Taking the plunge and deciding to buy a commercial property is likely to involve a degree of financial risk.
Before taking that risk, a Pre-Acquisition Survey is key; giving you the peace of mind that proceeding with the purchase is indeed worth your investment and the risk that comes along with it.
Here we take a closer look at pre-acquisition surveys and some of the benefits of having one.
What is a Pre-Acquisition Survey?
A Pre-Acquisition Survey is a detailed pre-purchase report undertaken by way of an inspection by a Chartered Building Surveyor.
The report produced following the survey advises the prospective commercial property buyer on the condition of the property at that time. It can identify issues with the condition of the property that will either need addressing urgently or in the near future. These observations will be described in detail, and advice will be given on how to deal with any remedial works that may be necessary.
As a separate instruction, we can also prepare an Insurance Reinstatement Valuation, so that prospective purchasers know that they have satisfactory insurance cover in place. We can also look at the property’s measurements – both internally and externally – to check these match up with those stated in the property particulars.
The benefits of a Pre-Acquisition Survey
Having a Pre-Acquisition Survey means you can go into the purchase aware of all of the issues a property holds. It allows you to budget accordingly and even line up quotes from contractors in advance so you are ready to commence works as soon as completion is effective.
When it comes to surveys of commercial property, the scope of a Pre-Acquisition Survey covers far more than just the condition of the property. It also looks at the various compliance issues that surround commercial properties and whether the property is falling down in any areas. Compliance matters shouldn’t be overlooked – they can be costly to address/rectify.
As stated above, any investment in a commercial property is likely to be significant. Depending on the findings of the Pre-Acquisition Survey, it may be possible to renegotiate with the vendor on the property’s price. A Pre-Acquisition Survey completed by a Chartered Surveyor is a clear-cut, fact-based document that is difficult to argue with. Having a survey conducted positions a buyer as serious and sets a strong foundation to renegotiate an offer if needed.
The technical knowledge and expertise of commercial Chartered Building Surveyors to advise on commercial premises can offer significant benefits to prospective buyers. Please get in touch to discuss appointing us to carry out a pre-acquisition survey.
Our team are on hand to advise commercial clients in regards to property transactions of all types, and can point you in the direction of most suitable survey for your needs.
