GL Hearn shortlisted for Lord Mayor's Dragon Award

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23 September 2014

Property consultancy, GL Hearn, has been shortlisted as a finalist for the Lord Mayor’s 2014 Dragon Awards for its pro bono work with a London charity.

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.

GL Hearn has been shortlisted in the ‘Strengthening the Third Sector’ category owing to its work with homelessness charity, Providence Row. Providence Row works with more than a thousand homeless and vulnerable people in East London each year, offering them crisis support, advice, help with their journey to recovery and access to learning programmes. The charity works in partnership with the local authority, the NHS and other voluntary agencies to help give those in need the right support and opportunities that will enable them to live a safer and healthier life off the streets.

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. The winners will be announced at the 27th Lord Mayor’s Dragon Awards ceremony which takes place at Mansion House on 1st October.

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