Case Studies
Monairit Properties Ltd
Established 1964
Turnover £300,000
Properties in Bognor and Worthing
“Oyster Estates have worked tirelessly to grow our business and kept us informed throughout” Simon Royall, Monairit Properties
Company Profile
Monairit Properties is a small private company, which originally comprised of one bed-sit property before engaging us to formulate and manage an agreed business plan. The company was originally set up by a schoolteacher and his wife to supplement their eventual County Council Pensions. At present the portfolio consists of around 50 units comprising of shops, bed-sits and flats with a combined value in excess of £5m.
Why Oyster Estates?
Day jobs and raising a family offered little time for expanding the property portfolio or acquiring the knowledge of constantly changing housing law. Aware the existing portfolio could be managed by any reputable agency the business was seeking more of a partnership and the skills required to build the company. The remit required expansion via self-financing and bank loans and without the need for personal monies to be added. We came up with an acceptable business strategy and plan for Monairit. Within the agreed fee structure paid out of turnover, Oyster now manages the every day running of the Company and the management of the properties whilst actively searching for new opportunities for Monairit.
Implementation
On behalf of Monairit, we have sourced large town centre bed-sit properties as well as existing conversions where the policy has been to purchase and therefore control the whole building. Further planning permissions have been obtained to convert non-self contained to self-contained units and then let to clients of Charitable Trusts ensuring high occupancy rates and constant lessee monitoring via Trust staff and carers. “I’m sure because Oyster understand what we are trying to achieve our bankers have always been happy to lend against the portfolio. The funding of new projects as a result of Oysters involvement and the myriad of other local businesses they have a relationship with, puts us in the special position of responsible local community housing”, Simon Royall Monairit Properties Ltd shareholder.
Key benefits
- Oyster understand our requirements
- Oyster has market contacts
- The service is a complete service
- Oyster charge us fairly
