Are tenants paying for costs their lease says you carry? (EN)

3:45 · English · Asset Management

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About this video

Ellie checks every outgoing against every lease before the year-end statement goes out, and a balancing charge becomes a refund.

Full description

An asset manager at Wattlebrook Partners must send the Wattlebrook Tower (Sydney) outgoings statement by 30 September. Working through the pack with Ellie in one thread, the draft turns out to bill tenants for a A$1,184,000 lift-modernisation progress claim (a capital cost the leases exclude) and the A$486,000 asset management fee (excluded by name). Corrected, outgoings come in 1.6% under the estimate, and the A$836,000 balancing charge becomes a A$661,983 refund across the 37 contributing tenancies.

Key points

  • Every outgoing line tested against the lease clause that governs it
  • Capital works and manager fees caught in the recoverable pool
  • Charge becomes refund, tenant by tenant, with clause citations
Video details
Roles
Asset Manager, Owner
Processes
Asset Management, Lease Abstraction
Geographies
APAC
Markets
Australia
Tags
author-demo-2, outgoings, service charge, Australia