Project Bridge
In July 2015 Long Harbour acquired Tonbridge & District Properties Limited ("T&DP"), a family owned business that had aggregated a portfolio of UK real estate assets, the majority of which were situated in Tonbridge and Tunbridge Wells. At the time of acquisition, the portfolio consisted of 314 houses, 76 flats, 14 commercial units and 133 ground rents, 97% of the total portfolio was held on a freehold basis.
The vacant possession value of the portfolio on acquisition was estimated at c.£95mn.
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Delivering business plan
Since acquiring T&DP, we have introduced an interim management team tasked with reviewing the current operational processes and effectiveness of the business in order to establish and implement revenue enhancement and cost rationalisation opportunities. This robust approach to asset management has included rent normalisation, improved arrears management, robust tender proceeded and more efficient and co-ordinated sourcing. The benefits of this approach started filtering through the business within three months of ownership, and continue to improve overall profitability of the project.
Tonbridge Town Centre
The Bridge Portfolio Overview
The Pantiles, Tunbridge Wells
Facts & Figures
- 523 residential units acquired
- c. £95 million Estimate of vacant possession value on acquisition
Project Bridge further demonstrates Long Harbours ability to reposition assets and maximise returns to its investors. Furthermore it demonstrates the ever growing opportunity and diversification of the multi family asset class within the UK
