Ringley parts ways with South Kensington Estate

Ringley Group, the asset manager and operational partner for the Wellcome Trust’s South Kensington Estate, has parted ways with the estate. The group was appointed to run the estate, which is one of London’s oldest residential portfolios, dating to the 17th century, in October last year. The South Kensington Estate comprises 2,800 homes, although Ringley was not managing all of them owing to different ownership structures. Ringley said it had parted ways with Wellcome based on the “convenience clause” in the agreement, as a result of misalignment of operational models.  The group said it “saved hundreds of thousands of pounds, cleaned up balance sheets, created a plant asset register, closed 2,318 actions… kick-started more major works than in prior years, and much more”, during its 12 months managing the estate. Wellcome is now in talks to appoint Cluttons as manager. Mary-Anne Bowring, group managing director at Ringley Group, said: “We have really enjoyed working with the Wellcome Trust on the prestigious South Kensington Estate. We have built many great relationships in the estate, so naturally we are disappointed.   “In the meantime, Ringley is onboarding the Greenwich Millennium Village development. Starting next week, and secured after a competitive tender, Ringley Group has… the contract to manage operations, the public realm and staffing. Greenwich Millennium Village, which comprises more than 1,200 homes, fronts the River Thames at Greenwich Peninsula.”