Experienced in Transitioning Property Management Instructions

HWBC has considerable experience and has developed a successful strategy to effectively & efficiently transition the property management roles to its remit.
Our track record is one of a seamless transition without disruption to day to day management and operation of the centre or rent collection and tenant management.

Acorn Portfolio Spectrum Portfolio
4 Regional Retail Properties (Cork, Clonmel & Dublin) 5 Regional Retail Properties (Cork, Dublin & Dundalk)
855,000 ft2 680,000 ft2
€12.6m rent roll p.a. €11m rent roll p.a.
€4m service charge p.a. €2.9m service charge
197 tenants 164 tenants
We advised on the acquisition of this portfolio in Sept 2014 and appointed asset and property managers on closing. This instruction followed hot on the heels of The Acorn Portfolio and closed in December 2014, 3 days prior to Christmas Day.
We successfully transitioned the portfolio with effect from the closing date of the sale, 5 days prior to the 01 October Gale Day. Albeit slightly more difficult due to the nature of the assets we successfully transitioned the portfolio without any disruption to the centres operations over the Christmas period and New Year.
Within 2 days we had issued Introduction Packs and notification letters together with rent and service charge invoices to all tenants. Within 3 days of close of sale we had visited all centres and for the first occasion met with the Centre Managers. We faced the same challenge of the closing falling so close to a Gale Day and in most instances a service charge year end. We effectively met each challenge through hard work.
Some properties operated a weekly payroll, and we maintained this without any disruption. In total, 37 employees transferred with the acquisition, to our subsidiary company PMAL. We adopted a similar approach to the one adopted on Acorn, albeit while invoices and notice letters issued prior to Christmas we only visited the assets in the New Year. 8 employees transitioned as part of this acquisition.