Good management is essential when you have investment properties. It can protect your assets and future income. However, it can be a challenging job and can also get costly sometimes. At Finefair Ltd we work to arrange services that help here. They are great for your assets and your income. Plus, there are no fees. All of this has helped us become one of the top options for property management in Southwark.
A case of bad management
Sometimes there are high profile stories that show the opposite of what we try to achieve. Maydew House in Bermondsey is a good example.
The block of social housing has had a very tough time in the last decade. In 2010 a survey found asbestos. At the time the decision was it was safe as long as nothing was disturbing it. However, the building was aging and in need of updating and repairs. It was built in the 60s, so upgrades for the plumbing, wiring, and fittings were necessary.
The council made the decision that tenants had to leave the block for upgrades to be done. It was the only option with the safety concerns. Some residents chose to leave permanently. Others had the right to move back in after the upgrades. By 2016 the block was empty.
What to do?
However, there were issues. Initially it was tricky to decide what to do with the property. There were options to keep it as council housing and upgrade it, sell, or demolish. In 2012 the Labour council that took over from the Liberal Democrats and the Conservatives chose to keep Maydew House and refurbish.
The plan here was interesting. It would add five storeys for new flats to sell, make some of the homes in the block available to sell, and create 256 new council flats elsewhere. The rooftop build got permission in 2018 but progress never came. New plans that got permission in 2021 also didn’t move forward.
While all this was happening, the block was empty and sadly deteriorating more. At the same time, the council was spending huge sums to provide security. They also spent around £3m on asbestos removal.
New direction?
The story had another turn recently after the council was given a recommendation to demolish the block. There are concerns about the rise in the construction costs and the recent changes in fire safety regulations. They could make the regeneration no longer viable.
The cabinet will consider the recommendation for Maydew House in January. As yet no decision has been made for demolition, but it could become the chosen path. The council is continuing to engage with residents about the future of the property.
Ask us about property management in Southwark
This is an extreme example of issues with property management. Older properties are harder to manage because of the age plus wear and tear over time. However, the right approach and help from a proactive team can go a long way.
At Finefair Ltd we work to deliver the very best level of service for properties. What we do is agree schemes with local councils to provide this and guaranteed rent in one package. It can deliver the best level of protection and save you money too.
If you want to find out more about property management in Southwark, please contact us. We can give you the best level of support and recommend a service.
