oung Group and block managers Chainbow Limited have joined forces to offer a Right to Manage service to leaseholders, allowing them to appoint the managing agents of their choice. Both companies believe that RTM is an effective way to improve both the investment value of blocks and quality of life for residents.
Since 2009, the companies’ joint work has improved the quality of blocks including, most recently, MyBase in SE1. The four-year-old development, built by Buxton Homes, comprises 155 apartments (102 private and 53 social housing), eight houses and seven commercial units. RTM was the only option available for changing managing agents and Young Group CEO, Neil Young, approached Chainbow to initiate the process after receiving feedback from tenants, clients and neighbouring owner occupiers that raised concerns over the maintenance and management of the development.
Neil Young, CEO of Young Group, pointed out; “MyBase was a newly built development but within a short period from completion, the fact that maintenance issues were not resolved as they occurred, meant that they became more significant – creating more damage and becoming costlier to repair.
One MyBase landlord, Richard Houltby, commented on the process and stated, “I had heard about Right to Manage legislation previously, so when Young Group approached me to say there were concerns over the current block management and that they wanted to use RTM to make a change, I was pleased to see them continuing to take an active role in managing my property asset.
“Good block management is an added selling point for my investment – it’s great in terms of the marketing of the property. No one wants to live in a poorly maintained property and good block management can give an apartment an edge over one in a rival development. I am sure it will provide a better long term return on my investment.”
The Young Group is now working on other RTMs with Chainbow