Instruction Building surveys - portfolio surveys
Property Car dealership portfolio
When five prestige car dealerships were put on the market as part of a sale and leaseback arrangement, our clients were quick to spot an opportunity to acquire some interesting sites, with strong covenants providing a long-
term secure income, as well as future development potential.
Malcolm Hollis was instructed to lead the due diligence survey process for the acquisition of the sites throughout the country – from Basingstoke to Edinburgh, all easily accessible from our network of offices throughout the UK.
We appointed mechanical and electrical engineers on a sub-consultancy basis, taking full ‘one-stop-shop’ responsibility for the surveys. Buildings ranged from developments still under construction to older traditional properties.
In each case we were required not just to inspect the buildings and report on any significant issues or concerns relating to the building fabric, but also to review the tenant’s proposed lease documentation and report on issues including
repairing liability, reinstatement and limitation of liability through schedules of condition.
We also carried out full construction document reviews for the new-build sites, reporting on matters including compliance with statutory consents, warranty packages, defects liability and maintenance documentation.
The instruction was concluded after the sites had been successfully purchased by signing off the completed new-build development work.
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