last night's
AGM. You put a huge amount of work into the preparation and presentation.
It was extremely professional. It's much appreciated.
I
think the leaseholders will be very reassured.
The
Lifts, The Lifts.....Hurraahhhh
Warm
regards"
- David
Hoare - Board
Member - Barking
Central Management Company
Background Block Management UK Ltd took over the management of The Ropeworks in 2012, becoming involved in the site when it was asked to advise the original steering group on the successful removal of the original management provider.
The east London property was in a terrible state both financially and mechanically. The property was insolvent and action needed to be taken quickly to prevent the company from going into liquidation.
Asset management strategies
After daily visits to the site and an in-depth analysis of the finances, Block Management UK Ltd created a plan to identify and deal with the serious, short-term problems as well as longer-term issues. Within the first week of management many maintenance issues were identified and many rectified, including;
- Over 180 failed lights fixed
- Out-of-service lift fixed - after 6 months of inactivity
- Water pumps serviced - for the first time
- Health and safety procedures in place where there were none
- 48 unresolved leaks fixed
- Frequent security breaches resolved
- Multiple breaches of lease resolved
- Rodent and cockroach infestation cleared
- Empty service charge account replenished
- Issuing of accounts for the first time
- Arrears management procedures created for the first time
On-site staffHistorically, the costs of cleaning and concierge services through third party contractors had been astronomical. In response, a team of directly-employed cleaners, concierge staff plus a part-time maintenance technician were put in place. The concierge team operates seven days-a-week with additional cover when needed.
Block Management UK Ltd also installed a CCTV system that monitors the entire building, streamed live to the concierge desk and our head office, recording 24-hours a day.
We estimate that the implementation of this team has created a huge saving of £87,000 per year and, as part of the first budget under our management, the annual service charge was reduced by 48%.
Block Management UK Ltd offer services as a property manager in east London and can help with your own property management needs.
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