We were appointed by Northwood Investors International to prepare a terminal schedule of dilapidations claim on this circa 45,000 sq ft office building that had been occupied by BMW Finance since the 1990’s. Leading a team that included mechanical and electrical engineers, we prepared a full schedule of dilapidations to take account of all lease liabilities, with an initial claim value of circa £1.1 million for the cost of works alone.
Following service of the schedule we engaged in negotiations with the tenant’s surveyor in order to agree a mutually acceptable settlement.
How Propitas Added Value
We liaised very closely with our client at an early stage, in order to understand what their key objectives for the property were, post lease expiry. As a result of the tenant vacating the building some four months before the lease expired, and in spite of the property being left in very good order, we were able to secure an early surrender of the lease as well as a commercial settlement for dilapidations in the sum of £850,000. This allowed our client to take early possession of the property to commence the refurbishment works (managed by us) and minimise their cost exposure.
Our highly commercial yet fair approach meant we did not get hung up on the minor detail, but focused on the bigger picture, meaning negotiations only took a matter of a few weeks and the benefit of the surrender could be maximised.