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Reporting to the Director, Investment & Residential London Estate, this role will be responsible for leading the strategic and financial performance (end to end profit and loss accountability) of the London Estate’s residential short-let portfolio. The portfolio currently comprises approximately 350 rental units held on a mixture of Assured Shorthold and Assured tenancies, together with approximately 80 ‘regulated’ tenancies. A number of the residential blocks are occupied by serviced apartment operators, which is a sector that this role will have responsibility for expanding, including reviewing the business case for more operational exposure either directly or through a joint venture with an established operator. In total, the portfolio has a capital value of £600m.
This role will be responsible for creating and delivering a short-let residential strategy with the aim of: i) improving the long term net income yield (gross to net) ii) creating a resilient portfolio that is less susceptible to market downturns ii) creating a distinctive brand that stands above the market competition and identifies the portfolio’s points of difference iii) delivering innovative occupier and service improvements (including digital and marketing enhancements and new occupier ‘welcome packs’) that drive tenant retention and mitigate voids iv) creating a deliverable sustainability strategy to meet and exceed Grosvenor’s Net Zero Carbon goals through leasing and retrofit activity and v) creating reliable and efficient data systems and analysis that better informs business decisions. The role will be required to regularly present strategic and financial updates to both the London Estate Directors and Executive Committee.
A key function of the role will be leading and developing the multi disciplined short-let residential team, embedding a culture of continuous improvement and innovation. The team has end to end P&L responsibility for the portfolio including letting, managing, maintaining and refurbishing residential units. A review of the specification of the portfolio will be required to ensure it is market-leading, with the aim of minimising void periods and securing the best possible rental growth.
The role will also lead and oversee the acquisition of target residential units in core strategic areas. This will involve writing compelling business recommendations for approval, including presenting detailed financial analysis. Regular reviews of the portfolio’s income efficiency will be required including undertaking regular hold/sell analysis for underperforming units. Development and investment appraisals will also need to be conducted to determine the viability and business case for investment and redevelopment opportunities.
This is an exciting strategic and innovative role for a key sector within the London Estate business.
Key Responsibilities
* Lead the successful creation and delivery of a short-let residential strategy and 10-year business plan with the aim of improving the long-term income yield and customer experience
* To have profit and loss responsibility for the short-let portfolio including delivering the annual budgeted net rental income targets
* Identify and execute residential acquisitions in line with business strategy
* Prepare development appraisals, underwrite approval reports and make balanced recommendations for refurbishment and investment opportunities
* Deliver an effective digital marketing and leasing platform that improves the speed of lettings and enhances the customer experience and brand
* Be a data champion and take the lead with overseeing the creation of a performance dashboard to inform quicker data-led decisions
* Be responsible for exploring other business adjacencies that will enhance and compliment the portfolio’s performance, sustainability objectives and reputation
* Take the lead with communicating any regulatory changes to the business and create strategies to mitigate any adverse effects
* Deliver the portfolio’s annual sustainability and Net Zero Carbon targets
* To guide and support members of the team with their development and to effectively delegate where appropriate
Key Requirements
Technical Skills:
* Property professional (MRICS) or other recognised business qualificationpreferred
* Experience with writing and presenting compelling business strategies
* Excellent financial and commercial awareness including ability to undertake and present detailed financial analysis against key metrics
* A strong appreciation of the residential regulatory environment including creating strategies for mitigating any adverse impacts to the portfolio
* A demonstrated ability to successfully promote, lead and execute strategy and grow income and value for a portfolio of assets
* A track record of identifying and executing innovative new business opportunities
* Experience, contacts and extensive knowledge of central London residential property market
* Experience with residential valuations and executing residential asset management initiatives
* Ability to present, effectively communicate and write compelling business recommendations to a variety of internal and external audiences
Personal attributes:
* Strong leadership and management skills including delegation, coaching, performance management and fostering a culture of continuous improvement within a team
* ‘Growth mindset’ - a positive and open-minded attitude that focuses on continual improvement and development, particularly as it relates to new business initiatives
* Formulating strategies – developing strategic plans, analysing information and drawing valid conclusions that gain wider business support
* Planning and organising – prioritising activity that creates greatest value; setting high standards and holding both internal and external teams to account
* Communication – communicating with focus, simplicity and clarity; writing with purpose
* Results – achieving goals and deadlines that deliver improved portfolio performance
* Sustainability and Innovation– develops new thinking, identifies strategic opportunities, implements and leads plans with enthusiasm
We know flexibility is important and take a hybrid approach to working
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