I'd be interested to hear feedback from other investors at Nad Luckami. Have any of you managed to find a tenant yet? From my initial optimism at the proposed rent the agent said would be achievable it's back to the all familiar struggle to find tenants.
Huw

Are there no other Nad Luckami investors out there?
Huw

9 apartments owned by PS investors are rented at Nad Luckami. Rents for 1 bed and 2 beds apartments are between 17,000 and 20,000 SKK monthly.

Stanislaw Staromlynski
stan@i-propertyassets.com

Stanislav I believe you're talking about phase 1 which completed over a year ago. Phase 2, which completed about 6 months ago still has very few if any PS apartments let as far as I'm aware. I'd appreciate your comments on this. It's been suggested that there is a surplus of supply in Bratislava at the moment.
Huw

Huw,

Handover took place for phase 2 at the tail end of last year. Kitchen installations then followed enabling units to be rented only very recently. The first few units belonging to those clients that have been very efficient with payments have been placed on the market and offers have started to come in.

Please e-mail me the letting agent that you are reffering to as I see that you have not taken the i-PA service and we have a few agents that we are working with in Bratislava that may be able to offer greater exposure.

It is true that the rental supply is high at the moment but I like Nad Luckami very much and believe that priced correctly these units will rent as quickly as Nad Luckami phase 1.

regards

Oliver Watts

Hi Huw,

Sorry for the late response. I too have an apartment in Nad phase 2. I was holding my tongue as I had an interested tenant, but that fell through yesterday. I am using PLS. I know of another person who purchased through PS but is not taking their after sale service and they have managed to get one of theirs let.

Early indications are the rent is pretty much what the early estimates were: 14K 1Bed, 18K 2 bed.

Regards
Chris

Hi Chris

Thanks for the feedback. I've had a couple of sniffs but no take up yet.
Huw

Hi Oliver,

on your note about the PS completion service the whole turn around to furnish takes far too long. Charlotte and Keith are very helpful but you need to start putting more pressure on your partners to turn the whole process around a lot quicker as at the end of the day it costs the investor money for everyday we are waiting for the property to be in a condition that its ready to rent. I believe its taken (still not sure if its definitely furnished yet) about 6 months to install my kitchen and furniture. Admitedly some of the delay was my own fault becuase the initial kitchen and furntiture I was offered was completely unacceptable to me so there was some going back and forth on this subject but even so if done efficiently I cant see why this is not done in a month. Two months at most. This drastically needs to improve in order that I have the confidence to use the service in the future.

thanks
Alex

Hi all, has anyone actually rented out an apartment in phase 2 yet?

From my own experience the service here has been shocking. 6 month just to put the kitchen and furniture in and it turns out that they have not even done this right! I am not sure if the problem sits with I-Assets or their partner but however even if its is REM that are the problem then its I-asset's responsibilty to ensure they improve their service.

Nad Luckami was supposed to be one of the easier developments to rent so I hate to see how other developments are doing. This does not give me much confidence in using this service again the future.

Hi Alex

I have let my 2 units and I know of someone else that has done so as well. I did drop the rental amount they said I could get a little but the amount is still much higher than I was anticipating at the outset. I'm sorry to hear about your predicament but your comments give me comfort that my decsion to do this independently was the right one.

All I can say re the partner in Bratislava is have dealt with them independently for a couple of years (and on Nad Luckami) and they have been absolutely excellent in all aspects. You can draw your own conclusions from that.

I do know that Rednet have been an absolute disaster in Poland and I have withdrawn from them in order to let some apartments. They have overpaid maintenance charges on other apartments and can I get them to pay me back? No! They say they are waiting for a refund and the maintenance company say all they need is a fax from them. My view is it's not my problem but neither they nor iPropertyAssets seem to be willing to respond. There are still some holes in this service.
Huw