Cornwall House 31 Lionel Street Birmingham B3 1AP

0121Cornwall 289 4315 House [email protected] Lionel Street www.PrincipleEstate.co.ukBirmingham B3 1AP  @PrincipleEM 0121 289 4315 [email protected] www.PrincipleEstate.co.uk @PrincipleEM Welcome to a review of Principle’s first year Brettfirst Williams 12 A big hello to all our clients, partners, professional contacts and BSc months (Hons) customers. FRICS FIRPM I amWelcome delighted to be a reviewsending our of firstPrinciple’s newsletter first out yearto you Managing all today. And I’m pretty amazed that our new business is 12 Director A big hell to all our clients, partners, professional contacts and 3,500 units months old already! customers. first 12 Our first two property developments came into management in months lateWe May are delighted2018, and to bePrinciple sending was our thenfirst newsletter properly outup andto you running all today. 100 fromAnd 1 I’m June pretty last amazed year when that our Joe new joined business me, withis 12 monthsIan then old coming already! developments onboard in October. Our first two property developments came into management in late 3,500 units OtherMay 2018,key personnel and Principle we’ve was thentaken properly on in our up andfirst running year include from 1st June executivelast year when assistant Joe joined Belinda, me, withcustomer Ian then services coming onboardmanager in October. 20 counties Michelle and senior property manager Dani. With our back- Other key personnel we’ve taken on in our first year include executive 100 officeassistant support Belinda, and customer consultants, services we managerhave recruited Michelle staff and at seniorrate ofproperty one person manager, per month, Dani. With and our we’re back still-office recruiting. support and consultants, developments Wewe have have arecruited great, enthusiastic at a rate of oneteam person looking per aftermonth, over and 100we’re still 11 staff developmentsrecruiting. and are approaching our next milestone of 3,500 20 counties units.We We’rehave alla determinedgreat, enthusiastic to make team sure welooking can deliverafter anover 100 outstandingdevelopments customer and are servicesapproaching every our day. next milestone of 3,500 units. 5 consultants I wouldWe’re likeall determined to thank all to of make our clients sure we who can have deliver instructed an outstanding us customer services every day. over the last year and continue to find new developments for 11 staff usWe to wouldmanage. like We to thank really all do our appreciate clients who it. have instructed us over the residential Here’slast year to theand nextcontinue 12 months!to find new developments for us to manage. We management really do appreciate it.

Here’s to the next 12 months! 5 consultants commercial Brett Williams BSc (Hons) FRICS FIRPM management Managing Director

PrinicplePrinicple Estate Estate Management Management is is a atrading trading name name of of Principle Principle Estate Estate Management Management LLP LLP (Registered (Registered in in England England OC420067) OC420067) atat thethe aboveabove addressaddress. RegulatedRegulated by RICS by RICS

It’s the principles that Principle is committed to that made the first year such a great one

It was just over a year ago in May 2018 that “We will be offering director level input into all Principle Estate Management opened for developments, and honesty, professionalism, business at Cornwall House in Lionel Street, customer care and staff development will be our Birmingham. watchwords.” In its first year, Principle is already established Looking back at the launch today, Brett said: “I’m as the UK’s fastest growing residential estate thrilled at how the business has quickly taken management business, with a growing portfolio off, am delighted at how the size of our portfolio of properties for clients all across England. has grown beyond all expectations after just one From its West Midlands base, Principle has year, and am very proud of the team we have spread its wings to take in appointments in quickly built within Principle. , the south east, south west, south and “But most of all I’m energised by how closely north of England. we’ve kept to the crucial principles that were the From a standing start, the business manages a foundations of Principle when the company was portfolio approaching 3,500 units on over 100 formed in early 2018. developments across the country, with many “Principle is committed to being a customer- more in the pipeline. focused managing agent that provides a This fast expansion has been made possible, in transparent service to the highest standards. part, by the decision to invest heavily from day “The company is led by experienced Chartered one in technology in order to automate routine Surveyors and property professionals. It was processes and some of the more mundane born out of a passion for ‘doing it right’ through administration, freeing up staff to communicate a director-led but friendly approach, combined with clients on a daily basis and this investment with robust systems that maximise efficiency. continues. “This means that Principle provides a service But it’s also down to the fact that Principle that we believe is the aspirational standard for was a new business only in name and the team other agents across the UK.” have many decades of experience in residential Referring to Principle’s future plans, Mr Williams property management between them. added: “As long as we stick to our principles and Brett himself has managed some of the highest continue to deliver outstanding service to all our profile developments in the Midlands and across clients, I’m confident our business will carry on the UK, and he confidently laid out his plans its impressive growth.” when the company began operations. Speaking 12 months ago, he said: “Our focus will be on modern residential apartment developments and traditional blocks of flats, but we will also be managing mixed use developments with both residential and commercial occupiers and private residential housing estates. “Additionally, the firm will be managing portfolios of rented properties for selected investor clients.

principle - noun:  a fundamental truth or proposition that serves as the foundation for a system /ˈprɪnsɪp(ə)l/ of belief or behaviour or for a chain of reasoning. a rule or belief governing one’s behaviour. morally correct behaviour and attitudes. Principle personnel

Brett Williams, managing Ian Smallman, director and Daniel Lannon, property director shareholder assistant Brett is a Ian is a Member of IRPM Daniel has joined Principle’s and has a degree in Estate (Institute of Residential Property expanding customer services Management. He’s also a Management) and sits on the department as a property past chairman of ARMA Leasehold Working Group. The key objective assistant. He had previously been working in (the Association of Residential Managing of the IRPM is to raise standards across the the retail sector after graduating with a 2:1 Agents), and a fellow of IRPM (the Institute of sector together with providing individuals with honours degree in 2015. His retail experience Residential Property Management). an independent professional qualification. and IT skills made him stand out to provide He has previously sat on a Residential His main role as operations director sees him quality customer services. Management Working Group for RICS (the in charge of Principle’s property management Royal Institution of Chartered Surveyors). department. Paul Richardson, finance Brett insists on a hands-on involvement in Ian is a widely respected property professional manager property management, especially high value with many years’ experience in property Paul has over 20 years of properties and special projects. His focus on management. He focuses on key client experience in finance. He business development comes from over 25 relationships and directly manages a selection is an Associate Member of years of experience and a wealth of close of properties including our commercial multi- the Chartered Institute of Management contacts with freehold investors. occupied properties. Accountants and is responsible for overseeing the operation of all client accounts functions. He oversees the majority of non-management He also oversees Principle’s, training, work such as lease extensions on the standards and service levels ground rent portfolio, freehold ground rent Sam Boot, valuer – specialises investment deals and the selection of partners in valuations and negotiations Belinda Beasmore, executive for outsourced specialist work such as that on leasehold flats and houses assistant undertaken by building surveyors. for lease extensions and Belinda has a wide range of Most importantly, Brett runs the business freehold sales, acting for skills that come from 20 years strategy, governance, finance and promotion. freeholders and leaseholders. of experience in administration and marketing. She’s exceptional at Joe Jobson, director and maintaining Principle’s corporate relationships Angela Locke – property shareholder with clients, customers and suppliers. She is inspector Joe is a Chartered Surveyor head of social media and marketing too. Angela joined Principle with with a degree in Estate a background of working for Cluttons and Leaders. She Management. He’s a member Michelle Cox, customer undertakes routine planned site inspections of IRPM and has applied to become what’s services manager known as a RICS’ APC Assessor (APC stands for our London & South portfolio of Michelle is an associate of for assessment of professional competence). properties, reporting back into the office using IRPM has more than ten years the site survey app. Angela is also available Joe has a complete understanding of how of extensive experience in the to meet contractors and residents on site to well-planned property management can property sector. She has worked in a variety of ensure good communications and prompt greatly enhance the value of any new build roles including from lettings assistant to senior maintenance. project, he has a wealth of experience in property advisor in an estate management new build and conversion schemes from department. developers which are taken into management Benedict Williams – property Michelle is committed to doing things the right on a phased basis. inspector way and to maintain the focus on standards Whilst Joe takes a hands-on approach and customer service. Benedict undertakes a similar to Property Management and continues role to Angela covering routine to look after several of our flag ship planned site inspections for developments for our clients, he oversees Danielle Randles, senior our Midlands properties. Both of our property the expansion and growth of the firm from property manager inspectors provide an invaluable role in a business development perspective dealing Danielle is a member of IRPM monitoring standards of services provided and with developer, freeholder and resident and as senior property manager ensuring routine inspections are undertaken. management company enquiries. she looks after a portfolio in Principle’s expanding Midlands portfolio. A Compliance Manager will be joining the She has nearly ten years of experience in company in September. the property sector, previously working in roles from property administrator to property manager. She is graduating with a degree in Estate Management this summer and is set to become a qualified chartered surveyor next year. Just a few of Principle’s outstanding client wins in year one

Principle Estate Management has won buildings, expert knowledge of the sector Mike Leto, project director for Amber numerous contracts to look after some and who are prepared to provide a bespoke Infrastructure – the long-term investors stunning residential properties during its service tailored to suit unique properties.” in Albany Meadows – said: “It was vital first year of operations. Down in London, Principle won the contract to appoint a customer-focused managing One of the most interesting was a to manage a collection of apartments each agent with the professional capability to new development made up of 14 of worth more than £1.5 million on America manage such a prestigious scheme. Birmingham’s most expensive apartments Street, just off Southwark Bridge Road near “Getting Principle involved at the earliest at Bristol Court on the Bristol Road in the Tate Modern art gallery. possible stage allowed them to provide Edgbaston. This was part of a major new national valuable input, highlighting long-term These are luxury two and three bedroomed contract awarded by Simarc Property management issues and providing solutions apartments each worth up to £1.3m and Management Ltd, which has commissioned at the outset. were built to extremely high specifications Principle to manage a portfolio of “The scheme was built to the highest on the site of a former Victorian hotel. developments in the last year. standards but we also needed to be mindful Asad Adras is project manager and Other properties in this portfolio include that ongoing service charge had to remain consultant for the Turner Consultancy, mixed-use developments on Poland Street, affordable and Principle’s experience and which appointed Principle to look after off Oxford Street in trendy Soho, Hamond input was crucial in this area. Bristol Court. Square, near Hackney’s renowned Hoxton “We feel that Principle will help support He said: “We wanted a unique managing Street market and on the Old Brompton us in our objective to maintain high that could fulfil the expectations of Road, in the prestigious Royal Borough of management standards at Albany Meadows purchasers at such a flagship development, Kensington & Chelsea. for many years to come.” surrounded by some of Birmingham’s most Natalie Chambers, director of Simarc, said: Brett Williams said: “The range of contracts prestigious housing. “We’ve been impressed with Principle’s care we have won come from clients who want “We knew we required both proactive and attention. We want to make sure that the confidence that their properties will be management and an agent that really our agents provide outstanding service to serviced properly. cares and could provide top quality our customers, and Principle has quickly “We are highly experienced in managing a service. Principle is staffed by experienced shown us that it can be relied on to deliver national portfolio and are regularly getting chartered surveyors and that gave me that.” ‘thank yous’ from customers who are not comfort of a superior, long-term service for A major contract win which shows used to getting great customer service. the benefit of all occupiers.” Principle’s diversity is the exclusive “We run a very thorough take-on process, Another outstanding development which retirement village called Albany Meadows in carrying out a full review of all information Principle won the contract to manage was Balsall Common, West Midlands. from previous agents, including financial, Viceroy Close, a collection of 162 mansion This development in a much sought- health and safety, and general compliance flats that are considered to be the finest after rural location between Solihull and reports, then going on to review all service pre-World War II apartment blocks in Coventry is made up of 23 two-bedroomed providers and carefully forward planning Birmingham. apartments, 12 two-bedroomed bungalows any changes needed.” These exclusive units vary from one to and four three-bedroomed houses for the Referring to some of the highest profile five bedrooms across eight buildings on over-55 retirement market. contract wins, Mr Williams added: “We’re an eight acre site in Edgbaston, and were The homes are set in attractive landscaping flattered but not surprised at the new built in 1937 to a design by Mitchell and to create a spacious, tranquil village instructions, as we know our great team Bridgwater in conjunction with Gollins and environment, with a residents’ lounge and of experienced people on property Smeeton. central village green providing communal management, finance and administration The development has individual sculptures spaces. will deliver high performance services.” by O’Connor Barrett above the doorways of all 15 entrances, and the estate includes a porter’s lodge, its own post box still collected by Royal Mail, water from an Managed Units artesian well, and heating and hot water via 3,500 a communal heating system. 3,000 Ray Dickinson, chairman of Viceroy Close Residents’ Association, said: “We were 2,500 impressed with Principle’s tangible proposal 2,000 to care for our development as much as we do and to work with us formulating 1,500 a strategic plan, as the development approaches 100 years of age. 1,000 “Principle has been selected based on its 500 impressive and growing reputation. We feel reassured that the company is run by 01/05/18 01/06/18 01/07/18 01/08/18 01/09/18 01/10/18 01/11/18 01/12/18 01/01/19 01/02/19 01/03/19 01/04/19 01/05/19 01/06/19 01/07/19 chartered surveyors with a real love for A Selection of our Managed Properties

128 flats, Leamington Spa Commercial, Solihull Mixed use, Soho School conversion, Somerset

162 apartments, Edgbaston Conversion & new build, West Midlands Moseley, Birmingham School conversion, West Midlands

170 units, canal-side, West Midlands Edgbaston, Birmingham Oxfordshire Shop & Flat, Birmingham

59 apartments, Bournemouth Luxury new build, Edgbaston Retirement development, Solihull South Croydon

78 apartments, Solihull Mixed use, Birmingham city centre Retirement development, Warwickshire Southampton

Ashford, Surrey Mixed use, Hoxton, London RMC, Mixed use, Jewellery Quarter Sussex

Canal-side development, West Midlands Mixed use, Jewellery Quarter RMC, Sutton Coldfield Sutton, Surrey

City centre conversion, Manchester Mixed use, London SE1 RTM, Edgbaston Sutton, Surrey Geographical Spread of Properties Principle uses the latest technology to enhance its surveys

Principle Estate Management is using the very latest technology “There is no juggling keys, clipboard and a camera as it’s all done to make its clients surveys faster and even more accurate. on a smartphone, helping us to out-compete others in the sector The company has invested in the MRI Qube PM Site Survey app with a better and faster service for the benefit of clients and as a bolt-on to its property management software system, also customers, while making life easier for our staff at the same time.” provided by MRI Software. Dan Foryszewski, business development manager at MRI The app is designed to assist mobile operations and keep Software, said: “After Principle had selected Qube as their costs down, enabling staff to easily access and record property preferred property management software, they were great to deal information at any time during inspections using a mobile device. with. I could feel their enthusiasm for our product and for getting the most out of it.” Brett Williams explained that the app removed the need for both paper-based processes as well as separate and expensive specific Dave Hards, Principle’s MRI Software account manager, said: “For site survey devices. a young company that has been using our system for less than 12 months, they are already benefitting from the time they invested Mr Williams said: “The Qube PM Site Survey app has allowed in setting up the system and understanding its full capabilities us to configure surveys to our exact requirements, and all the beyond basic financial recording and maintenance.” data it gathers is then quickly and fully integrated with our main property, maintenance and accounting systems. Mr Williams, of Principle, added: “We’re pleased to be making the system work hard for us and know we are already ahead of “The diary entry system ensures all surveys are scheduled others who have been using Qube for a much longer time.” and carried out when they are required, and our staff are now conducting site surveys and inspections quickly and conveniently on their mobile devices – even when they’re offline. “They are also able to take and then upload images on the job to further enhance the survey report, increasing efficiencies and providing a greater level of convenience and total transparency of the site survey process.” Mr Williams added: “This latest technology means Principle is bang up to date and beating the old paper-based clipboard system which many agents still use.

Statutory controls on landlords’ repair expenditure – how did we get here? This is an extract from article that Brett Williams wrote in March 2019. Whatever happened in property management during the early The limits and procedures were revised as well as introducing 1980s to lead to the implementation of section 20 of the similar procedures for expenditure under Qualifying Long Term Landlord & Tenant Act 1985? Agreements. The answer is that there were many cases of abuse where houses With regard to repair costs, what does a landlord have to do to were purchased, converted (often poorly) and sold on long leases comply with the legislation now? (again often poorly drafted) and the landlords would continue 1. Notice of Intention: this is a Notice with prescribed to manage the development undertaking substandard repairs at content and notes. It states the Landlord’s reasons inflated costs and not accounting properly for the costs incurred. for proposing to undertake the works. It also invites It’s no wonder that statutory protection was required to control Tenants, and any recognised Residents’ Association, to landlords’ expenditure on repair items. In brief, the original s.20 nominate a contractor and to make observations on limits were the greater of £50 per flat or £1,000 per block. The the Landlord’s proposal. The Notice must give 30 days consultation process was simplistic. That’s now ancient history. for Tenants to respond. Modern history appears in the form of the Commonhold & 2. The Landlord can now seek estimates from contractors Leasehold Reform Act 2002 which amended the 1985 Act – to undertake the specified works. Estimates cannot approaching the coming of age at nearly 18 years old. really be invited before the Notice of Intention has expired as the Landlord has a statutory obligation to have regard to observations received from Tenants regarding the proposed works and to consider seeking estimates from any nominated contractors. 3. Statement of Estimates: again, a Notice with prescribed content and notes. This summarises at least two estimates received, one of which must be from a contractor not connected with the Landlord. This Notice must also include a summary of observations received from Tenants in response to the Notice of Intention and detail how the Landlord has had regard to those observations. Again, it gives Tenants 30 days to make observations on the estimates received. 4. The Landlord is now free to instruct a contractor Also, between the first and second Notice is when the landlord to undertake the works, subject to having regard to should obtain quotes, so this can often be a further 30 day any observations received. However, if appointing period. a contractor who is not either Tenant (or Resident For routine items, landlords need to consider works a year ahead. Association) nominated or the contractor that provided This allows for a more scientific approach to collecting sufficient the lowest price, the Landlord must serve a further reserve funds so that when the works are due to be undertaken, Notice within 21 days of placing the contract stating the cash is available. why that decision was made. This Notice is simply a statement and does not invite observations. Once the plan is prepared and discussed with residents, it should be diarised. The financial trigger limits have been reviewed since the 1980s. The legislation is now triggered if the cost of the works is £250 It must be remembered that a landlord, as far as the law is for any single Tenant. More specifically, this relates to any single concerned, includes a Residents Management Company (RMC) unit and so isn’t triggered by the total contribution if a Tenant which still needs to comply with the s.20 process even if all owns more than one apartment. The key therefore is to be aware members of the company agree with the proposals. Statute is not of the highest percentage contribution from all apartments. In a overridden by an RMC or even . development with multiple schedules, e.g. one for each building, What is certain is that landlords, be they freeholders or RMC/ it will apply on per schedule basis. RTM companies need to plan and should appoint professional If the Landlord doesn’t comply they will not be able to recover managing agents to look after the best interests of the more than £250 per leaseholder. In the case of major works, this development overall. could be catastrophic for the Landlord. There are thousands of RMCs caught by this legislation which Planning is required to ensure compliance which protects both was originally intended to prevent historic landlord abuses. The the landlord and the tenant. The process takes a minimum of 60 idea is to give people who are paying for the works, input into days. In reality it’s best to add a few days to the 30 day periods what is to be done, by who and at what cost. Who could say that to allow for postage. is a bad thing?

Principle’s services and contact details

Principle’s first year has already seen the company win “We’re also focused on making sure our constant expansion contracts to manage approaching 3,500 units in more than 100 never means we’re overloaded. That means keeping recruitment developments. on the agenda as we continue to grow. These include 80 full blocks of apartments or flats, and a number “It also means working efficiently, helped by our early investment of mixed-use developments, several that are purely commercial in Qube and other mobile technology, including our site survey buildings and a large number that are ground-rent only. In app.” addition, Principle manages a selection of rented properties for He added: “Principle’s location in the West Midlands is also established clients. crucial – both for servicing local properties but also as a central In terms of different customers, Principle acts for 25 investor location to assist our full UK coverage.” freeholders, ten developers with properties in management, Principle’s other non-property management work includes: nearly 20 resident management companies/right to manage companies. There is a number of pipeline schemes waiting to go ◆ a defects management role for a developer client; live. ◆ supervision of major works to developments; Asked why the company has become so successful after just one ◆ lease extension valuations and disposals; year of trading, managing director Brett Williams said: “The key is ◆ freehold sale to leaseholders; having the right people in the business. ◆ freehold ground rent investment sales; and “Principle is led by directors who are Chartered Surveyors and experienced property professionals who are all very well regarded ◆ acquiring investment properties to let. at a national level, underpinned by great support staff who all know what they’re doing.

Principle Estate Management is based at Cornwall House, 31 Lionel Street, Birmingham B3 1AP. [email protected] Opening hours are Monday to Friday, 9am to 5.30pm. The main contact number during these hours is 0121 289 4315, and for out-of-hours emergency repairs 0121 728 4434. Further contact options are available at www.principleestate.co.uk/contact/.

 PrincipleEM  PrincipleEstateManagement  principle-estate-management

property management, done properly