Blackpool Retail Park
Managing a comprehensive Service Charge budget structure
Blackpool Retail Park consists of a Retail Park, Multistorey car park, a cinema and 4 office buildings. The service charge provides for a comprehensive range of services across different needs of the end user. This means that Blackpool Retail Park has 12no schedules, comprising of different service charges ; Estate Service Charge, Office Service Charges, Building Sinking Fund provision and Internal Sinking fund provisions.
At Bannon we set up service charge budgets, bank accounts, sinking funds schedules and ensure systems can administer invoices, payments, and management of expenditure in a seamless manner and allow for flexibility. In order to maintain efficiencies, our systems allow for invoices to be split across different schedules and costs centres. This makes the management of Blackpool Retail Park very straightforward.
Bannon has invested significantly in systems that provide for efficient management and administration of lease details, rent and service charges, insurance and collecting data. Having systems capable of administering complex service charges budgets is crucial for effective property management and financial transparency. This allows for streamlining the allocation of expenses associated with shared services and amenities in multi-unit properties. The benefits of this are:
- Budget optimisation -Allows for planning and allocation of funds efficiently. Budget vs actual reports are accurate.
- Flexibility – Allows for tailoring of the needs of the service charge.
- Compliance – Provides for compliance with segregated bank accounts for sinking funds.
- Accuracy and transparency, reducing conflicts – Clear and accurate information can reduce disputes with occupiers.
- Reducing Administration – reduces the workload on administering invoices, payments etc and property managers can focus on more strategic work.
- Improved communication to occupiers – the systems allow for a clear breakdown of information.
- Occupiers and client satisfaction – when occupiers and clients have a clear and accurate account of how their service charge is calculated and spent, they are more likely to be satisfied.
Bannon’s systems allow for the administration of complex service charge budgets, which play a vital role in developing a well-functioning and harmonious scheme for both client and occupiers. It provides the tools for eff