CRE MarketBeat’s Post

📢 Understanding Lease Renewals under the Landlord and Tenant Act 1954 📢 Negotiating lease renewals can be complex, especially when landlords or tenants seek changes to the terms of the original lease. A recent case, Kwik-Fit Properties v Reshem Limited [2024], highlights the importance of fairness and reasonableness in these negotiations. 💼 Whether you're a landlord or tenant, understanding your rights under the Act is crucial. Learn more about navigating lease renewals in our latest article from Helen Williams. 🔗 Read the full article here: https://lnkd.in/ef7-ax35 #CommercialProperty #LeaseRenewals

🏠 Attention HMO Owners! 🏠 In these times of rising living costs and economic uncertainty, owning an HMO brings great opportunities with high occupancy rates and increased demand for rooms. If you've noticed a surge in room rents lately, you're not alone! According to Spareroom's March 2024 report, availability across the UK has dropped significantly, leading to fierce competition for rental properties. Now's the perfect time to focus on maintaining your occupancy levels and keeping those rooms filled. Here are some simple tips to help you out: 1. Stay on top of maintenance issues promptly. Effective communication and proactive management can make a huge difference in retaining tenants. 2. Show appreciation to loyal tenants with small gifts or vouchers. A little gesture goes a long way in fostering goodwill. 3. Regularly seek feedback from your tenants to improve your services and address any concerns promptly. 4. With energy costs rising, be transparent about any necessary rent adjustments and offer incentives to ease the transition for your tenants. Remember, happy tenants mean steady cash flow! 🤝💰 #HMO #LandlordTips #TenantRetention

Invictus Property Advisors is pleased to announce the sale of a mixed-use elevator building in Gramercy for $5,300,000. Newly developed in 2016, the property is exempt from Good Cause Eviction (GCE) and offers immediate upside with no tax abatement and under-market free-market rents. The in-place retail is occupied by a publicly traded medical laboratory tenant with a $15.60 billion market cap, leased for another five years. Our marketing efforts resulted in nineteen written offers within four weeks and twelve property tours. The property sold above asking price, with metrics of $817 per sq. ft., $757k per unit, a 12x GRM, and a 4.8% cap rate. We are projecting a stabilized cap rate of 7% in years 2-3. Our team represented a family that owned the property since 1997. This is the first sale of four properties we are handling in Manhattan for ownership. While certain legislative headwinds are concerning to investors of multifamily and mixed-use properties, assets in prime locations with a true value-add narrative remain competitive. Contact us for the full offering memorandum on this deal or to hear more about our available inventory. #closed #gramercy #investmentsales #invictusnyc

A standout example of how the AREA team can help PBSA landlords secure enhanced returns despite challenging macro and micro conditions. If you are the owner of operational real estate and are struggling with occupancy this year, small changes can make a big differences to your leasing velocity and AREA are well positioned to help. Get in touch if you'd like to hear more. #property #ukproperty #alternatives #alternativeassets #beds #livingsector #PBSA #studentaccommodation #microstudio #rentalgrowth #opre #operationaloversight #addingvalue #Colchester #refurbishment #assetmanagement #assetmanagers #investors #forensicapproach #competitiveadvantage

***CPD EVENT NOTIFICATION*** The Tenant Representation Advisors Society invites TRADS Members to attend a CPD breakfast briefing event tomorrow (Tuesday 4th June) hosted by Forsters LLP at 22 Baker Street, W1. Time: 08:00 – 9:30 Venue: Forsters LLP, 22 Baker Street London W1U 3BW Green Leases - what is the state of play? It is a few months on from the recent launch of the Better Building Partnership updated Green Lease toolkit (January 2024). With this updated resource, Forsters LLP will host a timely presentation and discussion on the current state of play in green leasing – from an occupiers perspective – exploring questions such as: • What can occupiers expect from landlords? • What is the “market” position? • What is the position on statutory renewal? • How can representatives cut through negotiation and delay at heads of terms stage? • Where is the “market” heading? Forsters corporate occupier team will share their own experience of recent negotiations, and it is hoped that attendees will be open to share their own experiences, as well as thoughts on the way forward and reflections on the toolkit. Please RSVP by either responding to this email or registering via our new event portal: https://lnkd.in/eqXewwff Want to attend and not a TRADS Member? If you advise predominantly tenants, why not join the Society by contacting The TRADS Committee (admin@trads.uk). We look forward to seeing you there. The TRADS Committee

An Agreement to Lease will also set out the key terms of the lease and creates a binding obligation on both parties to sign the deed of lease if the conditions are met. If the conditions aren't met (eg, the fit out works aren't finished in time) the landlord and tenant aren't committed to signing the lease. #agreementtolease #businesspremises #nzlegals #nzlandlords #nztenants

🤟 A recent success story for our team: We had a landlord transfer the management of their HMO property to us, after self managing since they purchased the property a few years ago.    The tenant has been in situ for a number of years, but when we completed a market valuation we found that the property was severely undervalued with the potential for the landlord to be making a sufficiently larger return.    We discussed this with the landlord and spent time negotiating a new rental price with the long term tenant, and managed to secure an excellent increase of £450 per month for the landlord with the tenant signing a fixed term lease for another 12 months.    This highlights the importance of having a property management company in place to keep up to date with the current rental market and hold the skills and expertise required to negotiate rents effectively with tenants. Regular check ins to re-evaluate your situation: are you making time for this? It could make all the difference to your progress! Agree?

Right to Manage: what is a self contained part of building and can that part itself be made up of separate parts? For those interested beyond the title, that's exactly what the Court of Appeal recently grappled with, finding that a property can be a "self-contained part of a building", despite the fact that it comprised two parts which were themselves self-contained parts of the same building. The question was what constituted a "self-contained part of the building" under section 72(3) of the Commonhold and Leasehold Reform Act 2002. A right to manage (RTM) company brought an RTM claim in respect of the property. The "Property" contained four flats. Flats A and C on the ground-floor, with Flats B and D above. From the outside, the Property appeared to be two adjoining houses at the end of a terrace.  Flats A and B were divided vertically from the remainder of the terrace and from the other half of the Property, which contained Flats C and D. The Tribunal had held that the RTM company was entitled to make an RTM claim in relation to the Property. The Property was a self-contained part of a building (that is, the terrace) and there was nothing to exclude from section 72(3) a self-contained part of a building, which itself contained a self-contained part of the same building. The Court of Appeal agreed with the Tribunal, dismissing the landlord's argument that where a building or part of a building satisfies the definition of "premises" in section 72, but is itself capable of division into smaller parts, which also satisfy that definition, the RTM company must serve its claim notice in respect of the smallest part satisfying that definition. It sounds so typical of lawyers to find something so apparently obvious to argue over, however the consequences of this decision could have effected numerous buildings, perhaps taking away, or limiting, RTM rights in circumstances where they could be legitimately exercised, in promotion of the purpose of the statute, which is to empower leaseholders in the management of their homes. It also emphasises the need for specialist advice on the extent of an RTM claim and the possible issues in formulating the strategy.

Here's the current inventory for 77375. This metric represents how many homes are on the market right now. RE/MAX Universal 281.894.1000 Each office independently owned and operated. #remaxuniversaltexas #remaxuniversal #bestrealestate agents #toprankedrealestateagents

Here's the current inventory for 77381. This metric represents how many homes are on the market right now. RE/MAX Universal 281.894.1000 Each office independently owned and operated. #remaxuniversaltexas #remaxuniversal #bestrealestate agents #toprankedrealestateagents