Instruction Synopsis

Propitas were instructed by Altitude Real Estate to lead a technical due diligence team in pre-acquisition advice for this investment acquisition.

The property comprises a mixed-use development constructed in the mid 1960’s extending to a site area of 1.2 acres.

The property is formed of two retail parades and an office tower totalling circa 65,000 sq ft including 75 car parking spaces at podium level above the retail.

Whilst the retail element was fully let, the offices were vacant and subject to previous owners proposals for residential conversion. Our client’s intentions were for more substantial refurbishment and potential redevelopment opportunities for the site.

The instruction included a review of technical information provided in a legal data room and advising on historic maintenance regimes, current defects and future capital expenditure requirements.

HOW PROPITAS ADDED VALUE

Propitas advised our client on the condition of the building, the nature of any existing defects and the associated cost implications, presenting these within a commercial context to enable the client to make an informed decision about the acquisition.

Our knowledge of contract administration and cost consultancy, allied to considerable dilapidation expertise, made us the ideal technical partner for the client in moving forward with various asset management initiatives.

KEY INFORMATION

• Full co-ordinated report in a simple format.

• Access arrangements for all services / engineers.

• The survey included an RCA for the demise.