Propitas was appointed to carry out a pre-acquisition building survey of these two light industrial units, which offer a combined net internal area of circa 67,000 sq ft.
The two units are each let under full repairing and insuring leases and have subsequently been sub-let, with differing repairing obligations between parties. We carried out full technical due diligence of this site on behalf of the purchaser, which included a comprehensive lease and technical documentation review, to put our report into the context of what potential future risks the site poses to our acquiring client.
Upon completion, we provided the client with a single co-ordinated survey report, complete with budget costs for potential future liabilities they faced that fall outside of the occupiers’ lease obligations.
HOW PROPITAS ADDED VALUE
In accordance with the client’s brief, we inspected the premises and provided our executive summary report within three working days thereafter. The full report was issued once all technical documentation had been made available for review, to ensure as many open ended comments could be closed out as possible.
The varying terms of the occupational leases meant that our advice had to be tailored to be clear as to which party would likely be responsible for the future repair of the properties, meaning specific dilapidations considerations formed part of our reporting.
• The summary report was provided within three working days.
• Tailored advice to take account of the complex letting arrangements and sub-lettings.
• Comprehensive review of all technical information to ensure the final report was as conclusive as reasonably possible.