CASE STUDY
Property Asset Management
Murray Commercial
331 Old Street London
Client
UK based Property Company
Building Size and Use
Two 1 Bed Apartments
Appointment
Murray Commercial Ltd’s appointment commenced in May 2022
Service Charge
None
The Brief
The client asked us to manage the two apartments which had both been let to a single tenant and had fallen vacant. The Units needed modernisation and the rents being paid were lower than those being achieved by other Landlords. We
also saw that we could double their income by letting to Tourists by exploiting the staycation market rather than letting on conventional Assured Shorthold Tenancies.
Action and Outcome
- Property Management including rent collection
- We appointed a contractor after a tendering exercise and refurbished both apartments.
- The Units are now fully let at 95% occupancy on Air B N B for the next 3 Months.
- We are achieving approximately £170 per night which our client is delighted with as they are achieving circa £1000 per week per apartment after costs and they were achieving less than half of this before.