Project in Focus: Grade II Listed Property in the South West – Receivership

Background

The property is a large Grade II Listed 18th Century Manor House set within 50 acres of land on the outskirts of Bath, which has been converted into serviced offices and a conference centre.  On site there are numerous outbuildings converted into self-contained offices comprising in total circa 80,000 sq ft.  The property is let to a cross section of occupiers, on 25 short term licences including the MOD, Airbus and Ebeni Ltd.

Lee Baron’s Role

In Spring 2020 (immediately prior to lockdown), Lee Baron were initially instructed to provide a property audit and overview of the current management regime for the Joint Law of Property Act Fixed Charge Receivers, c/o Cushman & Wakefield.  We mobilised a team and inspected the property within 48 hours of being instructed and met the borrower, tenants and on site property management team.  The property audit covered health & safety, tenancy information, annual costs, arrears, rent deposits, service providers and staffing, payroll and tenant contacts for rental payments. We invoiced the April rent and contacted each tenant to follow up on historic arrears or other arrangements to help them through the lockdown.

Results

By taking control of the projects finances, with a dedicated credit controller and accountant overseen by a Director, we managed to maintain a high level of income from the property and negotiate new agreements where necessary. We continue to offer consultancy and support to the existing management team and the Receivers.