Propitas was appointed to carry out a pre-acquisition building survey of this Grade II Listed property located in the heart of Cambridge, on behalf of an investor. This highly ornate, Jacobean building occupies a prominent dual frontage position, and has been occupied by Lloyds Bank for over 100 years.
We carried out full technical due diligence of the 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, inclusive of budget costs for potential future liabilities that might need attending to.
HOW PROPITAS ADDED VALUE
As is typically the case, we provided our detailed executive summary report within three working days of the site inspection. We had to provide reasoned advice to our client as to the likely extent of any dilapidations claim against the tenant, bearing in mind their long standing occupation of the premises, and how this might affect future capital expenditure liabilities.
In addition, the property affords a vast complex of roof configurations and forms of construction. With the tight site location hindering the use of an access platform, we engaged the services of a drone operator to provide us with comprehensive information of the vast array of detailing, in order to advise our client as to any key risks around the current condition of the roofing components.
• The summary report was provided within three working days.
• Tailored advice to take account of the extensive historic period of occupation, and the impact this would have on any dilapidations claim.
• Direct engagement of a drone operator to support our advice and mitigate risks around what would have been inaccessible areas of roofs.