CASE STUDY
Property Asset Management
Murray Commercial
Hornchurch Road, Romford
Client
Family Office UK Based
Building Size and Use
15,000 sq ft Retail Park
Appointment
Murray Commercial’s appointment as managing agents commenced June 2021
Service Charge
None
The Brief
The client was unhappy with the previous property managers. A number of rent reviews and lease renewals had not been instigated. The tenants were all in arrears and there was little logic to the rent concessions that the agent had
recommended to the Landlord.
Action and Outcome
- Property Management including rent and service charge collection
- We regularised the arrears situation and agreed a longer lease with one of the tenants in exchange for writing off some debt. This increased the value of the client’s holding and gave them certainty of income for a prolonged period of time.
- We settled the rent reviews and completed a lease renewal with Burger King who are the anchor tenant on the estate.
- We are pursuing asset management initiatives and are looking to develop part of the car park to build an additional unit. In addition we are bringing in a parking company to give an income stream on the car park.