Property consultancy, GL Hearn, has been awarded a Lord Mayor’s 2014 Dragon Award in the ‘Strengthening the Third Sector’ category for their pro bono work with Providence Row.
Find out more about the winning project by watching the video below.
By providing pro bono property advice, GL Hearn enabled Providence Row to progress towards greater financial sustainability. Through supporting the completion of two property transactions, the sale of one asset and the acquisition of another, better suited property for a similar purchase price, GL Hearn helped to secure a new stream of income for Providence Row. The new property is expected to generate a regular gross income of around £250,000 a year, once fully occupied. The property also has significant development potential which could generate significant capital for the charity in the medium to longer term, whilst allowing it to retain its current revenue stream. This vital source of income will contribute to the growth of the charity in the future and further enhance the much-needed services it provides to the community.
Founded in 1987, the Dragon Awards are designed to recognise companies and public bodies throughout Greater London that have gone above and beyond their core work to significantly impact the regeneration of their local communities.