Level 2 - Acquisition Cardiff

Question 1

What were your clients motivations for the move?

Answer 1

Lease Expiry in less than 12 months
Out of town - wanted to be in city
Downsizing due to WFH
Upgrade premises

Question 2

How did you clarify your instructions?

Answer 2

Formal framework in place - retained client
Initial meeting to discuss requirements
Understood size, budget, location, parking

Question 3

What was your search criteria?

Answer 3

5,000 - 8,000 sq ft
Grade A
Cardiff City - 15 minutes to station
Good sustainability features

Question 4

Why did you carry out a Request for Proposals?

Answer 4

After shortlisting, RFP for 3 properties
Understand initial lease terms to begin negotiation
Allows for client to produce cost analysis

Question 5

What is a Grade A office?

Answer 5

Full Access raised floor (150mm)
Ceiling height 2.6 - 2.8m
Ceiling Void (350mm)
LED Lights - LG7
8 - 10m2 per person workspace
Air conditioning and double glazing
New build or comprehensively refurbsihed
New or advanced M&E

Question 6

Who defines the grades of buildings?

Answer 6

British Council for Offices Guide to Office Specification 2023

Question 7

What are types of Air Conditions?

Answer 7

VAV - Variable Air Volume
4-pipe Fan Coil
VRV - Variable Refrigerant Volume
HVAC - Heating, Ventilation and AC

Question 8

What favourable terms did you achieve?

Answer 8

5 year lease with 3rd year break
£23.00 psf
3 months rent free
Prime location
Grade A building

Question 9

How did you achieve your incentives?

Answer 9

Recent evidence in property was 1 - 4 months rent free for 5 year lease
Started negotiations at 6, LL at 1
Recached fair outcome for both parties

Question 10

What is prime rent in Cardiff?

Answer 10

£25.50 psf

Question 11

Did it have car parking?

Answer 11

It had 1 space

Question 12

Tell me about the Property your client chose?

Answer 12

Recently refurbished period property
Grade A specification
City centre location
6,500 sq ft
EPC B
Good amenities - Cafe in reception, cycle storage, gym studio
24 hour security

Question 13

Did you measure the space?

Answer 13

No, my client has a retained third party that conducts all their measurement’s

Question 14

How many options did you view?

Answer 14

7 options throughout the city

Question 15

Why did you discount some options down to 3?

Answer 15

Some options were slightly too far from the city centre
Did not have a good feel about them
Poor atmosphere in / around the property
Lack of amenities

Question 16

Tell me about your acquisition in Cardiff?

Answer 16

Point 1 – I understood my clients requirement, producing a schedule of potential properties which my client then shortlisted
Point 2 – I conducted a viewing tour of 6 properties with my client, where I then advised to get a proposal of terms for 3
Point 3 – I reviewed the proposals with my client, and negotiated terms on a single chosen option which proceed to HOTs