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Principle Wins Former London Silk Warehouse Contract

Principle Estate Management has announced that they have won a contract to manage 14 high-value apartments opposite London’s Liverpool Street Station.

Located at 16 New Street, the building was formerly named the Old Bengal Warehouse and was previously a warehouse for exotic silks and textiles in the 18th century. Today, the building is known as the Tapestry Building and is now a mixed-use premises with 14 apartments sitting on top of a restaurant and wine bar below.

Brett Williams, managing director of Principle, said: “This is a special building which has a complicated management structure and we were appointed because of our experience in high value, mixed tenure and mixed-use buildings.

“I met with a residents’ working group prior to appointment, and we are already dealing with a number of inherited issues which require resolution via detailed liaison between residents, the freeholder and their agent.

“Taking over historical buildings is becoming a bit of a theme for us, as they need special attention and an individual approach.

“I became a surveyor because I loved buildings from an early age, and while most of my work is actually dealing with people rather than buildings, there are some that make you feel proud to be associated with and The Tapestry Building is certainly one of them.”

The high-profile contract comes from long-term management partner Simarc Property Management Ltd, who have previously appointed Principle to manage hundreds of flats in London, the West Midlands and the south of England.

Simarc are the expanding management firm of the Wallace Group, who now own 106,000 leasehold properties.

Commenting on the residents’ disappointment with the previous management, as well as why Simarc decided to contract Principle; Natalie Chambers, Director at Simarc, said: We wanted an independent agent with flexibility and wide a ranging skillset to look after buildings like this for us and our leaseholders.

“Due to the circumstances, this one is moving at very short notice, and we know that Principle will be able to get mobilised quickly, making contact with all relevant parties.

“We know from our existing relationship with Principle that they take their role seriously and will get quality resolution[s] to issues quickly and efficiently.”

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