PTY7PRM - Property Management Assignment

Assignment Task

Case Study

You work for a small firm of surveyors in a regional city of your choice, within the UK, called ‘Harlequin Surveyors Ltd’. You are the head of property management. You have just been emailed by a potential client ‘OS Property Holdings Ltd’ seeking a proposal from you to manage a property that forms part of their property portfolio.

The subject property is at 55 High Street, it has three floors, which all have retail use.

The property has been let, as a whole, on one lease, to a technology repair company called ‘Tech Repair’ who uses the ground floor as a technology repair shop, however the upper two floors are unused. The lease is for a term of five years ending in December 2024. The lease is ‘inside the Act’ and on a full repairing and insuring (FRI) basis. The rent is currently £20,000 p.a. There is a tenant-only break clause in December 2022 whereby the tenant has to give the landlord three-months notice. There is also a rent review in December 2022.

‘Tech Repair’ has emailed, ‘OS Property Holdings Ltd’, to request a surrender of the upper two floors. They have said that they do not use those two floors and do not want to keep paying for the repairs of those floors as the roof is leaking.

Task

Write a report addressed to your client ‘OS Property Holdings Ltd’, which addresses the following points:

a. The Role of Property Manager The client has not appointed a property manager before now. You need to give OS Property Holdings Ltd a breakdown of what a property manager does. Analyse each role a property manager has and recommend how you will apply this to 55 High Street.

b. Service Charge Your client ‘OS Property Holdings Ltd’ is concerned that they do not want the responsibility of the roof maintenance costs now or in the future.

If OS Property Holdings Ltd agree to allow Tech Repair to surrender their lease of the upper floors of 55 High Street and remain as tenants on the ground floor only, explain how you would set up and implement a service charge to ensure OS Property Holdings Ltd responsibility towards maintenance costs are kept to a minimum and how you handle disputes should they arise. Your recommendation should include which method of service charge apportionment would work best in this building.

c. Tenant Selection If ‘OS Property Holdings Ltd’ allows Tech Repair to surrender the lease this will leave the upper floors vacant. OS Property Holdings wishes to know your approach to tenant selection. Your answer should include what factors you take into consideration when analysing an offer from a proposed tenant. 

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