Investor turns to expertise of Gro Residential Management team following purchase of nine properties across Hull
An investor has turned to the expertise of Gro Residential Management to ensure they maximise the full potential of a recently purchased portfolio of nine properties across Hull.
The buyer already has a significant number of residential properties managed and let by our team at Gro Residential Management, and they have now expanded their portfolio thanks to the support of our sister company, Garness Jones, which handled the purchase of the properties and is also part of the Garness Group.
Now, Helen Everritt, Manager of Gro Residential Management, says a focus is already being placed on enhancing the standard of some of the properties, the majority of which have tenants, to ensure they maximise their full potential.
“This is a very good investment for our client as it is one which has potential to generate a good level of rental income,” she said.
“With moderate investment into improvements, there is potential to raise both the rental and overall value of these properties.”
Full inspection and management plan outlined
The team at Gro Residential Management has already conducted a full inspection of all the properties, a mix of two and three bedroomed houses and one complex of two apartments, providing the landlord with an overview of suggested improvements.
Tenants have been sent section 48 notices informing them of the change of landlord, and of Gro Residential Management’s appointment to manage their homes.
“These properties were previously run by a number of different management companies, which is not ideal for a landlord as it meant they weren’t being developed with an overall strategy in mind. We now have a clear overview of the portfolio and a strategy in place,” added Miss Everritt.
“We’ve introduced ourselves to all tenants in terms of being their new point of contact for any issues or emergency needs they may have, and our aim is to quickly establish good relationships as our work will be focussed on enhancing these properties to benefit both landlord and tenants.
“It will be a case of working in partnership with the landlord and tenants over the coming months. In time that will include rent reviews to reflect the improved standards as we work to ensure each property reaches its full market value.”