VPS, The Vacant Property Specialists who maintain vacant and void property are among speakers at a gathering of receivership and insolvency people.
This year’s Association of Property and Fixed Charge Receivers Conference, NARA, will focus on the difficult economic conditions in business. According to estimates, between 7 to 9pc of commercial property is currently vacant in the UK, and with 5,593 businesses failing in the first quarter of 2012, the rate of vacancy is likely to remain high. This with the high rates of non-domestic burglary and vandalism in England and Wales indicates a risk to vacant property assets.
Nick Tubbs, UK Managing Director of VPS, said: “We believe this year’s NARA Conference will provide real insights into the issues affecting the sector. As vacant property experts who work with receivers and insolvency practitioners, we understand that securing a property and maintaining its value is the best thing that property owners and managers can do whilst we wait for the economy to recover. There are a number of discreet and cost efficient solutions available to property owners to help them secure their assets. In the past we have found that taking immediate action as soon as a property becomes empty is the most effective way of protecting property.”
The NARA conference is in London on May 24, 2012. For more information about this event, visit: http://www.nara.org.uk/.
The firm advises receivership and insolvency people to take these steps to ensure assets are well protected:
· Taking immediate action is the most effective way to protect a property and mitigate the risks associated with vacant properties by ensuring that any assets inside a property are secured. You are required by law to inform your insurer immediately when a property becomes vacant. They may have specific requirements to ensure your building is properly covered.
· Undertake a comprehensive risk assessment using a specialist company to assess potential risks, such as fire hazards and public liability exposure as well as the exposure to damage from squatters / criminals.
· Isolate and shut down the power and gas supplies and drain down your water systems properly to avoid flooding. Clear the property making sure to remove any combustible material. Install a letter box seal to prevent arsonists or squatters setting fire to the property. A build up of mail is also a vital clue that a property is empty.
· Ensure the perimeter of the property is secure and where required fit steel security fittings to windows and doors. Instigate a minimum weekly inspection of the property both internally and externally – as required by most insurance providers.
· Secure the property with a permanent security officer and / or electronic security such as the VPS SmartAlarm Gold, which can be swiftly deployed to provide instant visual monitoring and protection. Sensors provide immediate detection and report on a range of incidents including intruders, flooding and fire. Verifeye Visual camera sensors are motion activated and take full colour video clips, which are relayed to VPS’ 24/7 national monitoring station. This real time footage helps validate any alarm activations, and can act as evidence when applying for an Interim Possession Order – a fast track eviction process.
