A development of 14 apartments completed in 1974 including resident and visitor car parking.
Date instructed: 1999
The development was being managed by residents through their own management company. It was running at a loss due to problems with the low and unpaid service charges. Routine maintenance such as decoration, minor repairs and landscaping had been neglected.
RPMS formulated a management plan and with the agreement of shareholders to accept a short term but substantial increase in service charges, enabling them to work through the 5-year programme to bring the developments maintenance and repair up to standard, create a sinking fund for future maintenance and consider improvement.
This approach avoided the difficulties for owners of managing the peaks and troughs of management charges and surcharges.
During the following 5 years, accumulated reserves were spent on replacing all the wooden windows with UPVC double glazing; electric gates making the development more secure and planned landscaping, creating a much more desirable environment.
Flats are now much sought after, they attract a 20% higher value than others in the same location due to its attractive and secure nature, as well as retaining a healthy reserve fund.
Key points: Forward thinking planning. Careful budgetary management from RPMS. Participation and understanding of owners.