PROPERTY MANAGEMENT – CASE STUDY 1
Large commercial landlord with multiple sites and units
LANDLORD/OWNER : Standard Life Investments Pooled Pension Property Fund
NUMBER OF UNITS : 4 Residential Penthouses
LOCATION : Portman Square, London
BUILDING MANAGEMENT : Jones Lang LaSalle
PROPERTY MANAGEMENT : Pastor Real Estate
LETTINGS MANAGEMENT : Pastor Real Estate

With assets under management of £195.1bn (30/06/14), Standard Life Investments is one of Europe’s leading investment houses. Standard Life Investments was launched as an investment management company in 1998. It is a wholly owned subsidiary of Standard Life Investments (Holdings) Limited, which in turn is a wholly owned subsidiary of Standard Life plc. www.standardlifeinvestments.com

The premises overlooking Portman Square is owned by the Standard Life Investments Pooled Pension Property Fund. It includes four residential penthouse units, all of which are privately rented. Pastor Real Estate has managed the letting and property management of the residential units since 2001 and provides the following services to Standard Life Investments Pooled Pension Property Fund:

• Professional photography and marketing of the apartments

• Finding and vetting suitable tenants

• Organising pre-tenancy works and cleaning

• Collection of initial monies including deposits

• Arranging the preparation and checking of inventories

• Deposit holding in a suitable government approved scheme

• Dealing with day to day maintenance and tenant queries

• Dealing with Landlord dilapidation claims on Tenant’s deposits

In addition to the above services the Pastor Real Estate Property Management Team have also successfully handled a number of one-off projects for the client, both large and small. During the winter of 2012 it became apparent that a new air-cooling and heating system would be required, necessitating the removal of the old system before the new system could be installed. The removal and installation work involved was substantial and such that it required each unit in turn to be vacant for the works to be safely undertaken.

A project of this scale requires a detailed schedule and meticulous planning, made more complicated by the requirement for each of the tenants to be relocated in turn during the works. The Property Management team handled every aspect of this relocation process; co-ordinating the tenancies and negotiating with residents, closely liaising with the Landlord’s Building Managers and contractors, co-ordinating their work with the tenants, removal people, inventory clerks and cleaners, to ensure that the project was delivered on time and within budget.

"Through careful planning and close liaison with all parties and contractors, the process was undertaken and completed without incident, on time and on budget, with the one property that was left vacant at the end of the project being let shortly afterwards by the Pastor Real Estate Lettings team."
Barry Daly, Property Manager, Pastor Real Estate
"Having identified the need to change the heating and cooling system for all the flats, we discussed the implications with Barry from Pastor Real Estate and were quickly provided with a plan for managing the tenants during this period to optimize the delivery of the project. When the works and the plan were agreed by the landlord it was all put into action and went like clockwork."
Stuart Adams, Facilities Manager, Jones Lang LaSalle
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