Rainbow Capital Property Ltd - Sale of 2 and 3 Greenland Quay to CJ Carpenter Property Ltd
We have news that is far-reaching for both of us.
As of today, our company Rainbow Capital Property Ltd sold our two remaining houses on Greenland Quay along with their tenancies to CJ Carpenter Property Ltd - another local landlord.
Ownership of the house and your tenancy has now passed CJCP. However, for the time being at least, management stays with us and therefore from your perspective not much should change with your rental experience.
In the next couple of weeks, CJCP will decide whether they want to retain us as managers and you as tenants, and if the latter, on what proposed rents.
What’s behind our decision?
As it has for many folk the Pandemic prompted us to take stock of our business and weigh the economic rewards of property rental against the risks we were taking and the burden it was placing on us as human beings. The noose of government and council regulation gets tighter each year, costs are rising and the taxation of landlords is now punitive. We intended to be landlords forever and assembled our portfolio of properties and provided service to our tenants with great pride. But things change. And so must we.
And on a personal level, I am 52 and no longer a young man. I have been a landlord for 25 years. It has been a full-time job requiring almost 24 x 7 vigilance. I simply need a break and to do something that offers greater personal freedom.
WHAT’S NEXT FOR YOU?
I think you have all paid your rent for April (thank you!) and we will simply remit this to Robert.
We also hold your deposits together with their protection certificates and these will be remitted to Robert also. Therefore it will him who returns them when you finally vacate, hopefully not for a while.
There will be no interruption of service and we have worked to ensure continuity of things like the broadband which we know are important. You should pay your rent for May onwards to Robert and he will supply his bank details in due course. In the summer, I presume you can discuss with Robert whether you would like to renew your tenancies on terms you can agree between you.
We have offered Robert our services to maintain the house in the same way we always have but it will be for him to decide whether he wants us or not. We will transfer the management of the Whats App communications group to Laura. And I’m sure they will provide a phone number for you in the case of emergencies or needing to speak. For the next few days, you may see us anyway as we need to complete the new bike shed.
And Tom from our team is working with Robert to provide him with everything he needs to know to manage the house. We want everything to go well for Robert and Laura and give them every chance to continue to give you an amazing rental experience.
WHAT’S NEXT FOR US?
We feel both joy at the prospect of a new life and sorrow to leave behind a business into which we have poured every fibre of our being over the past 25 years. Our core business - buying and developing properties and finding top tenants to call them home - was still immensely enjoyable. It is these aspects we will miss. We will now build two new businesses which will focus on financial investment and property development respectively.
As we leave the property rental business we wish you all the best of success in the future. Thank you for being the best tenants a landlord could wish for and for allowing us to accommodate you. It has been our privilege.
Best wishes,