Spa Heights in Clerkenwell, Managed by PMS Managing Estates

Managing a major portfolio of East London properties

In 2018 PMS Managing Estates completed the phased takeover of a major portfolio of prestigious properties in East London for the Magri Group.

The portfolio comprises more than 165 residential units across 13 different sites, ranging from former factories, warehouses and pubs converted to apartments, to houses and commercial units.

PMS’ Senior Property Management team is responsible for the portfolio and has been consulting with leaseholders to implement maintenance plans and carry out health and safety upgrades, including Lily Burgess and Laura Fox, two of PMS’ Property Managers.

Hanover Place in Clerkenwell, Managed by PMS Managing Estates

Working with the Magri Group and leaseholders, the PMS team has scheduled essential work and planned maintenance and reviewed service charge payments to build up reserve funds for longer-term maintenance.

One of the properties, the five-storey Spa Heights in Clerkenwell, needed major remedial works and PMS undertook a full Section 20 consultation with leaseholders as required by the Landlord and Tenant Act 1985.

“We have worked hard to keep the Magri Group and leaseholders informed every step of the way, as important decisions were needed.”

“We have tried to be as transparent and open as possible, explaining there were no reserve funds put aside for urgent works or to plan ahead for significant maintenance such as roof works, external decoration and lift replacements.

“Although it does mean upfront costs and higher service charge levels, leaseholders understood that this would be used to look after and improve their properties.  The most urgent works have been implemented.”

PMS were originally recommended to the Magri Group in 2017 by a Colchester estate agent tasked with marketing Magri’s brand new development, Point Chase in Marks Tey. Sales at the development had slowed and bringing in PMS helped to get the marketing period, and sales of the houses and apartments, back on track.

The Cobalt Building in Clerkenwell, Managed by PMS Managing Estates

Charlotte Williams, Office Manager at Magri, said:

“They were doing a good job at Point Chase so, when the rest of our London portfolio was coming up for renewal, we asked them to take over the property management.”

Peter Magri, Managing Director, Magri Group, says: “Lily and Laura have kept me informed of every development. It has been difficult over the past 12 months, but PMS have been very thorough and they have identified and implemented a significant investment programme. The work PMS is doing with us is enhancing our properties and putting them on a sound footing for the future.”