Portfolio - Case Study 4

Cheque Centres Limited

Pre Lease Dilapidation Assessments

We were appointed by this client on the advice of their solicitors to undertake inspections of a number of retail units, initially 40 were expected in year one.

These inspections were specifically aimed at identifying and nullifying future dilapidations liabilities. Our reports were developed over time and in agreement with the client to provide their in-house estates surveyors and fit out team with data that enabled them to negotiate either remedial works or additional rent free terms to cover any shortfall from what is best termed good and tenantable fri condition.

Fortunately for us, the client ramped up their acquisition programme and we have recently completed our 300th inspection. In 2011 the client opened 191 new stores.

In addition to the pre lease dilapidation assessment reports, we have also provided a significant number of schedules of condition which although brief in format will have served to minimise the clients liability by benchmarking the day one condition of the premises or parts thereof.

Footnote

We continue to provide survey input and advice albeit at a slower pace on a regular basis.