Instruction Synopsis

We were appointed by Netflix to establish the state of repair of the property and prepare an estimate for the potential dilapidations liability for budgetary purposes prior to Netflix taking a new lease on the studios and thereby inheriting any dilapidations liability of the unit. The industrial warehouse was constructed in circa 1984 and consists of approximately 150,000 square feet.

After a site inspection and liaison with the current tenant and property agents acting for both parties, we prepared and issued a dilapidations assessment summary report indicating the liability that may be inherited following vacant possession by the current tenant.

Following agreement of the liability Netflix decided to go ahead with the new lease agreeing terms with the managing agents.

HOW PROPITAS ADDED VALUE

We liaised closely with our client at an early stage, in order to understand what their key objectives for the property were, post current lease expiry.

We then inspected the units and discussed with the agents and current tenants the dilapidations liability and how the units may be left following the expiry of the current lease.

Our close liaison and open approach to the dilapidations meant we agreed the works and submitted approximate costings to our client in order for them to ascertain the value of work required against the new lease options. Our client was happy with the result and have decided to commence negotiations for a new lease.

KEY INFORMATION

• Preparation of a dilapidations assessment summary report.

• Close liaison with agents and the current tenant to ascertain real life possible cost estimations.

• Focus on the bigger picture to ensure a quick turnaround for our client in order to progress lease negotiations.

• Availability to discuss the project working around international time differences.