Instructions were received via our Commercial Agency dept from a retained National Plc client proposing to assign an existing lease over a substantial industrial property in the Lanarkshire area. Graham + Sibbald were requested to provide a Pre-Lease Report in addition to undertaking a review of the previous Schedule of Condition prepared on behalf of the previous tenant (assignor).
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.
With over sixty years providing property services, and a team made up of some of the most respected names in the business, we provide ourselves on our knowledge of the sectors in which we work. This expertise translates into exceptional service.
APPROACH
Firstly, a desk-top review of the lease information and existing information was undertaken followed by an inspection of the property with the key information and findings discussed with the instructing client.
The Schedule of Condition prepared by the previous tenant was checked and an updated copy provided to highlight any further shortcomings and necessary repairs required. Thereafter, a full Pre-Lease Report was provided which considered the existing building condition, lease obligations, existing certification, statutory consents and further relevant information available to undertake the necessary due diligence. This allowed our Commercial team to negotiate the terms and proceed to conclude the transaction.
KEY CHALLENGES
The building and overall site is of significant scale and the previous tenant (assignor) had undertaken subsequent fit out works following the preparation of the original Schedule of Condition. The comparative documentation prepared by Graham + Sibbald required to cover the associated reinstatement liabilities at lease end and costs, whilst also taking into consideration our client’s proposed future alterations and the subsequent further financial impact.
RESULTS
The client has received the necessary advice and given a full understanding of the elements to consider, and most importantly, any risks and costs associated with the transaction.
KEY MESSAGE
Good communication, flexibility, and prompt production of reports in line with client needs and requirements, allowed for a timely completion of the project.
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