Garages asset management
Goal: Garages asset management
"Develop and implement an asset management strategy for the garage portfolios within RHA (formerly EPHA) and RHL by 2015."
In 2003, when the Rooftop Group was formed, RHA (formerly EPHA) transferred all the garage courts and garages that it owned at that time to the newly formed Rooftop Homes Ltd (RHL) together with a number of private rent, keyworker homes and care accommodation.
The majority of garages were occupied by non RHA (formerly EPHA) residents and the transfer enabled RHA (formerly EPHA) to become a charitable association, releasing significant capacity for new building due to taxation benefits for charities. However, since then RHA (formerly EPHA) has acquired more garages, mainly at Bishop’s Cleeve, as a result of stock transfers by other associations.
The group now has a total of 1,242 garages, split between RHL (912) and RHA (formerly EPHA) (330). Both associations have been exploring opportunities for residential redevelopment of under used garage courts. Where this is likely to provide more new affordable housing, the sites are developed by RHA (formerly EPHA) and several current projects are included under our goal to deliver the HCA programme.
The remainder of the garage portfolio is managed as an investment, with rents based upon market values. Demand for garages remains relatively strong but has been gradually diminishing so costs are strictly managed to limit uneconomic maintenance expenditure where the waiting list is low and to explore opportunities for other uses.
What we have done
1: Undertake a garage strategy review and report (2009-2012)
This project has developed our plans for redevelopment and future management and maintenance of the sites to clarify the long term asset management strategy for both RHA (formerly EPHA) and RHL. The project was superseded during 2012 by projects to implement the strategy.
2: Redevelopment of garage sites (2011-2014)
This project provided an overview of all future redevelopment opportunities and covered the inception stages for future schemes. Projects to redevelop individual sites for residential (including Farleigh Road) have been delivered as part of our goal to complete the HCA new build programme.
3: Implement the outcomes of garage strategy review – refurbishment, alternative usage or disposal (2012-2015)
This project completed all of the tasks identified in the strategic review to ensure that operational performance of the garage portfolios held by RHA (formerly EPHA) and RHL generates the financial outcomes expected by the Group business plan and continues to follow sound asset management principles.