GL Hearn wins Lord Mayor's Dragon Award

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14 October 2014

Property consultancy GL Hearn has won a Lord Mayor’s 2014 Dragon Award for its pro bono work with London charity Providence Row.

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 won the award 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.

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.

Jonathan Rhodes, Head of Valuation at GL Hearn, says:

“We are honoured to receive the Dragon award for our work with Providence Row. Working together has been a great experience and we really admire the effort and passion they put in to helping vulnerable people. We hope that our support will go some way to enabling the charity to grow and continue the fantastic work they have been doing to help the community.”

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