Our building consultancy team was appointed to carry out the due diligence on a property they had identified to meet the needs of their growing business, which had just merged with cava producer, Freixenet, to create Freixenet Copestick. 

We were appointed at the point at which the client was agreeing heads of terms on the property with the landlord and worked with the client to carry out an urgent Pre-Acquisition Survey on their target premises at 2100 Newbury Business Park. 

We produced an in-depth report based on the survey, which identified a number of potential property risks for our client, who had been offered a 10-year FRI lease. 

The report managed our client’s expectations and enabled them to budget for potential remediation work to address the issues highlighted. 

Under the terms of the lease, they would have full responsibility for repairing and insuring the property, so it was important for us to highlight the extent of any works that would be required over the course of the lease agreement. 

Challenges

At the time of our appointment Heads of Terms had been agreed in principle and the landlord’s construction team was onsite nearing completion of refurbishment works. 

We were required to act swiftly in order to maintain momentum with the acquisition, whilst identifying potential risks and key items of work required by the landlord. 

Although the building had undergone refurbishment prior to the acquisition, a key issue identified by our Building Consultancy team was the property’s raised floor.

Upon closer inspection the raised floor had been constructed in an unorthodox manner using a variety of timber joists. 

The floor system would therefore not have been fit-for-purpose for our client and we were able to negotiate with the landlord to pay for a new proprietary raised floor to be installed during the client’s fit-out. 

Result

As a result of the swift advice of our building consultancy team, we enabled the client to negotiate the best deal, including remedial works at the landlord’s cost, whilst ensuring the acquisition completed within the desired timescales. 

We reduced our client’s exposure to risk over the course of the 10-year FRI lease by identifying work which would be required on the property and the business is now well-placed to expand their infrastructure / data / cabling / networks / communications with ease of access, whilst avoiding business downtime and upheaval.

“Vail Williams was appointed at what was a crucial time in both our property acquisition and our merger. The team really hit the ground running to carry out the due diligence at what was an extremely busy time for us. They reviewed the state of the property and identified opportunities for us to negotiate our lease position in an in-depth report which has allowed to make savings, whilst helping us to mitigate risk over the course of our lease.” Martin Parry-Davies, Freixenet Copestick (formerly Copestick Murray)

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