Project
Technical Due Diligence report on behalf of a lender investing in a multi storey tower block constructed in 2022, in Wood Wharf. The report provided an assessment of the condition of the building and, due to the recent construction, a review of the construction documentation which would be warranted to the lender.
Challenges
- The building has multiple tenant and differing uses. The ground floor is a communal reception for all users, there is a leisure use on the lower floors, hotel use on the middle floors and office use to the upper floors.
- The construction was procured by a Construction Management route rather than traditional contract.
Solution
The Technical Due Diligence report produced was bespoke to the client and the building arrangement to ensure the key factors for each type of use were analysed and assessed. Expenditure on repairs and maintenance varies between each occupier and their business focus, which needed to be reflected in the report.
The review of the construction contract information highlighted the significant items such as the parties within the contract, the valid execution of the contract documents and the extent of insurance. The information was presented in an unambiguous manner to provide clear risk advice to the lender.
