We were seeing a problem with the electricity bills for a lot of our owners.
We have had a long chat with Trafalgar to find out what is the problem with the electrical accounting.
The Colosseum was converted from a high-end commercial building into residential, much of the mechanical and electrical services have been carried over into the new building.
The buildings electricity charge needs to cover the (1) consumption of the unit, (2) there is a portion boiler and (3) for the airflow (ventilation)
This meant that each unit will have a charge:
• Metered consumption for your unit;
• A portion of the boiler charge & the airflow consumption servicing the units’ floor;
The dilemma is that even if the unit is vacant these charges will be raised on the invoice.
The one advantage is that there is a possibility that we can attempt to pass these charges onto the tenant.
It just seems to be one thing after the next with this building, this development has really upset a lot of landlords and we hope that it does not leave a sour taste in their bank accounts for too long. Once the building is full we will start to see a positive increase in the rents.
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