Right To Manage: Student Accommodation

Building overview

Located on Edge Lane in Liverpool, the Student Accommodation consists of 2 blocks: a refurbished church containing many of the original features and a stylish modern new build.

The building comprises of 119 student studios, each is fitted with a personal kitchen and en-suite shower facilities. Located close to a number of the city’s Higher Educational Institutes, the building is a desirable home for students studying within the city.

What we did

Building Audit

A full building audit was completed, documenting communal and property repairs required to bring the building up to a safe, consistent, and lettable standard.

Property upgrade

To increase rental values for future years, Xenia implemented an optional upgrade plan for properties within the building, improving the desirability through additional features and aesthetics.

Major works consultation

Xenia processed a major works consultation with leaseholders, to address outstanding fire requirements within the building.

On-site maintenance

The building is inspected daily by the online maintenance team, ensuring all areas within the building are repaired and maintained to a high standard. Special attention is paid to the historic features of the church.

Strategy

Xenia Estates was approached by Right to Manage (RTM) directors for the building in 2018. The building was failing with a poor standard of maintenance and service charge management. Due to this poor management, rental values for the properties were falling and furthermore occupancy levels were under 50%, with some leaseholders not receiving rental income for 3 years.

Once instructed, as the new managing agent, and working closely with the RTM directors, Xenia Estates set about implementing changes and making key strategic improvements to the building.

Results

Rental Increase

The total rental turnover for the building has increased year on year since taking over the management

Occupancies

The building has been operating at full capacity for 2 years, with a tenant retention rate of 25%.

Internal Refurbs:

Concierge & Social Area

Property Upgrade:

Increased Desirability

Building Rental:

Year on year rental increase

Full occupancy:

100% occupancy for 20/21

When Xenia first became involved with the management it was a failing development with about 50% occupancy with owners having to pay council tax for the privilege of owning an unoccupied property. Xenia have managed to turn things around and we now have 100% occupancy for the new student intake. Xenia have an exceptional understanding of the market place and we are in safe hands within a challenging market.

Leaseholder - 2019

Following our initial face to face meetings with Xenia we were impressed with their professionalism. Once the new management structure and clear marketing strategy was in place, the occupancy levels have been increasing over the last two years. Currently the development is fully occupied with a waiting list and is now gaining market reputation as a premier student accommodation. With good clear lines of communication, Xenia have managed to establish a steady base to continue the success of our investment in Liverpool.

Leasehold Property Owner