Category: News (103)

With current property market conditions, banks working with their customers, are concentrating on adding value to property assets as well as looking to realise value to repay debt. Assets should be managed in such a way that when a market materialises for the asset, the property is in a position to maximise marketability and value.

However, one of the inevitable symptoms of the current property market and banking conditions is the appointment of Fixed Charge Receiver by Banks. The appointments arise when Banks have to take action when the owner is deemed insolvent or the lender wants to take control of the property assets. Increasingly Banks are seeing the benefits of appointing Chartered Surveyors as Receivers. Unlike many other insolvency appointments, a fixed charge receiver need not be a licensed insolvency practitioner and surveyors are commonly appointed under the Conveyancing and Law of Property Act 1881.

Fixed Charge Receiver is also a simpler (and usually more cost effective) route for funders to take than Administration Whilst Receivers are typically appointed with the intention of realising the asset, they are also appointed where, following insolvency, the Lender believes that we could apply our property expertise to achieve better outcomes than the borrower. The Receiver, in effect, acts as the owner of the property; include co-ordinating the letting of vacant units, achieving planning consents or project management of the development process.

In broad terms, our principal duty is to secure repayment of the mortgage/charge due to the bank. We also have a duty of care to the borrower to manage the property with Due Diligence. The Fixed Charge Receiver role is part of a Strategic Consulting Service that TDK provide funders and owners of distressed property assets.

Our service would combine some or more of the following:

Advise on underperforming or distressed property loans
Develop business plans and execute realisation strategies
Project management developments
Take appointments as Fixed Charge Receivers
Support insolvency practitioners in administrations
Whilst Fixed Charge Receivership is an unavoidable consequence of the downturn in the property market it does provide an opportunity for suitably qualified surveyors to provide a strategic service to Banks.

Belfast based TDK Commercial Property Consultants who opened in January 2010 have announced the recruitment of 2 new employees.

Keith Lamont has joined the practise as a Graduate Surveyor having completed his Degree from the University of Northumbria this summer. Keith who originates from Ballymena spent his placement year in a Belfast based surveying practise and will assist in all areas of the business.

Julie-Ann Murphy joins to head up the accounts team and will also fulfil the newly created role of Office Manager. Julie Ann has over 10 years experience having previously worked for BTW Shiells and O’Connor Kennedy Turtle and will be responsible for the Property Management Accounts function.

Commenting on these appointments Mark Thallon of TDK said “We are delighted that after only 8 months trading we have been able to recruit people of the calibre of Julie Ann and Keith. This is an endorsement of the quality of instructions and volume of work that we have been appointed on in a relatively short period of time since the formation of TDK. I have no doubt that they will help Stephen, Tanya and myself drive the business on as we look forward in these challenging but very exciting times.”

The 15th Poundland store in Northern Ireland opened its doors in Dungannon. The store opening marks a milestone in the retail giant’s entry into the Northern Ireland retail market as implemented by TDK Commercial Property Consultants.

Since inception in 2010, TDK have quickly established themselves as one of Ireland’s most proactive Property Consultancies providing a range of services to the property sector across Ireland including retail, agency and consultancy advice to leading retail brands such as Poundland, ASDA, Pets at Home, Semi Chem and other market leaders.

TDK have planned and implemented Poundland’s emergence into the NI market with new stores acquired in Strabane, Banbridge, Castle Court, Ann Street, Park Centre, Kennedy Centre and Connswater Belfast, Abbeycentre, Ballymena, Lisburn, Magherafelt, Newtownards, Derry, and Portadown.

The latest Poundland store will provide 5,000 sq ft of retail trading space. The store is set to create 30 jobs for the Dungannon area. In total the 15 Poundland stores in Northern Ireland as secured by TDK, have created employment in the region of 450 jobs.

Commenting on the letting and implementation as a whole, TDK Retail Partner, Mark Thallon said;

‘This exciting new store will add a new level of retail experience to Dungannon’s prime retail core. The acquisition of the 15th Poundland store confirms both Poundland’s and TDK’s confidence in the retail market within Northern Ireland at a time when market conditions remain challenging.’

Craig Bales, Property Director at Poundland states;

‘Poundland have been delighted with the rapid progress made in establishing our presence in NI. In 9 months we have reached the key milestone of 15 stores and this is testament to the proactive team of local consultants we have working with us. TDK have been at the forefront in this move by providing strategic advice, sourcing new store opportunities, negotiating deals and ensuring that we deliver our store opening programme.’

Poundland is Europe’s largest single price discount retailer, providing amazing value to over 2.75 million customers everyday, with a UK nationwide store base of almost 270 stores across the UK. Poundland offers quality products for just £1 each including top brand names, daily essential items, fantastic new lines and amazing WOW products.

TDK Commercial Property Consultants have confirmed that a further 4 Poundland stores are set to open throughout Northern Ireland, within the next 6 months.