DM & Co Premium and Ralph Media Group launch radical new approach to selling region’s most prestigious homes

Two of the Midlands’ brightest and fastest-growing companies have joined forces to launch a marketing-led premium sales service aimed at selling the region’s most prestigious homes.

Property agents DM & Co Homes and marketing agency Ralph Media Group have launched DM & Co Premium.

They will be launching their first pre-completion campaign based around an exclusive development of three new executive five bedroomed detached homes in a gated development on Station Lane, Lapworth, working with the developer, Holdsworth Homes.

The houses are scheduled for completion at the end of 2019 and prices range from £1.15 million to £1.45 million.

Dominic Murphy, founder and managing director of DM & Co, said: “We have launched DM & Co Premium to fill a gap in the market in the premium suburbs of Solihull and Warwickshire.

“We have teamed up with James Dodd, founder and managing director of Ralph Media Group to offer a very special package designed to give these extremely desirable homes the special attention they deserve when bringing them to market.”

Ralph Media Group is a full service marketing agency based in Birmingham which specialises in the property and construction industry.

James Dodd explained: “By targeting those in the market for the very best homes with a bespoke marketing programme, we cut to the chase and focus on the outstanding attributes each unique luxury home has to offer.

“We at Ralph Media are providing professional external and internal photography, alongside a professionally edited video that takes prospective purchasers through the journey on each individual property and gets them to appreciate what it would be like to experience living there.

“This is supported by a brochure which is bespoke to each property, tailored to bring out the nuances and finest features of each property.

“We will continue to generate social media content that ensures we communicate directly with those in the market for luxury properties in certain locations.”

Their first project, currently under construction on the former Bryants Nursery site in Lapworth, will benefit greatly from this multi-faceted approach to the marketing.

The DM & Co Premium service is offered free of charge for properties over £800,000 but for those with properties under that figure, the package can be configured for a fee of £1,000 plus VAT to help drive a successful and effortless sale at the maximum value.

Dominic Murphy said: “James and I recognised that there were clients in the market with properties that were not being showcased in their best light and by combining the skills of Ralph Media Group with the reach and contacts of DM & Co, we are confident we can provide the sales experience that sellers of luxury homes deserve and are right to expect.”

The DM & Co Premium Service can be viewed at www.dmandcopremium.co.uk

Ends (461 words)

For further information, please contact:

Dominic Murphy, Managing Director,

Unit 2, Forest Court Shopping Centre, Dorridge, B93 8FG

Tel: 01564 777 314. Mobile – 07595 903811

Email – sales@dmandcopremium.co.uk

www.dmandcopremium.co.uk

Prepared and issued by Andy Skinner, ASAP PR, 01789 490786, mobile 07990 978257

Elevate launches Royal House at Princes Gate with Phase I already over 60% sold

Elevate Property Group has announced it has already started and is well advanced on the conversion of Phase II of its Princes Gate project in Solihull.

The Birmingham-based developer has appointed local agents smarthomes to sell the remaining apartments in Phase I, Consort House, and the 70 apartments in Phase II, Royal House.

Already over 60% of the apartments in Consort House have been sold with the first buyers scheduled to move in during May.

This second phase will be launched on Saturday 6 April with the two show apartments, highlighting the options and specifications available at Consort House, now opening four days a week from Friday to Monday.

Royal House, part of the £30 million Princes Gate development, is scheduled for completion at the end of 2019 and Elevate sales and marketing director David Hofton said the broad appeal of the development was proving a key factor in its success.

“From first time buyers to downsizers to investors, the interest is across the board.

“First time buyers are attracted by the affordable prices and the fact that Help to Buy is available.

“Many downsizers are keen to walk away from the concerns of property maintenance and large gardens and for those who spend time abroad or travelling during the year, they can simply lock up and leave.

“Investors spot the potential of the development for strong tenant demand and are attracted by the luxury specification and the fantastic location,” he said.

A new Waitrose is 200 metres from the development, Solihull Railway Station which offers a 12 minute run into central Birmingham is 250 metres away and Touchwood Shopping Centre, with John Lewis and a new Asha’s Restaurant due to open soon, is just a short stroll.

David Hofton added: “Train times as low as 1 hour 35 minutes into London Marylebone are also a significant attraction.”

Prices range from £162,500 to £400,000 and apartments include studio, one bedroom and two bedroom options.

The penthouse apartment – price on application – on top of Consort House measures 1,600 sq ft and has a 1,100 sq ft south west-facing roof garden – perfect for parties or large family gatherings.

To get a flavour of the luxury specification that can be expected at Consort House and Royal House, Elevate has opened two show apartments, a one bed and a two bed example, with a further two apartments also finished and available for inspection.

Further information can be viewed here or call Julia Evans at smarthomes on 0121 744 4144, or email newhomes@smarthomes.co.uk

Elevate Property Group currently has nationwide interests in 1,300 plots with a gross development value in excess of £330 million.

Ends (438 words)

For further information, please contact:

Steve Dodd, Managing Director,

Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB

0121 272 5729

http://www.elevatepropertygroup.co.uk

http://www.facebook.com/elevatepropertygroupuk

http://instagram.com/elevatepropertygroup

Editors’ Notes

Elevate Property Group creates exceptional architectural spaces.

Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.

Bond Wolfe Auctions wins prestigious Birmingham City Council contract

Bond Wolfe Auctions, the UK’s newest auction business, has won the contract to handle the disposal of Birmingham City Council’s surplus property and land assets.

The appointment will result in a number of lots being offered at auction with many already confirmed for the Thursday 9 May sale including a detached house in Fentham Road, Erdington, and a parcel of land in Runcorn Road, Sparkbrook.

There are a wide range of properties that the city council regularly disposes of, ranging from office blocks to former neighbourhood offices, and former educational facilities to development sites suitable for both residential and commercial uses.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “This is a huge achievement for us and we are extremely proud to be able to represent Birmingham City Council as most of our team have deep roots in the city dating back generations.

“While we are a new business, our staff have over 250 years’ of combined experience in selling residential and commercial property and it is a major endorsement to have Birmingham City Council, the largest local authority in Europe, working with us.”

Managing director Ian Tudor added: “Everyone at Bond Wolfe Auctions is delighted at winning this contract and we will ensure that we get the maximum value possible for Birmingham and its tax payers.”

The new contract comes just weeks after Bond Wolfe Auctions raised a staggering £16.7 million in its first auction in Birmingham at Villa Park on 13 March when 103 lots out of 115 were sold, representing a sales success rate of 90%.

It was the most successful auction in the Midlands since May 2018 based on the amount raised and the most successful since December 2017 based on the percentage sold.

Bond Wolfe Auctions was launched in early 2019 by chief executive Gurpreet Bassi and managing director Ian Tudor who previously were the heads of residential and commercial auctions respectively at the Bigwood auctions business.

The team is now busy taking entries for its second auction of 2019 on Thursday 9 May. Any sellers or businesses looking to offer their properties, development sites or portfolios for sale by auction, should contact enquiries@bondwolfeauctions.com or call 0121 312 1212.

Ends (365 words)

* Each property is subject to a Reserve Price which may be different from the Guide Price.

For further information, please contact:

Suzanne Randell, Head of Marketing and Communications,

Bond Wolfe Auctions,

1st Floor, 75/77 Colmore Row, Birmingham B3 2AP

0121 312 1212

www.bondwolfeauctions.com

Twitter – @BondWolfeAuc

Prepared and issued by Andy Skinner of ASAP, 01789 490786, mobile, 07990 978257

Editors’ notes:

Bond Wolfe Auctions has a record breaking and award-winning team with over 250 years of combined property experience. They sell all types of residential, commercial and mixed-use property, investments and land/development sites for private individuals and corporate clients. They will hold six auctions in 2019 at Aston Villa FC as well as offering online auctions, selling properties nationally across the UK.

Assay Lofts has lift off – 70% sold before launch

Billed as Birmingham’s hottest new residential address, Assay Lofts, the 32 apartment development by Elevate Property Group in St Paul’s Square. is already 70% sold out.

One of the first to sell was the luxury two bedroom, two bathroom penthouse apartment which was on the market for £595,000.

Elevate’s sales and marketing director David Hofton said: “We have just instructed Knight Frank to secure buyers for the remaining apartments in our flagship Charlotte Street development.”

Assay Lofts, a £10 million development of one and two bedroom apartments plus duplexes with two bedrooms and two bathrooms, is proving equally popular with young professionals working in the city’s central business district and professional investors looking to add quality units to their portfolio.

Prices range from £220,000-£270,000 for the one bedroom apartments and £325,000-£355,000 for the two bedroom apartments. Duplexes are available from £390,000-£490,000.

David Hofton added: “What has undoubtedly helped is that buyers in the market for a luxury apartment are now well aware what Elevate delivers – the proof is already there in Concord House, Queensway House, St Paul’s House and Honduras Wharf, just some of the quality developments Elevate has already completed in Birmingham.”

The development is scheduled for completion by contractors NM Group in September 2019.

In keeping with Elevate’s policy of encouraging local artists, the company has commissioned Belbroughton-based metal sculptor Paul Margetts, who undertook a traditional four year blacksmith’s apprenticeship before studying Art & Design at nearby Birmingham Polytechnic – now Birmingham City University.

He was commissioned by Elevate to produce something memorable that would become instantly recognisable and associated with Assay Lofts.

His metal sculpture (pictured) will survey St Paul’s Square and keep an eye on weekend revellers and weary weekday business folk alike.

Assay Lofts is Elevate Property Group’s fourth development in The Jewellery Quarter and tenth development deal in the city.

Other developments in the pipeline in Birmingham include the Cliveland Street development in the Gun Quarter which is due to start on site this summer and another site in Camden Street in the Jewellery Quarter which is subject to planning.

Cliveland Street will herald Elevate’s entry into the private rented sector and comprise 52 apartments – 30 two bedroom and 22 one bedroom.

Elevate Property Group currently has nationwide interests in 1,300 plots with a gross development value in excess of £330 million.

For further details of Assay Lofts, contact sales@elevatepropertygroup.co.uk or call David Hofton on 0121 272 5729.

Ends (403 words)

For further information, please contact:

David Hofton, Sales and Marketing Director,

Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB

0121 272 5729

http://www.elevatepropertygroup.co.uk

http://www.facebook.com/elevatepropertygroupuk

http://instagram.com/elevatepropertygroup

Editors’ Notes

Elevate Property Group creates exceptional architectural spaces.

Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.

Godwin weighs options for major five acre site in Leicestershire

Pic cap: Landowner Mark Webster with Stuart Pratt, group development director of Godwin Developments

 

Godwin Developments in Birmingham has acquired a major site in the historic town of Shepshed in Leicestershire.

 The five acre site in Ashby Road lies close to the Shepshed Interchange, Junction 23 on the M1, providing good links to the north and south.

 Godwin’s group development director Stuart Pratt said: “This is a key strategic site which we have purchased unconditionally.

 “It is well located with the centre of Loughborough less than 15 minutes away by car.

 “We will now weigh up our options for this site, in discussion with the local authority, Charnwood Borough Council, with a view to providing the right development that matches both local requirements and demand.”

 Historically, a centre for the wool trade, Shepshed has a population of around 14,000 and is handily placed for businesses and commuters. East Midlands Airport is less than five miles away and Birmingham International Airport is 35 miles along the M42. Rail commuters are served by the nearby Loughborough Station.

 Law firm Shakespeare Martineau acted for Godwin Developments.

Ends (169 words) 

For further information, please contact:

Shivani Parmar, Marketing Manager,

Godwin Group 1 Newhall Street, Birmingham, B3 3NH

0121 516 9508

Prepared and issued by Andy Skinner of ASAP PR – 01789 490786, mobile 07990 978257. 

Editors’ Notes

Godwin Group is a UK focused regional property development and investment company. It has offices in Birmingham, Nottingham and London. The company has a strategy of acquiring and building out an extensive and diversified portfolio, either on its own account or in partnership.

REI reports underlying profits up 16% and portfolio at £225 million

Birmingham-based Real Estate Investors plc has reported a year of continuing growth on all fronts in its results to 31 December 2018.

Underlying profit before tax was up 16.1% to £7.2 million from £6.2 million in 2017 reflecting a year of strong office occupier demand and rental growth with occupancy standing at 96% (2017 – 92.8%).

Contracted rental income was up 4.9% to £17 million from £16.2 million. The company has reduced its average cost of debt to 3.7% with 67% of debt fixed and conservative loan-to-value gearing at 39%.

REI’s dividend rises for the sixth consecutive year – up 14% on 2017.

Chief executive officer Paul Bassi said REI was alert to opportunities to snap up mis-priced assets where overly negative sentiment towards the high street, or Brexit nervousness, is creating buying opportunities.

REI can currently call on £25 million of cash and facilities for opportunistic transactions, with further headroom available if required.

The company has identified 250,000 sq ft within its portfolio of permitted development opportunities for conversion to residential.

The first of such residential conversion value creation opportunities was the sale of offices at Citygate House, Leicester, which was sold with permitted development rights for £2.6 million and is due to complete in June 2019, representing a 40% uplift to the December 2017 book value.

Paul Bassi said: “In addition, the 2018 results do not include residential planning consent for approximately 100 units in Coseley, which is expected to be sold to a residential developer for significantly more than existing book value.”

He said the results for 2018 reflected the gathering pace of work on HS2, population migration from London and refocusing of investors on the regions, driving increased value in asset classes around Birmingham and the wider Midlands.

“Our main objectives for the year were to continue to increase shareholder value, refinance unencumbered properties and deploy the funds generated in criteria compliant investment properties, continue our progressive dividend policy, and increase our underlying profit before tax, EPRA earnings per share and net assets per share.

“All of these objectives have been achieved.

“These are a good set of results, showing growth in our underlying profits and dividends underpinned by a portfolio now being valued at £224.8 million.

  “In 2019, we expect to continue to prosper from the popularity of Birmingham and the wider Midlands, as the region’s economy benefits from the arrival of HS2, Coventry City of Culture 2021 and Commonwealth Games 2022.

“We anticipate seeing off-market opportunities on the back of the current financial and political volatility.  We welcome these periods of uncertainty, as they often bring mis-priced assets to the market which, with our local expertise and financial strength, we can move quickly to capitalise on.

“Our portfolio is balanced, has the necessary depth for us to continue to generate value through intensive asset management activities and, together with positive tail winds from the substantial investment coming into the region, REI is well-placed to prosper further.”

During the year, REI completed £15.4 million of investment property acquisitions (net of acquisition costs) and £5.7 million of strategic sales.

The portfolio is valued at £224.8 million (2017: £213.1 million), an increase of 5.5% and contracted rental income has grown to £17 million p.a. (2017: £16.2 million p.a.), up 4.9%.   The company’s property portfolio currently comprises 1.55 million sq ft of commercial property including 52 assets with 269 tenants and a net initial yield of 7.26%.

Mr Bassi added: “Our portfolio is strategically well positioned across the Midlands region and, despite a highly competitive investment market, we have acquired a variety of high yielding, quality investment assets during the period.”

“Overall, the Midlands property market is positive with pockets where it is buoyant. Currently demand is especially strong for out of town areas such as Solihull and the M42 corridor for which vacancy rate has reached a 10-year low.  These conditions suit REI as they require local knowledge with which to flourish.”

Ends (653 words)

 For further information, please contact:

Paul Bassi CBE DL D. UNIV,
Chief Executive, Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP

0121 212 344 

www.reiplc.com

Prepared and issued by ASAP, 01789 490786, mobile, 07990 978257 

About Real Estate Investors Plc

Real Estate Investors Plc (REI Plc) is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.5 million sq ft of commercial property, managed by a highly-experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.

The Company’s strategy is to invest in well located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings.  The portfolio has no material reliance on a single asset or occupier.

On 1st January 2015, the Company converted to a REIT.  Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.

The Company aims to deliver capital growth and income enhancement from its assets, supporting a progressive dividend policy. Further information on the Company can be found at www.reiplc.com

 

Bond Wolfe Auctions debuts with £16.7 million and 90% success rate

Bond Wolfe Auctions, the UK’s newest auction business, raised a staggering £16.7 million in its first auction in Birmingham.

The auction at The Holte Suite, Aston Villa FC, saw 103 lots out of 115 sold in front of a packed auction with standing room only for the majority of the day.

It was the most successful auction in the Midlands’ since May 2018 based on the amount raised and the most successful since December 2017 based on the percentage sold and chief executive Gurpreet Bassi was absolutely delighted with the results.

“When we launched Bond Wolfe Auctions in January with a highly experienced team that has worked together for a long time, we hoped we would hit the ground running.

“But this result has exceeded all our expectations and we, as a team, would like to thank all our sellers, buyers and suppliers for supporting us in such a dramatic fashion!” he said.

As well as raising over £16.7 million from the 103 lots sold out of 115 offered, Bond Wolfe Auctions also recorded, in the run up to the auction, over 37,000 legal pack downloads, attracted over 5,000 viewings and had 200 remote bidders on the day.

Highlights of the day included the locally-listed former Selly Oak Water Tower which was offered with planning permission for three apartments and associated parking. It sold for £238,000, from a guide price* of £100,000+.

A three bedroom detached house at 2 Manor Abbey Road, Halesowen, which requires total refurbishment, sold for £260,000 from a guide price of £140,000+.

Another strong performer was 37 Brian Road, Smethwick, a three bedroom semi-detached house which was offered with a guide price of £75,000+ before highly competitive bidding saw the hammer eventually fall at £164,000.

A further Smethwick property, a three bedroom semi-detached house at 29 Watery Lane, also saw competitive bidding before it sold for £99,500 from a guide price of £59,000-£64,000.

An attractive cottage style property which once again requires some renovation and refurbishment at 415 Harborne Road in Edgbaston   sold for £220,000. It was offered on behalf of Calthorpe Estates.

A number of commercial properties also attracted substantial interest with a number selling pre auction including 93 King William Street in Coventry, a large mixed use city centre investment with redevelopment potential and a current gross income of £65,000 per annum. Offered with a guide price of £595,000, it was sold well in excess just prior to the auction day.

Ian Tudor, managing director said: “These were just some of the highlights in what was a phenomenal auction by any standards, regardless of the fact it was our first auction.

“We would particularly like to thank our auctioneers Graham Carter and Philip Arnold who worked tirelessly throughout the day to draw the best possible prices from the auction room and our many telephone and online bidders.

“Our focus now turns to our next auction on Thursday 9 May and we are already receiving enquiries and building another substantial catalogue for our Midlands clients, and those from all over the UK, particularly London and the South East, to get their teeth into.”

Ends (518 words)

* Each property is subject to a Reserve Price which may be different from the Guide Price.

For further information, please contact:

Suzanne Randell, Head of Marketing and Communications,

Bond Wolfe Auctions,

1st Floor, 75/77 Colmore Row, Birmingham B3 2AP

0121 312 1212

www.bondwolfeauctions.com

Prepared and issued by Andy Skinner of ASAP, 01789 490786, mobile, 07990 978257

Editors’ notes:

Bond Wolfe Auctions has a record breaking and award-winning team with over 250 years of combined property experience.  They sell all types of residential, commercial and mixed-use property, investments and land/development sites for private individuals and corporate clients. They will hold six auctions in 2019 at Aston Villa FC as well as offering online auctions, selling properties nationally across the UK.

Developer buys Wolverhampton office block and plans residential conversion into 40 flats

A developer has bought a prominent office block in Wolverhampton city centre and now plans to convert it into up to 40 flats, in a deal assisted by Bulleys and NG chartered surveyors.

Bulleys, the leading Midlands industrial and commercial property consultancy, secured the £755,000 deal for Evans Mann Commercial Ltd to purchase George House on Bond Street from Amjad & Sons Properties Ltd, represented by NG.

The three-storey premises measuring 11,650 sq ft are located on the corner of Bond Street overlooking the grounds of St John’s Church, an established professional and commercial quarter which is a close walk away from the city’s main retail area.

Thomas Mann of Evans Mann Commercial Ltd said: “We’re thrilled to have purchased this great property which is in the perfect location for residential conversion.

“Once the remaining business tenants relocate out of George House this summer, we hope to get permitted development plans through to add another floor, which has been done on neighbouring properties in the area, and to create up to 40 flats in a residential conversion.

“It will be a really exciting plan, employing plenty of construction workers, and bringing more people back to live in what’s becoming a thriving little community in the middle of Wolverhampton city centre.”

James Bird, a senior associate at Bulleys, said: “We were delighted to secure the sale of this office block to Evans Mann which plans to build much-needed accommodation in Wolverhampton city centre, subject to planning permission.

“The building is based in an area near to lots of bars, restaurants and other public amenities, plus it has a self-contained car park and is perfectly located with easy access to the A4150 ring road.”

Charlotte Steggles of NG chartered surveyors, said the vendor Amjad & Sons Properties Ltd had originally bought George House as an investment but had been keen to sell to enable residential development.

Ends (314 words)

Editors’ notes

Established in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.

Godwin acquires prominent two acre site in Bletchley

Godwin Developments in Birmingham has announced it has exchanged contracts on a site in Bletchley, Milton Keynes, where it will construct 184 apartments in phase one of a build-to-rent (BTR) scheme. 

The development on Bletchley View will also include three commercial units and total more than 165,000 sq ft with a gross development value of £50 million for the first phase – part of a total project valued at £125 million. 

James Mulcare, land director at Godwin Developments, said: “We are delighted to have exchanged contracts on such a prominent site in Bletchley. As an excellent commuter town, we see the development providing much needed private rented accommodation.”

Godwin was attracted to the site as it is close by rail connections with a three minute walk to the train station offering a 40 minute commute into London.

Bletchley is equally accessible by car, being just eight miles from Junction 13 of the M1 leading into the national motorway network.

The town is best known for Bletchley Park which was once the central headquarters for British codebreakers during World War II. The site was originally selected because it was equidistant between Oxford and Cambridge.

Construction is scheduled to start on site at the end of the third quarter of 2019 with completion in early 2021. The development will include a mix of one and two bedroom apartments.

Godwin Developments was advised by law firm Morgan LaRoche and CBRE London sold the site on behalf of the bank 

Ends (245 words 

For further information, please contact:

Shivani Parmar, Marketing Manager,

Godwin Group 1 Newhall Street, Birmingham, B3 3NH

0121 516 9508 

Prepared and issued by Andy Skinner of ASAP PR – 01789 490786, mobile 07990 978257.

Editors’ Notes

Godwin Group is a UK focused regional property development and investment company. It has offices in Birmingham, Nottingham and London. The company has a strategy of acquiring and building out an extensive and diversified portfolio, either on its own account or in partnership.

Rowdy short-term lettings causing a headache for apartment owners

Airbnb and other short term letting websites are causing increasing irritation for owners in residential blocks, according to Ian Smallman, a director of Principle Estate Management.

“It is becoming a real problem, especially within city centre locations where you often come across owners and even tenants sub-letting via Airbnb and similar services,” he said.

“Occupiers of the block often complain about groups, usually younger people, being rowdy and partying until the early hours of the morning, causing damage to the communal areas and more often, just being a nuisance.”

For many owners of long leasehold flats this has caused huge problems with managing agents alleging that such lettings are in breach of the lease. Freeholders and their agents have then pursued the owner for breach of lease and claimed recovery of all their costs.

Ian Smallman said: “The starting point is always to look at the lease and see what provisions it contains in respect of sub-letting and the use of the property. Most leases have some restrictions as to sub-letting or use.

“The freeholder can apply to the First Tier Tribunal for a determination that the leaseholder is breaching their lease under section 168 of the Commonhold and Leasehold Reform Act 2002.”

Various cases have been to the First Tier tribunal with no consistency of decisions. However the Upper Tribunal in Nemcova v. Fairfield Rents Limited [2016] UKUT 303 (LC) has now offered some guidance.

In this case, the lease allowed sub-letting but provided that the premises must be used “as a private residence.” While the Upper Tribunal made very clear each case is fact specific, it supported the decision of the First Tier Tribunal that the short terms lettings arranged by the leaseholder were a breach of covenant.

Mr Smallman said: “In so determining the tribunal at both instances was satisfied that short term lettings via Airbnb were not such that the occupants were occupying as a private residence, which the tribunal accepted essentially meant as their home.

“If you own a flat and sublet it, you need to ensure you are complying strictly with the terms of your lease. If you then become aware that your tenant is sub-letting it is critical that you take action to prevent you being challenged by your freeholder.

“The flat owner, if successfully pursued by the freeholder for breach of lease, may end up having to pay all of the freeholder’s costs to ensure they avoid forfeiture, i.e. losing the ownership of their flat,” he said.

Ends (415 words)

For further information please contact:

Brett Williams, Principle Estate Management LLP, Cornwall House, Lionel Street, Birmingham B3 1AP

Tel: 07954 078711 / 0121 289 4315

Email: BWilliams@PrincipleEstate.co.uk

www.PrincipleEstate.co.uk

https://twitter.com/PrincipleEM

https://www.linkedin.com/company/principle-estate-management/

https://www.facebook.com/PrincipleEstateManagement/

Editors’ notes: 

Principle is a customer-focused managing agent providing a transparent property management service to the highest standards nationwide. Principle Estate Management is a new venture based in Birmingham and led by experienced chartered surveyors. The business was born out of a passion for “doing it right” through a director-led, friendly approach combined with robust systems that maximize efficiency. Principle Estate Management provides a service that we believe sets the aspirational standard for other agents. We manage modern apartment buildings, traditional blocks of flats, mixed use developments, private housing estates and private rented sector (PRS) or build to rent (BTR) developments as well as portfolios of rented properties for residential or commercial landlords.