One of the largest private residential landlords in the Midlands has appointed Principle Estate Management to start collecting various ground rents and look after some of its properties.
The Stratton Fox Group’s core business is to retain and develop assets for future long term capital growth, and it now owns a mixed portfolio of single unit residential and commercial investments.
It has acquired various ground rent investment properties over the last couple of years and has instructed Principle to collect all those ground rents and to manage blocks where that is the freeholder’s responsibility.
As a result, Principle currently collects ground rents for 24 Stratton Fox Group properties, mostly in the West Midlands, but also in the East Midlands and London.
This includes one property where Principle also manages the block for the residents’ management company.
Suki Barham, director of Stratton Fox Group, said: “We are an active investor and are continually purchasing residential and commercial investment properties, retaining many but also trading some on.
“Where we do not have the in-house expertise to fully deal with a property, we have been liaising with Brett and his team at Principle and are very happy with their setup.”
The contract with Principle follows a recommendation from Gurpreet Bassi, chief executive of Bond Wolfe property company, which regularly sells investments to the Stratton Fox Group.
Brett Williams, managing director of Principle, said: “We’re delighted to be handling this work for the Stratton Cox Group.
“We are always happy to help clients in whatever way we can and have all skills available to do any type of property management.
“We have capability to also deal with any lease extension or freehold sale negotiations with leaseholders.
Mr Williams added that the Stratton Cox Group mainly self-manages its properties, but Principle is bidding to assist with the managing communal areas, arranging contract maintenance and ensuring compliance with relevant legislation where they have acquired a portfolio of large houses divided into self-contained rented flats.
Mr Williams added: “This additional contract, which involves more block management skills rather than rented property management skills, is set to be decided in December.”
Principle Estate Management currently looks after a portfolio approaching 8,000 units in over 250 developments across the UK.