Surveys
Jack Wills – Edinburgh
Background
Route One were instructed by Jack Wills to undertake a pre-acquisition survey on prime retail premises in the centre of Edinburgh.
Challenges
Given the short timescales in which to complete the lease, the inspection and survey report needed to be completed within 1 week of receiving instructions. The survey had to account for the unique nature of the building, together with issues associated with inheriting previous tenants’ alterations which in themselves were substantial.
Outcome
By undertaking a detailed survey which highlighted the commercial issues important to the client and through discussions with their property team, suitable provisions were incorporated into the new lease. This enables the client to mitigate future reinstatement liabilities, particularly important given the potential cost of works in a period property of this nature.
“Over the past 4 years Route One have been able to deliver a quality and efficient service whilst advising on all general professional matters including pre-acquisition surveys, schedules of dilapidations and Party Wall matters. Their commercial approach helps the organisation plan for the future and assists in minimising risks. Route One are able to react immediately and provide value when it matters, both of which helps to ensure Jack Wills continues to operate efficiently and competitively in this challenging market.”
Tom Johnston – Jack Wills
LaSalle Investment Management – Bolton
Background
Route One received instructions to undertake an initial freehold pre-acquisition survey on behalf of LaSalle Investment Management. As part of this survey we were also required to identify key landlord's remedial works and provide a valuation on cost of removing extensive asbestos to the premises as part of the on-going potential purchase negotiations.
Challenges
The principal challenges of the instruction were two fold. Firstly, the tight timescales in which to provide a sufficient indication of financial exposure as part of the landlord’s necessary works. Secondly, striking a balance between the required investment return from the purchase deal whilst at the same time identifying a sufficient scope of landlord’s works to secure a letting.
Outcome
Route One’s flexibility and ability to act quickly meant the survey, the schedule of landlords works, indication of costs, negotiations and report were completed within 2 weeks of receiving instructions.
“We asked a lot of Route One in this instance due to timescale, and they responded extremely effectively and efficiently. It is important for investors such as ourselves in the current market to be able to rely on our external consultants to assist us with what we are trying to achieve – often with very tight deadlines. They delivered everything we asked of them in this case.”
Gavin Ingram – Lasalle Investment Management
