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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.
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