The development has a communal boiler / heating system, communal electricity billing system and one water supply for the whole building. On taking over the management neither of the 3 where functioning.
A building of this nature requires long term reserve funds and budget planning, on the takeover date there was £250K of Service Charge Arrears and £200K of unpaid contractor invoices we cleared this within 6 months of management. We reviewed every contract in place for the development and cut the day to day expenditure allowing for capital projects to be funded on the development.
