Our Chester team has completed the technical due diligence (TDD) of an industrial portfolio in Wigan for Quidnet REIT, who appointed the practice to conduct the pre-acquisition surveys for 16 units totalling 85,207 sq.ft at the Hawkley Brook Trading Estate on Worthington Way.
As part of the service, we also provided detailed analysis and budget projections for a post-acquisition asset enhancement programme, with a full report provided within just seven days. Quidnet REIT has now completed the £3.6m acquisition from vendor, Cheshire West and Chester Borough Council.
Martin Hunt, partner in the Chester office, led the project. He said:
“With just a seven-day turnaround we were able to survey all 16 buildings and crunch the numbers in order to provide a detailed analysis of the portfolio and the potential improvements that could be made in order for the client to maximise their new asset.
“As experts in building surveying, project management and development monitoring, we have many years’ experience in undertaking asset enhancement programmes for our clients. We were able to draw in that expertise when considering the opportunities for investment as part of the TDD process. This inherent knowledge provides our clients with significant added value and, in many cases, results in our retention to undertake or oversee the subsequent upgrade works.”
The trading estate is comprised of 20 units, of which four are on long leaseholds. Used primarily for light industrial, storage and distribution, the estate was originally built in the 1970s and the properties require general upgrading and roof replacement. The team also provided advice with regards the reconfiguration of some of the units to meet the needs of modern occupiers.
Anthony Wardel, on behalf of Quidnet REIT, said:
“Having the Powell Williams team on board supporting the TDD provided us with the reassurance needed that this acquisition was right for our client. Their in-depth analysis provided us with the information we needed to conclude the purchase from an informed position, and will help our decision making when it comes to the asset enhancement programme going forward.”