Name of Company:GL Hearn
Programme Name:Providence Row Property Development Strategy
GL Hearn has helped Providence Row become financially sustainable by providing pro bono expertise on unlocking value in their property portfolio.
The target was to create a sustainable income model through better use of the charity’s buildings. GL Hearn assessed the charity’s property assets, giving pro bono advice to understand the business case for selling a building, ensuring Charity Commission compliance, and how to put the property plan into action.
GL Hearn staff also provided guidance for managing existing buildings, advice on maintenance, managing tenancies and updating property valuations. A senior member of staff has now become a trustee of the charity.
Changes made thanks to GL Hearn’s support have created significant and sustainable regular net income of up to £150,000 each year and a development site with a potential value of £5million. As a result of the professional services donated to Providence Row, a major client is now interested in retaining GL Hearn’s services on a separate project.