Ulster Bank / RBS

Property Management Case Study

Property Management
Ulster Bank / RBS

Client Background

Ulster Bank is a wholly owned subsidiary of RBS and is the third largest bank in Ireland with an occupational portfolio 285 ranging from 10,000 sq.m Dublin office blocks to 30 sq.m provincial sub-offices throughout the Republic of Ireland and Northern Ireland.

Occupier Services provided

  • On behalf of RBS GVA DOB & GVA jointly manage the Ulster Bank occupational portfolio comprising 140,000 sq.m and a rent roll of €24 million.
  • GVA DOB (Dublin and Belfast offices) providing lease administration services and GVA provide treasury management via Birmingham.
  • Lease administration services include day-to-day management, diary events, lease renewals & restructuring, rent reviews, lease and service charge audit and all landlord and tenant issues.
  • Dilapidations in conjunction with GVA Building Consultancy.
  • Strategic advice on acquisitions and disposals, asset initiatives and portfolio valuations.
  • Disposal programme – GVA provide due diligence and buildings consultancy advises (dilapidations) regarding the 2013 programme which entails exiting / disposal of approx. 22 branches.

Performance Highlights

  • GVA Team inc. GVA DOB win CoreNet Property Services Award 2012
  • Overhead savings initiative – in 2012 GVA have via lease re-structuring, lease renewals facilitated annual savings of over €120,000 pa.  
  • Group property portfolio valuation 2012
  • GVA DOB have built a strong reputation with RBS asset management to develop a rapidly expanding insolvency business with RBS Global Recovery Group involving disposal of distressed assets in excess of €10 million in Q3 / Q4 2012 and appointment as Fixed Charge Receivers over distressed assets. GVA DOB and GVA have just been appointed ahead of 28 other applicants for inclusion on a panel of three advisors to provide F.C.R. services on behalf of Ulster Bank to Irish and UK properties.