Original rental yield: €49,000
Current rental yield: €83,100
Background – This commercial office block is 3 floors over two restaurants at ground level. The owner’s property portfolio was badly under-performing and was referred to us by his accountant. There were several long term vacant units, rents were erratic, arrears had not been dealt with and, in addition, previous tenant had carried out unauthorized alterations, including sub-division of units. Poor maintenance had resulted in roof leaks, damaged guttering and damp within several offices.
Current Status – Able Property were engaged and arranged meetings with all tenants to agree a rental payment schedule which is now monitored on a monthly basis. The top floor was put back to its original dimensions and repairs and re-decoration were carried out. All units were subsequently let. Able deal with all aspects of the letting, management and repair of the property. The monthly rent roll is paid directly to Able Property who then transfer it to the landlord along with a monthly invoice and statement.