Martello was brought in to provide property management services on behalf of an estate for a ten-acre agricultural zoned land in Richmond, BC. The equestrian facility that had been located on the land for over 25 years was dilapidated and providing minimal rent to the owners, barely enough to cover the operating costs being incurred. To turn this property around, Martello had to utilize its extensive experience with residential tenancy laws and creative marketing and construction capabilities.
First, the existing tenant had to be removed from the property so that a more productive use could be found. After an arduous 2 years of legal disputes and negotiations, the equestrian operator vacated the property.
Once the property was back under the estate's control, they were faced with the costs of making major repairs to the dilapidated structures. To compound the risk, the property was a part of the Agricultural Land Reserve which severely restricting the potential tenant pool.
To effective managing these risks, Martello began marketing the property both online and through our network of business owners who were permitted to do business on the land in accordance with legislation. Construction was undertaken in tandem with the marketing process, and the buildings were successfully restored to a usable condition below budget.
Martello was able to find an appropriate tenant and negotiate the terms of their occupancy. One week after construction completed the new tenant moved the business and the estate is now bringing in positive cash flow and no longer plagued by the operational expenses of their property.