Helping reduce property risk before acquisition – Faraday Wharf, Birmingham
Case Study
The Situation
Our client was considering the acquisition of office accommodation at Faraday Wharf, Innovation Birmingham, Holt Street, Birmingham.
Before committing to the purchase, our client wanted a clear understanding of the property’s physical condition, potential liabilities and any repair or maintenance issues that could result in additional costs following completion.
A pre-acquisition survey was therefore required to provide independent professional advice and help our client make an informed decision before proceeding.
Our Role
GJS Dillon was instructed to undertake a pre-acquisition building survey of the property.
Our role was to assess the condition of the building and identify significant defects, areas requiring repair or maintenance, and potential future liabilities that could have financial implications for our client.
Importantly, our advice was provided at a stage when our client could still act on the findings, rather than discovering issues after the purchase had completed.
How We Helped
Our Building Surveying team carried out a detailed inspection of the property, reviewing the principal elements of the building and assessing its condition from a prospective owner’s perspective.
We identified areas requiring attention and provided our client with clear, practical advice on the significance of our findings. This enabled our client to distinguish between routine maintenance requirements and issues that could potentially result in more significant expenditure.
Our findings also formed an important part of the client’s wider acquisition due diligence. By identifying potential liabilities before completion, our client was able to factor the likely costs of ownership into their decision-making and negotiations.
Saved the client money
Identifying potential repair and maintenance liabilities before acquisition meant our client could consider these costs before committing to the purchase.
Rather than inheriting unexpected expenditure after completion, our advice gave the client the opportunity to use the survey findings as part of the commercial negotiations and ensure that the property’s condition was properly reflected in the overall investment decision.
Saved time for the client
Our experienced Building Surveying team provided a focused assessment of the property’s condition, highlighting the issues that required attention and separating them from routine matters.
This gave our client a clear understanding of the key property risks without having to navigate the technical detail themselves, helping them make decisions more quickly and keep the acquisition process moving.
Reduced risk
The biggest benefit of undertaking the survey before acquisition was giving our client visibility of potential problems before they became their responsibility.
Our independent assessment helped reduce the risk of unexpected repair costs, future maintenance liabilities and unforeseen building issues arising after completion.
By obtaining professional advice before committing to the purchase, our client could make an informed decision based on the actual condition of the property rather than relying solely on the information available during the sales process.
Outcome
Our pre-acquisition advice gave our client greater confidence in proceeding with the proposed purchase of Faraday Wharf.
The instruction demonstrated the value of engaging an experienced Building Surveyor early in the commercial property acquisition process. By carrying out thorough due diligence before completion, GJS Dillon helped our client make a more informed investment decision, protect their interests and reduce the risk of unexpected costs further down the line.
We’re here to help
As qualified building surveyors with extensive experience across commercial and industrial properties, GJS Dillon ensures that all pre-acquisition surveys are delivered to the highest professional standards. If you would like to learn more about building surveys, please speak to the team on 01905 676169 or email info@gjsdillon.co.uk.