Landmark coastal property to be looked after by Principle
A well-known property in one of the most prominent positions of the beautiful coastal town of Salcombe is to be managed by Principle Estate Management.
The Salcombe is an eye-catching development of 36 luxury apartments and various commercial interests converted from a former hotel of the same name some 45 years ago.
Principle has been instructed to manage the landmark property by The Salcombe Company Ltd, the residents’ management company.
The property, originally built in around 1920, lies on the town’s estuary and contains 35 privately owned apartments, some rented out as short-term holiday lettings.
Another apartment is owned by The Salcombe Company itself, let out as an Airbnb by the building manager, and the company also lets out a restaurant at open market rent.
Other commercial elements include a passenger ferry landing, let out on a long lease for a peppercorn rent, the beer cellar of an adjacent pub, and car parking spaces rented by local businesses.
Oliver Quarrell, a director of The Salcombe Company, works in the property management sector himself and so had a deep knowledge of what the new contract required.
He said: “Due to the complexity of the development we wanted a firm that was more than ‘just’ a managing agent.
“Principle filled that criteria with its directors Brett Williams and Joe Jobson both being chartered surveyors, and Brett also being a past-chairman of the Association of Residential Managing Agents.”
Another director of The Salcombe Company is John Hughes, formerly deputy finance director of GKN PLC and later chairman of trustees of the Black Country Living Museum.
Mr Hughes knows Principle’s accountant Gavin Whitehouse of Bennett Whitehouse Ltd through their involvement with the British Glass Foundation, and so was easily able to verify Principle’s operational , financial and control processes.
He said: “We have liaised with both Joe and Brett during the period from appointing them to the handover date, and we are confident that they will be able to steer on some of the complexities that arise here.”
Jamie Noon, a property manager at Principle who will lead on The Salcombe contract, said: “This is a very unusual and special property, and I am excited to be involved.
“We have had quite a bit of work to do to get it fully set up on our systems, as the directors wanted us to deal with a few issues before formally commencing management.
“This included preparing for buildings insurance renewal due soon after our management begins and reviewing the strategy for The Salcombe’s swimming pool which has been closed throughout 2020 due to COVID-19.
“We also needed to review the building manager’s job description and have been working with her to ensure we have arrangements in place to provide cover in her absence, which was previously lacking.”
Mr Noon added: “Importantly, we have the experience and capability to handle something as complicated as this, working with The Salcombe Company directors and the building manager, who we will retain and employ directly.”
Principle Estate Management was launched in 2018 by Mr Williams, who has nearly 30 years of experience in the sector. The portfolio of properties the company manages has since grown to around 6,500 units in 250 developments across the UK.