UK 24 April 2017
Turning empty offices into affordable accommodation:
Inside Housing highlights VPS' South Bank bargain
One of VPS' most prestigious properties that it secures through a mixture of property guardianship, staff and alarm security, has been highlighted in a feature article in the leading social housing journal,Inside Housing.
The journalist, Tim Clark, not only used to be a property guardian himself, but, as he told VPS, he once worked at the very same South Bank landmark, Ludgate House. The building was initially empty after the businesses there moved out, but has now gained planning consent for an exciting mixed use development, including 500 homes. In the meantime, around 50 people live in the block at around half the costs that nearby rentals would charge, and the owners have cut the cost of business rates hugely.
The article considers the future of property guardian programmes in the UK following a Bristol court case that illustrated poor practice by another company that manages guardians.
"The principle of property guardians is to secure vacant properties temporarily in return for low-cost accommodation." says Doug Edwards, managing director of guardian services for VPS, who is frequently quoted in the article. "This remains firmly based on sound legal grounds as licencees, providing programmes are managed professionally and competently."
Inside Housinggoes on to describe the benefits of a well-run property guardian programme to both the licensees and to the property owners, and uses VPS' Ludgate House project as a prime example:
On London's Southbank, a sign on a door reads "Penthouse". Its occupant, Alex, is still at work but his mum is visiting, so she lets us in. We're on the ninth floor of Ludgate House, the one-time offices of the Daily Express. Where Alex's unmade bed now sits, newspaper editors once deliberated over the next day's front page.
Developer Native Land initially contracted VPS to look after the office for three months. Eighteen months later, Alex and his fellow guardians pay £550 a month each for a room.
Yards away, a flat at Roger Stirk Harbour & Partners' Stirling Prize-nominated Neo Bankside is on the market for £4.35m. Only Alex and the super-rich can afford this location, and Alex's view is better.
"Changes to how business rates are charged on vacant offices has made it financially viable for companies to convert properties into accommodation, even if clients have to invest heavily to make the places habitable. Over 90% of our guardians seek re-accommodation with VPS once their licences end, and more than 85% of our property owners extend the space available to VPS, so the benefits of a well-run, professionally and ethically managed project is a benefit for all." concludes Mr Edwards.
A case study of the Ludgate House property is availablehere.
The Inside Housing article can be readhere.
ENDS
About VPS
VPS UK originally built its market leading position as a specialist in providing protection for vacant commercial and residential properties, but has seen its remit develop into added-value security and safety options for the construction sector with its innovative JCB Smart Tower technology. It has also introduced to the UK the best-model practice for property guardians' schemes.