Level 3 - Office Acquisition Plymouth

Question 1

How were you instructed?

Answer 1

Retained Client and framework in place
Review Terms of Business
Understood fees and service

Question 2

What were you clients requirements and timescales?

Answer 2

Lease ending in current premises and LL redeveloping
Needed Plymouth City Centre location
7,000 - 9,000 sq ft
Open plan
EPC B
Budget conscious - Grade B options
Needed to move within 12 months

Question 3

How did you shortlist options?

Answer 3

Discussed options with client
Removed options too far from city centre
Removed poor looking space
Removed space too expensive

Question 4

What was your advice on options?

Answer 4

Provided an array of options, including out of town and serviced space as limited supply in Plymouth
Advised on rents of the properties if in line with budget
Decision to view lied with client

Question 5

Why did your client want a second hand building which required refurbishment?

Answer 5

Property favoured was suitable for their requirements, but needed modernisation in part
This property was a cheaper option and good location
Refurbishment was mainly Landlord works due to poor condition

Question 6

How did you negotiate the Landlord works?

Answer 6

The agent explained the LL is due to undertake works to the HVAC and LEDs
I stated the WCs needed upgrading due to v poor condition and the suite needed redecorating (painting, ceiling tiles replaced and carpet tiles replaced in part)

Question 7

Why was the Landlord undertaken these upgrades?

Answer 7

The M&E was outdated and required updating
LED to improve energy performance

Question 8

What is an agreement for lease?

Answer 8

legal framework to outline an agreement that following completion of works the tenant will take occupation

Question 9

Why did you need an Agreement for Lease?

Answer 9

For the benefit of both parties for occupation

Question 10

What was your clients sustainability objective?

Answer 10

Their portfolio to be in EPC B buildings by 2030 - in line with MEES
Reduce Carbon emissions as a business by 2050

Question 11

When was the existing EPC due to expire?

Answer 11

The EPC C rating was due to expire in 2025 i.e. undertake 7 years ago

Question 12

Why did the Landlord undertake a new EPC?

Answer 12

LL was undertaking works that would likely benefit EPC
My client wanted to ensure the property had a reasonable EPC

Question 13

What was the new EPC?

Answer 13

EPC B

Question 14

What was the specification and timescales of LL works?

Answer 14

Specification included new bathroom suites including new tiles, ceiling tiles, sanitary ware and redecoration
Timescales of 8 weeks

Question 15

What is a photographic schedule of condition?

Answer 15

A documentation attached to the lease to depict the state of the property before occupation

Question 16

Why did you require a schedule of condition?

Answer 16

Due to the works, I wanted to ensure it was fairly reflected in the lease
This would limit my clients liability, as it documents the upgrades

Question 17

Who undertook the schedule of condition?

Answer 17

I referred C&W in house building surveying team to undertake the works

Question 18

How does a schedule of condition limit liability?

Answer 18

It captures the states of the property prior to occupation.
The landlord cannot accuse my client of disrepair they had not done

Question 19

Tell me about your acquisition in Plymouth

Answer 19

Point 1 – I shortlisted a schedule of properties of 8,000 sq ft for my client to review, who showed preference of a second-hand building that required refurbishment in part
Point 2 – Upon discussing with the LL, they were due to undertake upgrades to M&E. I also requested upgrades to WCs, and LEDs in line with my clients sustainability objectives.
Point 3 – I agreed scope of landlord works and specification, and advised on a photographic schedule of condition to limit my clients reinstatement

Question 20

What were the lease terms achieved?

Answer 20

5 year lease, 3rd year TBO
Rent £15.00 psf
3 months RF