NOW THAT’S WHAT WE CALL TEAM WORK!

Investment News

It would be easy to think that the predominantly Commercial entity of FHP do not work closely with their colleagues at FHP Living who are based in the City Centre and West Bridgford. This however would be far from the truth!

A recent example of the two working well together is at Astlie Court, Hucknall Road, Nottingham.  Here, Alastair Fearn of FHP was instructed by the administrators of Aston Leslie Developments Ltd to sell an 8 apartment residential development known as Astlie Court.  At the time of instruction 7 out of the 8 apartments were let with an estimated rental value of £51,000 pa.

Shortly after instruction however a number of tenants, for a variety reasons, served notice to vacate and so this income producing residential investment was starting to look somewhat less attractive without any income!

Alastair Fearn of FHP said:-

“With a number of the apartments becoming vacant the investment was going to become increasingly difficult to sell.  It was important for us to be able to re-let the vacant apartments as soon as possible to not only maintain income but to illustrate to investors that when the apartments became vacant in the future, that tenants can be found.

We therefore advised the administrators that our sister company FHP Living, who are residential letting specialists, should be instructed to find replacing tenants.”

Following the instruction of FHP Living, 6 apartments were let in the space of 3 months ensuring that the income stream was protected.

Jonty Green of FHP Living added:-

“With the correct presentation and marketing we have been able to achieve 6 lettings in a short space of time.  There is a fair amount of competition in this market and it was imperative therefore that the apartments were presented in the best way they could be and once a suitable tenant was found, we were able to have all legal documentation agreed straight away at no extra cost.

Within 1 week of completion of the sale we have also been able to let the last apartment for the new purchaser to ensure that the development is now fully let.”

The development has now been sold by Alastair Fearn of FHP.  Alastair added:-

“When we were instructed by Cooper Parry, the administrators of Aston Leslie Developments Ltd, our objectives were to effect a relatively speedy sale at a market level and also maintain income throughout.  With the help of FHP Living, we have been able to achieve these objectives.

We are also now retained by the purchaser to seek similar opportunities within Nottingham and surrounds”

For further information on this transaction or other opportunities please contact Alastair Fearn of FHP or Jonty Green of FHP Living.

Cooper Parry acted as the administrators for Aston Leslie Developments Ltd and the purchaser was a private individual.