Propitas were appointed by Resolution Property to assist in due diligence on the acquisition of The Pithay, Bristol.
The property comprises approximately 180,000 sq ft NIA of predominantly office use with ancillary commercial uses to the lower floors.
The asset was being acquired from an owner who had secured PDR planning consent for conversion of the property to residential use.
The business plan for Resolution however, was to retain the existing office/commercial mixed use and to refurbish the property into TMT style creative office space, including two additional roof level floors of residential use.
As part of the due diligence exercise we reviewed a huge amount of historic technical reports on the site including building surveys, structural investigations, mechanical, electrical, lifts, asbestos, planning consents etc. and to advise on the relevance and assignment of the respective reports.
We also provided an overview building survey report as a single point of reference to enable the client to clear the surveys and proceed to purchase.
HOW PROPITAS ADDED VALUE
We assisted the client in two core areas.
Firstly picking our way through a data room of historic reports and information, we pulled out the key factors of concern or limitations for the proposed refurbishment scheme at an early stage.
Secondly we prepared a detailed pre-purchase budget cost estimate for the proposed refurbishment works, allowing the client to fully develop their business plan for the asset.
Following acquisition of the property, Propitas were retained as Project Manager for the refurbishment scheme.