Four Chimneys Crescent
Instruction: Four Chimneys Crescent, Peterborough
Four Chimneys Crescent is a mixed-use development that consists of 7-8 ground floor retail units, with 22 flats located above that we provided distressed property management for.
The scheme went into receivership when its developer went into insolvency. We were then brought in to manage the property by the receivers instructed on the distressed property and took on the responsibility of both the retail units and the Long Leaseholder of the residential parts.
At the time of our initial instruction, we ensured that all tenants were paying rent on time and into the correct account – that of our client – we sought to resolve any outstanding management issues and reviewed the compliance of the development and all its units.
With the receivers liable for the distressed property and its tenants, we carried out assessments of the building’s compliance in accordance with building codes, health & safety, and fire regulations to ensure the safety of the occupiers, and minimise the chance of related issues for our client.
Our work up to this point helped to secure a buyer for the development, by enhancing its investment appeal.
The freehold interest in the retail units was sold to an investor that retained us, and the residential units were sold to a separate investor. We were also retained to manage the communal areas of the whole development and to run the service charge for all the units within the development.
We continue, to provide the necessary, responsive property management service, for what is a challenging, mixed-use development.