Case Study Flashcards
Please can you explain the relationship between Mileway and XK Propco ?
- Blackstone owns Mileway and the entities
- Mileway are then instructed on an asset maagement basis to manage the entities
- Therefore an internal client
Tell me about your portfolio
What due dilligence checks did you undertake?
- Undertaking desktop survey - looking at location and surrounding area
- Reviewing EPC
- Tenancy schedule
- Estate plan and floor plan
What was the EPC rating?
C67 - expiring June 2031
What did the asbestos survey state?
Stated asbestos was present in some areas - namely the ground floor ceilings and warehouse roof but risk score was very low
Talk me through your inspection
- Desk stop
- Drive by
- External
- Internal
What void costs are incurred by a landlord?
- Loss of rent
- Maintenance, safety inspections such as gas or electrical, or pest control.
- Insurance costs, business rates and service charge.
What period of time are vacant industrial properties exempt from business rates?
6 months
What is the current poundage rate for business rates?
51.2 pence
What is in included within the disclaimer in your brochure?
- States interested parties cannot rely on the accuracy of the description and should not take them as fact
- Parties should undertake their own enquiries to satisfy the accuracy
- States agents are liable relating to any negligence or loss that arises
What were the conditions of the break option you agreed?
All standard conditions:
- All payments up to date
- Vacant possession
- All lease obligations adhered to
What were the assumptions and disregards within the rent review you agreed?
All standard assumptions and disregards:
As:
- Available for immediate occupation
- Between a willing LL and T
- All lease obligations have been adhered to
- For the use stated in the lease
Ds:
- Tenant goodwill
- Goodwill on the property
- Documented tenant works
