NV buildings, Salford Quays, Manchester

Case Study 4: Excessive rising costs

Project Description: Reduce & Maintain costs

Location: NV buildings, Salford Quays, Manchester

We were approached by a tenant of NV Buildings who had expressed an interest in buying a property but opted not to due to rising and excessive service charges. The tenant had been a director of another development we managed. He suggested NV Buildings needed our help. We made contact with the board and along with a number of other agents, submitted our proposal. Albeit a relatively young company at the time, Complete were able to demonstrate its understanding of the issues and solutions required compared to that of the past 2 agents both of whom had been Rics and Arma members.

 Complete won the tender process and set about implementing the solutions required.

The Expectations

Complete were tasked with demonstrating that they could achieve a reasonable and effective budget as promoted by them in their tender. The development had service charge debt of over £300,000 and trade creditors of over £150,000. We promised to assist the board in resolving both debt and creditor issues and court action within 3 months.

Our Solution

Complete carried out a full audit of the last 12 months costs and worked closely with the board of directors. All lease and budget needs were reviewed as well as the residents requirements.

Complete were able to demonstrate to directors that considerable savings were achievable that equated to savings of £300,000 against the existing and previous budgets.

The main areas or reduction were:

  • Management fees
  • Accountancy fees
  • Concierge
  • Planned maintenance contracts

Results, Expectations and Savings:

Complete audited the development and provided alternate and cost effective solutions to reduce costs and improve efficiency and cash flow. Concierge services went to tender and a new company was appointed and a TUPE handover completed. All contracts were reviewed and new contactors and suppliers chosen. This reduced a spend of £800,000 to £498,000 in year one. Debt now stands at less than £15,000.


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