Instruction Synopsis

Propitas have been instructed by Bizspace Limited to lead the technical due diligence team on numerous freehold office acquisitions since 2016. Bizspace are implementing ambitious expansion plans for their serviced office offering and we have been pleased to support them throughout this journey.

The freehold acquisitions have ranged from circa 15,000ft2 to 100,000ft2 plus office blocks, of wilding varying building construction and age, in very diverse locations across the country.

Some of the properties are already partially occupied and trading as serviced offices, whereas others are semi-derelict and in need of major refurbishment or conversion.

Our due diligence team and associated reporting approach has varied according to the property type and proposed project scope of work associated with each property. In some cases, our inspections have been limited to key structural assessment, deleterious materials and environmental assessments, whereas full M&E inspections and more comprehensive building fabric surveys have been required.

Each instruction has generally included a review of technical information provided in an online data room and advising on any historic maintenance regimes, current defects and future capital expenditure requirements.

HOW PROPITAS ADDED VALUE

Following the instruction of each asset, Propitas assembles a suitable technical due diligence team including services consultants, concrete specialists and environmental consultants, agreeing the scope of their services, fees and reporting timescales.

We manage the process of each survey inspections and the collation of reports within the prescribed timescales of each acquisition.

Our advice and costings are tailored to the client’s aspirations of short-term refurbishment or conversion to their use as serviced offices.

KEY INFORMATION

• Inspection and technical due diligence for numerous office acquisitions
• Between 20,000 & 100,000ft2 for each property, nationwide