Quirky clock tower & flats adds to Principle’s residential rented portfolio

An unusual clock tower and rented flats in a private investor’s Midlands portfolio are to be looked after by Principle Estate Management.

The clock tower, which discretely houses a telephone mast let to EE until 2032, was built by Redrow Homes in a section 106 planning requirement at a development on Leek New Road, Baddeley Green, Stoke-on-Trent.

Meanwhile, the modern, purpose-built rented flats are in Harborne and Selly Oak, close to the University of Birmingham, and are let to a mix of students and medical professionals at Queen Elizabeth Hospital.

Adam Kightley, senior customer services executive at Principle, explained the initial approach came as the company already managed a block where one of the flats was located.

He said: “It’s great to have won another residential rented portfolio in what’s becoming a growing part of our business.

“Principle’s founding ethos was ‘property management, properly done’ and this has now translated into our company vision ‘to positively impact the everyday lives of our communities’.

“It’s very relatable and easy to build that into your day-to-day work, as it makes a real difference to how we provide our services to clients and customers.”

Mr Kightley said Principle is a management agent, not a letting agent, and it therefore appoints the most appropriate letting agent when there is a vacant unit that it manages.

He said: “This happens in the same way that we appoint the most appropriate contractor to undertake repairs, as we don’t do maintenance ourselves.

“This philosophy has won us a few instructions as people know we’re not trying to make fees on relets.

“As well as organising maintenance and other services, we also deal with compliance matters such as gas safety testing and electrical installation testing.”

Mr Kightley, who manages all rented properties in Principle’s portfolio and has built up a good relationship with landlords and tenants, added: “We also look after financial management.

“We ensure rents are paid in full and on time, accurately account for expenditure, keep clients advised of costs as they arise, and promptly provide detailed client statements.”

He said the flats fitted nicely into Principle’s current rented portfolio of around 55 units, as it already has various rented houses and flats in Harborne, Edgbaston, Bournville and Stirchley.

Danielle Lannon, associate director at Principle, will look after the clock tower in Stoke-on-Trent, which falls into the company’s commercial management portfolio.

Mrs Lannon already manages approximately 60 rented commercial properties, mostly retail, offices and a couple of industrial units.

She explained this mainly involves rent collection, compliance and maintenance issues, also liaising with tenants and landlords on assignments and alterations, and overseeing third party surveyors for rent reviews, lease renewals and re-lettings.

She said: “The clock tower is a really interesting addition and a perfect example of how we are continually expanding our offering to clients with mixed portfolios of different property types.

“At about 70 sq ft, the clock tower is our smallest commercial unit, but it’s a nice one to have in the portfolio.

“The client has a couple of responsibilities, including insurance and external maintenance, while the rent collection and RPI-linked rent review provisions are handled by our Qube property management and finance system.”

A spokesperson for the private client said: “This investor used to self-manage the properties but appointed Principle to remove the hassle of arranging re-lets, checking if rents had been paid each month and organising reactive repairs.”