Waterstones 2019, Nationwide

Instruction Synopsis

Propitas was appointed to inspect and provide condition reports on Waterstones’ entire property portfolio across the UK, Republic of Ireland and mainland Europe. These properties ranged from modern high street stores, to prominent Grade I listed buildings.

Following our appointment, we conducted a comprehensive review of all lease documentation for all of their 294 stores in order to identify a definitive list of properties with full repairing obligations or containing a higher level of risk to be surveyed. The final 143 were then inspected, with bespoke reports prepared and issued within the pre-agreed timeframe.

HOW PROPITAS ADDED VALUE

In close consultation with the client, the report was tailored to be used as a key strategic tool for the business to assist in planning and optimising their future capital expenditure, as well as balancing their ongoing maintenance obligations.  All reports were collated into a master matrix to ensure Waterstones have a single ‘go to’ reference point.

We had a single point of contact to deal with the distribution of flow of information to completion, with surveys carried out by our experienced survey team of Board level Directors and Associates to ensure the quality of advice given. This gave the client comfort that each report reflected their specific tailored requirements.

KEY INFORMATION

• The data collated provided an assessment of condition of the main building elements and future maintenance expenditure for the next 5 years.

• The reports also reported on key elements of internal fit out, high risk design elements and dilapidations liability.

• Health & Safety issues were reported back to the client immediately.

• A shared database was created specifically so that all documents could be instantly accessed by the client.

• The overall findings were presented to Waterstones Estates team to ensure there were no outstanding questions.

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