Preferred asset manager for global investment client

Scope

In March 2016, O'Dwyer Real Estate Management was appointed Preferred Property Service Provider in repect of 150 receivership assets acquired by a major global investment fund.

Approach

Over a three-month period O'Dwyer Real Estate Management:

  • Carried out 120 property inspections and reports across Ireland

  • Established contact with 133 tenants

  • Uploaded the properties on to O'Dwyer's   Management Information System (MIS)

  • Collected €200,000 or 90% of rent due

  • Provided weekly MIS reports on the assets held

Outcome

The receivers have full control of the assets with a 90% collection rate and a clear MIS reporting system in place to track the performance of their assets.


Prime Service Station, Dublin 4

Scope

In June 2013, O’Dwyer Real Estate Management were appointed Receivers over a property comprising  a trading service station occupying a c.2,000-sq.m, corner site.

Approach

O’Dwyer Real Estate Management completed the following work:

  • Obtained legal advice in relation to the property title and the status of the tenant

  • Determined the course of action and entered negotiations to formalise lease arrangements with the service station occupier.

  • Commissioned a Feasibility Study of the property and a Planning and Development Status Report.

  • Investigated all potential options for the sale of the site, including the potential of merging the site with some adjoining development sites.

Outcome

Having considered all of the potential options, the Receiver advised bringing the service station to the market in its existing use as a stand-alone investment proposition.

Following a successful marketing campaign, the Receiver completed the sale of the property in early 2016 for over €4.4m; a figure that was more than double the original market expectation.


Asset Management Mixed-Use Development, Dublin

Scope

O’Dwyer Real Estate Management was appointed by the Receiver to asset manage this mixed-use scheme of 500 apartments, a hotel, a three-level basement car park and 300,000-sq ft of commercial space.

Approach

O’Dwyer Real Estate Management mobilised a full support team of property personnel on the ground and executed the following works:

  • A multi-million euro building rectification programme

  • A full operational overhaul of the Estate Management

  • Upgrading of common areas

  • Apartment fit out programme

  • Fit-out, marketing and letting of 500 apartments completed over a six-month period.

Outcome

O’Dwyer Real Estate Management achieved the following outcomes:

  • Target rent - €6.2M achieved

  • 500 apartments fully fitted out and let in six-month time-frame contributing €5m to income.

The investment was successfully sold for over €80m by the Receiver in March 2016.