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News Release

Manchester

JLL launches North West PRS management service at Greengate

Advisor first to offer end-to-end service for investors in the North West


Manchester, December 2016 – JLL has launched a dedicated management service for Private Rented Sector (PRS) developments in the North West and announced its first instruction at Greengate, Manchester’s first purpose-built PRS development.

The property advisor has been appointed to manage the 497-unit scheme by LaSalle Investment Management - which acquired the building from developer Renaker in July 2016.

The instruction includes providing lettings and tenancy management, service charge budgeting, maintenance and facilities management and will see JLL provide 24-hour on-site customer service for tenants.

JLL has already successfully let 70 per cent of the first phase of 229 apartments since their launch in August.

The new service has been informed by JLL’s success managing PRS schemes in London and brings together its North West team’s property management experience with its leading expertise in PRS, to provide a full service for investors.

Louise Emmott, Director, Residential at JLL, said: “Providing first rate services and facilities will be fundamental to the success of Greengate. Our dedicated on-site management service will focus on delivering an excellent tenant experience akin to that of a luxury hotel, while driving profitability, reducing costs and minimising voids for the landlord.”

Shannon Conway, Lead Director, Residential Advisory at JLL, said: “PRS is a unique and exciting asset class and as such it demands a specialist approach. We’ve drawn on our existing property management expertise and our existing PRS operations in London and around the globe – including visiting and studying PRS schemes in the mature US market – to form this specialist team.

“This, combined with the expertise of our investment team, which has been at the forefront of the emergence of the sector in the North West, means we have the right blend of skills to offer the first truly end-to-end service for PRS investors in the region.”
JLL advised LaSalle Investment Management on the acquisition of Greengate, and has been involved in many of the North West’s largest PRS forward funding deals, including Manchester’s Kampus (540 units), New Bailey (225 units) and Liverpool’s HMRC Building at Queens Dock (240 units).

Located in the historic heart of Salford close to Manchester city centre Greengate comprises apartments from one to three bedrooms split across two residential towers of 21 and 31 storeys. The majority of apartments have a balcony or terrace and are set in a landscaped communal courtyard and benefit from amenities including a resident’s lounge, gym and concierge service.

Nationally, JLL manages residential property with an annual rent roll in excess of £75m on behalf of private landlords and institutional investors. The new Private Rented Communities (PRC) Management team will provide a bespoke scope of services for each development.