PROPERTY MANAGEMENT – CASE STUDY 3
Private landlord, single property
LANDLORD/OWNER : Mr Don McNicoll
NUMBER OF UNITS : Single Apartment
LOCATION : Mayfair, London
REFURBISHMENT : Pastor Real Estate
PROJECT MANAGEMENT : Pastor Real Estate
LETTINGS MANAGEMENT : Pastor Real Estate
PROPERTY MANAGEMENT : Pastor Real Estate

The property was purchased in 2003 as a second home/investment property and has been let and used by the owner ever since.

The owner lives abroad, returning every summer to stay in the property and required an exceptional property management and lettings service to ensure that the property was in excellent condition.

The apartment is in an excellent location in Mayfair, close to the facilities of Mount Street. The fact that the property is used by the owner in addition to tenants is unusual and means that the property can only be let for limited parts of the year. As such, the lettings team have to work quite hard to find new tenants every year to accommodate the owner’s requirements, although two previous tenants have remained in contact in order to have the first option when the apartment becomes available again. Being a property of a certain vintage it requires regular maintenance, to ensure that it is ready for both the owner and tenants, so timing and planning are essential to minimise disruption.

In 2012, when it became a requirement that inspection panels for gas flues be installed in all tenanted properties, the building proved to be of such a design that this was impossible to accommodate without the consent of all the other flat owners. As a result of the complexity and permissions the gas boiler needed to be replaced by an electric model.  This of course could not be done with tenants in place and had to be co-ordinated well in advance to comply with the legislation, as well as to allow the landlord to spend their summer uninterrupted. The process was planned and managed with no disruption to the owner or tenants.  Following completion of the replacement the Pastor Lettings Team let the flat again and the property continues to be maintained and managed by the Property Management Team.

"This is a lovely apartment with high ceilings that has a real feel of ‘home’ about it. Over the years we have built up a strong relationship with the owner, who trusts us to manage the property and ensure that it is properly maintained. The fact that they are located literally on the other side of the globe is not a problem for either party. With full management responsibility for the property we are able to progress the majority of maintenance tasks quickly and easily, taking away the stress of managing and maintaining
the property."
Barry Daly, Property Manager, Pastor Real Estate
"We have worked hard to find the right tenants for the property and have established quite a roster, for whom it is a firm favourite. The restricted availability of the apartment means that this is not a property for tenants seeking a longer-term rental, but this has not prevented us from successfully securing tenants. The arrangement means that the owner is able to enjoy the property while visiting London and also derive income from the period that it is not being used, secure in the knowledge that we carefully vet the tenants using their home."
Susan Cohen, Head of Lettings, Pastor Real Estate
"Pastor Real Estate has looked after my property for over 10 years and have always found suitable tenants and looked after the maintenance impeccably."
Mr Don McNicoll, Owner, lives in New Zealand.
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