PBC were appointed in the role of Purchaser’s Surveyor to provide pre-acquisition due diligence advice and development monitoring services to a fund client who agreed to purchase this development upon completion.
The new build development commenced in 2014 and provides a 78 bedroom hotel which is now complete. During the groundwork’s and site remediation operations, the contractor removed three buried fuel tanks and a car lift with a car engine still in tact!
PBC also appointed an environmental consultant on behalf of the Fund to ensure the pre and post contract remediation works were closely monitored. There were a number of Party Wall Awards to be agreed and the site was particularly sensitive in terms of neighbouring residential occupiers.
PBC’s role was pivotal involving close liaison with the developer’s team and Travelodge’s team ensured all required handover documentation was provided and that all parties were satisfied to accept completion. An assessment of reinstatement costs was also prepared for fire insurance purposes.
Safeguarding a strong investment for the client
Pension fund clients of Aberdeen Asset Management needed a Purchaser’s Surveyor to provide pre-acquisition due diligence advice and development monitoring services on a significant hotel purchase.
PBC acted as the liaison between developer, contractor and Travelodge project delivery teams to monitor the development of the 78 bedroom hotel and the challenges throughout the process.
Some of the issues arising included the agreement of a number of Party Wall Awards and sensitivities in terms of neighbouring residential occupiers. We also appointed an environmental consultant on behalf of the Fund and monitored pre and post contract remediation works.
Our team took responsibility for checking that external consultants followed the correct procedures, delivered the necessary documentation prior to handover and that all parties were satisfied to accept project completion. We also prepared an assessment of reinstatement costs for fire insurance purposes.
Our involvement gave the Client reassurance that their investment would be protected during the lifecycle of the project by an independent and professional consultancy. They now have a strong investment of high quality, in a good location, delivered smoothly and to time and budget.
Pension Fund Clients c/o Aberdeen Asset Management Plc
Travelodge Hotel, 9-19 Paradise Road, Richmond
October 2014 - November 2015