Serviced Apartments Property Requirements
We are acquiring suitable properties on behalf of a serviced accommodation operator. They are looking to expand their portfolio.
They provide fully-furnished and serviced self-contained apartments for short term lets ranging from one night to several months.
Their clients are primarily businesses and their employees.
They are a premium priced upmarket operator who require the following:
What - circa 10No. - 30No. apartments, preferably comprising an entire building or block but will consider whole floors within well maintained buildings. Will consider taking on larger buildings on a management contract, or smaller in central London. Good quality, safe locations only.
Mix of units - preference for a mix of 1bds & 2bds and don’t mind if there are 3bds too. We will consider solely studios and 1bds but only in central London.
Location – List of towns provided upon request but very roughly central London out along the M4 to Bristol, down to south coast at Bournemouth, along to Southampton & Portsmouth and up the M3 back to London.
Benefits for the Landlord:
Tenant – Our client is a single corporate tenant who will be managing a number of units and maintain the apartments, resolving all minor issues. This will help to increase efficiency, as our client has access to key service teams.
Lease – from 3 to 10 years lease or a management contract to run an operation on behalf of an owner/developer/landlord.
Consistent Rent Payments – no rent voids for the period of the leases, as the lease will be signed for a period of 3 to 10 years. Therefore there will be no loss of revenue but importantly there will be no additional costs such as letting fees (incl. inventory costs), refurbishment, redecorating, etc, as this will be maintained by our client.