Optimal Property Solutions Limited


Case Study: Park Villa Court

Optimal Property Solutions, Park Villa Court, Residential Property management, leasehold, block management, OPSL, PSL, Leeds, West Yorkshire, UK

Site overview
Park Villa Court consists of 3 blocks containing 36 apartments in total. The plot includes two driveways, a large carpark, garages and extensive leafy gardens.

Optimal Property Solutions began managing Park Villa Court in August 2015. The site, built as a luxury accommodation in the late 1960s, had been subjected to significant decline and neglect. Furthermore the reserve funds had been depleted to an unacceptable level.

Our focus has been on renewing and improving the site in order to drive up standards ensuring all lessees are fully satisfied with the progress made.

First year with Optimal
On top of the general day-to- day running of the site, in the first year, major works were successfully undertaken to replace the decaying wooden cladding on the outside of the blocks with high quality rosewood PVC. Uneven areas of paving were re-laid and ornamental perimeter fencing was introduced to the front of the property to provide privacy. The overgrown garden has been cleared down and new plants have been added to previously barren areas. All works have been carefully supervised to ensure the highest quality finish possible and as a result there has been a huge improvement to the appearance of the site.

Expenditure has been strictly managed and as of September 2016 the reserve fund has grown by 500 % . This is a breath-taking achievement, especially given the level of investment made in improving the site during this period.
 
A full health and safety review has taken place with new risk assessments put in place and follow up actions completed.  Regular testing of health and safety devices has been introduced.  We have also evaluated the safety aspects of the aged lifts and will be presenting various options in this regard at the next AGM.
 
Planning for the future
 We have undertaken an in depth analysis of the recurring works and renewals to be undertaken at the site in order to project the future reserve fund expenditure and ensure the maintenance service charge is adequate in order to save up for the projected expenses.
 
Due to the short remaining lease term we have commenced a group lease extension initiative with uptake from 94% of the lessees. This will make the flats easier to remortgage and increase their value by making them a more appealing purchase.
 
Recent projects on site include:
  • Gas mains replacement including replacement of the pipes that supply the internal risers in each block.  Extensive negotiations have ensured that unsightly external pipes will not be added to the brickwork.
  • Resurfacing the car park and introducing allocated parking bays for residents.
  • Renewal of the fascia boards, guttering and flat roofs of the dilapidated garage blocks.