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Bank subsidiary

Fast turnaround of South Wales property portfolio

Lambert Smith Hampton (LSH) was instructed by a subsidiary of a bank to provide property management services for a mixed use commercial property portfolio which had gone to fixed charge receivership.

The portfolio had a rent roll of circa £7 million per annum and comprised 29 property interests with over 130 tenancies located across South Wales. The client indicated that they wanted the portfolio evaluating and action plans putting into place quickly, with a view to a commercially viable exit.

LSH undertook an independent property review of each asset with tenant details and any issues highlighted. We then identified what changes were required and set a route map to exit for each property. The route maps included: market forecasting, asset management strategy, a review of the value of property assets, proposals for lease regearing and restructuring, rates mitigation, and submitting planning for change of use.

We set up a dedicated client portfolio management tool incorporating an accounting database to improve communication and provide the client with real-time portfolio information. LSH also conducted a review of the occupier experience. 

As a result of the quick mobilisation of LSH’s specialist teams, we were able to value the entire portfolio within 11 weeks of the receiver’s appointment, and begin implementing our proposed asset management strategy.

Within a few months, the property portfolio was stabilised, the rent roll position was verified and we started improving on the rent collection statistics and collecting historic arrears. Following a feedback exercise we were also able to report an improvement in the occupier experience. We received very positive feedback from the client as a result.

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