Downing Property Services Ltd royal liver building, liverpool

Royal Liver Building Today

Opportunity

Current Portfolio Under Management

A focus on DPS' Property Management Team

We have been delivering tailored and bespoke services to both Private and Institutional clients for 20 years.

  • In 2005, DPS took in-house the direct management of Downing's commercial portfolio (Liverpool's largest private commercial portfolio)
  • Replaced the extant outsourcing arrangement, no longer using local managing agents.
  • The single aim was to bring dedicated, focussed and value for money services to Downing and its customers.
  • We have managed up to 1M sq ft of commercial floorspace at any one time, including notable assets such as The Port of Liverpool Building and The Capital Building.

The Port of Liverpool Building - Case Study

DPS directly managed the iconic The Port of Liverpool Building from 2005. The building was transformed from a locally recognised asset into an asset which attracted wide and deep interest from around the world when it was marketed for sale and then sold in 2015.

The Challenge Inherited

  • Formerly occupied by Mersey Docks and Harbour Board as their Head Quarters since new build in 1907.
  • Multi tenanted on leases and "arrangements" not fit for purpose.
  • Fabric and services not fit for purpose (including critical Health and Safety compliance issues) - following decades of under investment.
  • No branding image
  • Tenants were leaving and impossible to attract new tenants
  • 160,000 sq ft (increasingly serious vacancies).
  • Limited service charge recovery
  • Headline rents as low as £8 sq ft per annum

The Result

  • Complete restoration of the building's fabric and services - achieved whilst retaining existing tenants
  • Lease re-gears with the building's major tenant.
  • New lettings with headline rents above £17 sq ft per annum.
  • 6% vacancy
  • Sold for £175 sq ft December 2015 (compare with Royal Liver Building at £143 sq ft, Exchange Flags at est. £123 sq ft & Cunard Buildings at est. £52 sq ft.

How This Was Achieved

By Concentrating on Fundamentals:

  • In depth understanding of the asset
  • In depth understanding of stakeholder needs and wishes
  • Phased implementation of improvements, concentrating on compliancy, operational, service delivery and aesthetic issues
  • Implementation of lease events and re-gears
  • Pro-actively exploring new asset management opportunities
  • Professional integrated team ethic
  • Hard work and due diligence

We delivered:

  • Exceptional levels of customer care
  • Exceptional service levels
  • Value for money provisions for all stakeholders
  • On our aspirations to re-establish The Port of Liverpool Building as a genuine market leading commercial building and iconic trophy asset.

We Continually Strengthened:

  • Strong and lasting customer relationships
  • Local knowledge of the occupational market
  • Strong and lasting relationships with 'best in class' property professionals
  • Our relationships locally with Liverpool City Council, public sector agencies, Liverpool's Business Improvement District, The Liverpool Waterfront Business Partnership and other local non-corporate partnerships.

DPS Staffing Resource

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