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Park View Court Renovations

 
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admin
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Joined: 20 May 2006
Posts: 117


Location: Nottingham

PostPosted: Sun Jul 06, 2014 8:18 pm    Post subject: Park View Court Renovations  Reply with quote

The leaseholders need to collectively decide how Park View Court should be renovated. Firstly we need to establish a priorities list this could potentially include:

Building re-pointing
New roof
New car park
Glazed in openings
Roof garden

Options:
Spread out in stages
Single hit upgrade

Either will cost reasonable . 10k + per apartment.

A consensus needs to be reached. All opinions are valid.

The renovations conversation will take place on the forums.
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smiley1



Joined: 12 Jul 2014
Posts: 2



PostPosted: Sat Jul 12, 2014 8:36 pm    Post subject: Park View Court Renovations Reply with quote

Hi

I'm not a leaseholder although I used to live in this block and am giving giving some serious consideration to buying one of the 2 bed flats here. So I'm sure I can offer an opinion about these proposed works  Twisted Evil

I personally think it's a good idea in principle and would probably pay an amount (but not 10k) for these kinds of improvements if I could see the value of the flats in the block increase by at least a comparable amount (I don't), I think the main problem you will face is that these are relatively very cheap flats in a block that has suffered quite a lot of neglect for many years and is now at the point where a massive investment would be needed in order to turn the condition around to an acceptable level where the return (ie increased property value) would outweigh the cost involved. A lot of the flats are also small and quite poorly laid out. ( but then so are a lot of city centre flats, at least these don't have paper thin walls)

This kind of money would possibly be out of the range of  a lot of the people living / renting out a flat in this block especially bearing in mind it would around 25% of the typical current value of a flat (current selling prices less than 40k according to land reg?), would owners really want / be able to do this or would they just want to walk away instead? Has anyone conducted a quick survey of some sample flats? I think if the typical flat value was closer to 120k this kind of cost might be justified but at 40k is really hard to see much take up.

I remember viewing one of these flats back in around 2002 and even then being told there was "a plan to renovate the communal areas of the building / replace windows, and it might cost 3 - 5k", clearly this didn't happen, we are 12 years on and it seems like similar conversations are taking place again.

Things like lifts are unjustifiable costs bearing in mind the layout of the building, I believe 4 flats per floor? A lack of lift is only a real inconvenience if you are on floor 3 / 4. Of course everybody wants the lift! But nobody wants to pay for it. I would suggest actually demolishing out the extensions that house the lifts, that would increase light to some of the flats and I think improve the layout of the building overall.

My suggestion is don't ask for figures like 10k, nobody in a sub 40k flat will pay that, maybe instead make a suggestion like 2k per flat one off payment for stage 1 of the works, and in return we will reduce the service charge going forward from 100 per month to 50 per month (I never understood why the service charge was so expensive?) . For the 2k we will build gated entrance, new entry system and solid front doors, tidy up the front shared garden area, maybe landscape a bit, few seats, will paint all the communal areas and windows and make repairs to the windows / gutters where necessary. How many flats are there? 100? 200k seems realistic for all that? This schedule of changes would be relatively quick to do and have an immediate visual impact (if those changes happen the building would look *much* smarter). If residents can see that something positive has actually happened, rather than years of neglect, they would be more likely to contribute more money to fixing more significant problems in the building eg new roof, stage 2 of the works, but then that's another story.

Well, just my tuppence.
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haroon



Joined: 27 Mar 2014
Posts: 2



PostPosted: Fri Aug 01, 2014 12:03 pm    Post subject: Reply with quote

I own one of the buildings in park view court which i rent out. As Smiley has pointed out a 10k spend on a roughly 40k property is just not reasonable. 5% or 10% of the property value i could potentially justify so the 2k to 4k mark.

Any money spent on renovations would have to have a greater effect upon the value of the properties. A 4k spend on renovations per flat would have to lead to an increase of 6k on the value of the flat for me to consider the investment. As a number of properties at Park View Court are held as investments, the value proposition has to be clear.
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haroon



Joined: 27 Mar 2014
Posts: 2



PostPosted: Fri Aug 01, 2014 12:07 pm    Post subject: Reply with quote

It will have to be done in stages. I would suggest around 5% of the property value every 2 years. The building has stood for a 100 years, small regular improvements will keep it going for another 100.

The doors and entry system is something i think should be done in the first stage as it a very visable sign of improvement.
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Phil



Joined: 14 Jun 2006
Posts: 187


Location: nottingham

PostPosted: Sun Feb 07, 2016 9:33 am    Post subject: Reply with quote

UPDATE FEB 2016


the residents meeting yesterday picked up on renovations planned for 2017-on


we are in the process of looking what needs doing and costings.

at this moment in time no figure are availible.

If you're not on the lease owners email mailing list. please get in touch so i can add you to the list.

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Phil

I'm one of THREE directors of the Park View Court RTM Company LTD, who have appointed Marriotts as the new Managing Agents for PVC.
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Rebs



Joined: 01 Mar 2016
Posts: 1



PostPosted: Wed Apr 06, 2016 6:32 pm    Post subject: Heating Reply with quote

Does anyone know if there is a reason why a gas supply couldn't be or hasn't ever been connected to the building?. Surrounding houses and apartment blocks surely must have gas central heating so I should imagine there is a supply line in the street.Just wondering
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Phil



Joined: 14 Jun 2006
Posts: 187


Location: nottingham

PostPosted: Wed Apr 06, 2016 9:20 pm    Post subject: Reply with quote

It's one less thing we have to worry about TBH.


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Phil

I'm one of THREE directors of the Park View Court RTM Company LTD, who have appointed Marriotts as the new Managing Agents for PVC.
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