As part of an investment deal Graham + Sibbald (G+S) were instructed to carry out a Pre-acquisition Building Survey and report of a car dealership over two adjacent sites in Maidenhead, Berkshire. The site has been adapted over the years from an independent car repair garage, petrol station and used car forecourt, but has more recently been refurbished by a BMW franchisee group to create a new car dealership, service garage and separate used car dealership on the adjacent site. To support the growth of electric vehicles the tenant has invested heavily in EV charging, which was one of the USP for our client acquiring the site into their portfolio.
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 and roof survey via aerial drone (by third parties) to accompany their report.
Key Challenges
The sites have had various evolved changes over the years due to leasehold transfers, which has resulted in modifications to support differing business demands. Some of these changes have been documented with other unrecorded; so we need to provide accurate advice to our client on dilapidations shortcomings (reinstatement) at the point the tenant vacates. Additionally, significant time was taken by the surveyor in reviewing legal easements and rights due to the acquisition being of two detached sites.
Results
The project resulted in the property being purchased shortly after issue of the G+S report.
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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