On behalf of Resolution Real Estate Advisers, Propitas was appointed as Project Manager to deliver the provision of a circa 20,000 sq ft shell retail unit, under the terms of an Agreement for Lease with H&M. We led a team of services, structural and fire engineers, as well as the architect and planning consultant, from the agreement of a brief through to handover of the completed unit to H&M.
We were involved in the drafting the technical elements of the Heads of Terms and ensuring the project was delivered in accordance with a set of very onerous and specific tenant requirements that formed part of the Agreement for Lease.
The works included a three storey extension to the front of a fully operational shopping centre, and in close proximity to a cinema and the main road, as well as the amalgamation of two former retail units within the pre-existing footprint, which also involved reconfiguration of the fire escape provisions.
The project value was circa £1.75 million, and was handed over to the tenant on time and in accordance with the terms of the Agreement for Lease.
How Propitas Added Value
Being involved at an early stage (when the lease deal was being conceived) meant that we had a full appreciation of the requirements of the project team to ensure the conditions of the Agreement for Lease were met. We liaised closely with the legal and client teams during the whole process to ensure the agreed milestones that required service of notices, were adhered to, thus fully protecting our client’s position.
We held regular site meetings with H&M’s representatives to ensure that they were fully appraised as to the progress of the works and any changes that might have been required to the landlord’s specification, ensuring their expectations at handover were managed.