Propitas was appointed on behalf of Northwood Investors to carry out a pre-acquisition survey of this 25-year-old office building, which comprises circa 85,000 sq ft of office accommodation, in addition to a two-storey basement car park.
We were appointed to lead the technical team, which included specialist mechanical, electrical, lift and cladding consultants, as well as ourselves reporting on the building fabric.
We co-ordinated all consultants’ activities, reporting processes and management of answering general queries, to give the client a single survey report, and point of contact throughout the due diligence process. Where necessary, we reviewed and commented on documentation made available to us.
We issued our draft executive summary within 48 hours of the inspection, with the final report issued a week thereafter.
HOW PROPITAS ADDED VALUE
We tailored our report and advice to specifically take account of the client’s proposed hold period and asset management initiatives, including providing budget cost plans for intended refurbishment works and costs for likely dilapidations recovery from any tenants that were assumed to vacate during the hold period. All our advice was provided on a commercial basis to allow the client’s appraisal to be sensibly compiled.
Our commitment to assist the client in mitigating any specific risks relating to the acquisition meant that the final report was issued with no open-ended questions or outstanding points.