Graham + Sibbald (G+S) were instructed to carry out a Pre-Acquisition Building Survey and report on Camden Road, London. The site is located on the corner of Camden Road and Rochester Road within the London Borough of Camden and comprised a mix use development with 2 ground floor retail units and 16 residential flats to the five upper floors.
Why G+S
If you are looking for a Building Surveying team who can help you maximise the value of your property and minimise your costs and liabilities, then we are the team to come to.
We work with a broad spectrum of clients, including leading names in the public and private sectors. We represent a wide spectrum of retained clients including Local Authorities, Inward Investors, Government Departments, Major Retailers and Industrialists, Licensed Trade Operators and Insurance Loss Adjusters amongst others.
Thanks to our expertise, experience and nationwide network of local offices we are able to deliver a professional, cost-effective service with a real personal touch. We place a high priority on expertise, good communications and building long-term client relationships based on trust.
Approach
The instruction was on behalf of a G+S investment client who were seeking advice on the forms of construction, current state of repair and asset management considerations. G+S also arrange for a Phase 1 Environmental Report (by third parties) to accompany their report.
Key Challenges
The acquisition comprised the purchase of the freehold and long leasehold interest of the upper floors from separate vendors; together with the residential areas being let to the local authority with heavily caveated lease. G+S alongside the clients' solicitor had to robustly go through lease and title documents, outline potential shortcomings, and cost exposure to the client long term. We also identified impact damage that required the vendor to make an insurance claim prior to completing the purchase. The Phase 1 Environmental report identified that the site was previously a car dealership and petrol filling station adjacent to the site; but we were able to obtain records of past ground remedial works that addressed concerns.
Results
The joint up advice between G+S and solicitor gave the client an in depth understanding of the short comings of the purchase and to develop an asset management plan going forward.
Key Message
Graham + Sibbald has the knowledge and understanding to provide technically accurate and commercial advice when seeking to acquire commercial property for investment purposes. G+S also have a pool of third-party specialist consultants to call upon to ensure clients are fully advised of all potential risks and/or costs.
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