Client:
Panduit Europe Limited
Role:
Dilapidations Management. Design and management of Building Works. Contract Administration and Cost Management
Value:
Contract sum for dilapidations
rectification works £99,000
rectification works £99,000
The repair and redecoration works had to be completed before January 2017 in order to successfully operate the Tenant’s conditional break option.
Failure to complete the works would have resulted in the lease continuing for a further 4 years.
Added Value:
- Satisfactory completion of the necessary works to comply with the lease covenants enabled the break option to be activated successfully
- The works were undertaken at short notice and over a Christmas period, requiring close co-ordination of suppliers and contractors
- Our analysis of the lease requirements introduced the possibility that the Tenant may not need to strictly comply with the reinstatement provisions and we were able to negotiate a dispensation in connection with the overall works. This had the effect of de-risking the break option