Huge contract for Principle to manage 30-plus developments across UK
One of the biggest asset managers of leasehold properties has appointed Principle Estate Management to look after 34 sites stretching across seven UK regions.
The huge new contract involving 1,317 units has been awarded by Estates & Management (E&M), in addition to the 12 sites and 266 units already in management.
Principle, based in Birmingham, has become the UK’s fastest growing residential estate manager, and this latest appointment means it’s now looking after some 6,000 units across the country just two years after its launch.
Brett Williams, managing director of Principle, said: “It’s really encouraging to be awarded further large-scale contracts from our current clients.
“We have set out to do property management properly and give good customer service at the same time.
“We have built our business model to do just this and we all look forward to working on these new properties and serving our latest customers.
“For large single instructions such as this, we offer a specialist model of management allocating a Portfolio Manager as a single point of contact for all matters to help make the Client’s life easier in their interactions with us.”
The largest site in the new portfolio is a 400-unit development of houses near Rochester, which along with a nearby site in Maidstone adds to Principle’s growth into Kent which began with another client in February.
Many of the properties in are in the West and East Midlands, East of England and the South East and London, where Principle already looks after large numbers of properties.
One of the new units is the Southside development on in London’s SE1 postcode, a mixed-use and mixed-tenure development of around 90 units across several buildings, including some apartments worth more than £1 million.
Another two of the new sites are in South Wales – not far from where Brett Williams’ grandfather grew up before moving to Surrey to work for the London Electricity Board during the war.
In Wales, Principle must include legal statements in both Welsh and English, and its administrative systems have been built to ensure full compliance.
The most northerly new developments are near Middlesbrough, not far from Scarborough where Principle recently took an instruction for a developer client, and close to other work in Leeds and York.
Mr Williams added: “This is a significant instruction for an agent of any size, and it marks a huge step-change in the successful expansion of our national business.”
Emma Graham, portfolio manager at E&M, said: “We need agents who not only comply with our stringent requirements to meet best practice for management in the leasehold arena, but who also communicate well with our customers.
“Our customers want great service levels on a day-to-day basis, with swift responses for simple things like obtaining sales information packs or new gate fobs, as well as ensuring basic services such as cleaning and gardening are both to acceptable standards and at reasonable costs.
“Our agents must be experienced property professionals who we and our leaseholders can have confidence in, and who have all of the technical and compliance skills required to deal with modern requirements.
“We’re already working well with Principle, and we’re confident they meet all our strict requirements.”