JK is retained by Trinity House to advise and manage property assets. The properties comprise a complex of buildings constructed from the 15th to 19th centuries. At the outset of the instruction, the neighbourhood was suffering from decline and in some cases, dereliction. Being a charity, funding was problematic and the capital cost for renovation was limited and needed support from revenue to be generated from rents.
An assessment of the buildings was made in terms of condition and potential uses that could benefit from its central location, the recent development of the Crown Courts and leisure and entertainment venues in the neighbourhood. The first property was adapted as offices for barristers' chambers, the funding of which was met by the tenant and the market rent adjusted to reflect the cost of improvements and work of adaption. The second property, a complex of Victorian warehouses, was leased to a theatre company to be adapted into a theatre, rehearsal rooms and restaurant. The third property, and an adjoining building, were again adapted for barristers' chambers. For one building, funding was arranged and paid for from the rents payable. For another building, the tenant agreed to fund improvements. In consideration of this, a discount in the market rent payable was agreed as a payback to the tenant for the costs of improvements. That discount was applied to future rent reviews. To maintain an important listed building of architectural and historic interest a five-yearly inspection of the building fabric is undertaken, a programme for future repairs is organised and a budget is set. An annual amount is invested from rental income to pay for future work.
"The result is a fully let complex of buildings providing rental income on a long-term stable basis from which to meet the costs of maintaining important listed buildings."
The result is a fully let complex of buildings providing rental income on a long-term stable basis from which to meet the costs of maintaining important listed buildings. The benefit to the client is a stable future of well maintained buildings of an important asset. It remains a jewel in the crown of the City, showing its growth through maritime history.
“Kevan is an industry specialist who is well connected in his sphere … he has the ability to make the right contacts at the right level to bring projects forward and into delivery. Kevan is professional in everything he does and he has been particularly useful in assisting AHTO with developing a footprint in the North East.“
Managing Director, AHTO
“Kevan and his team provide invaluable help and assistance on both the obvious and the complicated. Always available, really helpful and responsive.”
Development Director, Barratt Homes
“Kevan provided Turner & Townsend with invaluable support when we relocated our Newcastle office. His knowledge of the local area, agents, market conditions and how to achieve the optimum solution was exceptional. We are truly grateful for his insight and support in finding us a fantastic new location for our team here in Newcastle. Kevan is a true expert and would highly recommend if you have any property-related matters.”
Director, North East Strategic Lead – UK & Global Head of Healthcare, Turner & Townsend
“Genr8 has taken advice from JK Property Consultants for many years, whenever we have been involved in or considering development schemes in the North East, they have an unrivalled knowledge and understanding of the market's requirements.”
Chairman, Genr8 Developments LLP
“JK Property Consultants helped us in our search as a new business to find the best possible premises and location in which to set up our artisan bakery. There was a scarcity of small units fit for the food hygiene needs. Their knowledge of the availability of units, and the help and guidance given, enabled us to find suitable premises from which to grow and thrive through a very challenging economic climate”
Company Director, Bread&
“Tees Valley Combined Authority worked closely with JK Property Consultancy on the purchase of Teesside International Airport and on the development of the Southside business park on the site. At every stage, they were efficient, professional and thorough, helping us to easily navigate a complex and high-profile acquisition. I’d like to thank them for their assistance and would have no hesitation in wholeheartedly recommending their service."
Chief Executive, Tees Valley Combined Authority
"I have known Kevan and JK Property Consultants for many years and have always experienced an expert, excellent and ethical service. We have most recently used JK Property Consultants to complete a substantial commercial property transaction and would not hesitate to recommend them. I am also aware of the work Kevan and the team do to provide advice and support around a range of property related matters which is equally as highly regarded."
Nicki Clark OBE
Chief Executive, We are UMi