Commercial Property Surveys
A commercial property survey is designed to assess the condition of a commercial premises. It also helps with identifying defects and repair recommendations. Depending on the extent of the survey, it may include cost estimates for requisite repairs. An assessment of the building’s suitability for planned use and its legal and regulatory compliance.
This type of survey can be carried out by:
- Potential property purchasers
- Existing owners
- Leaseholders
And insurers to obtain an independent and up-to-date assessment of the property’s condition.
What Are Commercial Property Pre-Acquisition Surveys?
Pre-acquisition surveys are conducted prior to the purchase of a property. If you’re planning on buying a commercial building, it’s strongly recommended that you have a professional survey carried out first. In many instances, mortgage companies and insurance firms will require a pre-acquisition survey. This must be completed before they will agree to lend or insure a property.
A pre-acquisition survey will provide critical information about the property that cannot be obtained in any other way. While a property may look in good condition at first glance, a thorough survey will uncover hidden faults or defects. These could substantially impact the safety, functionality and compliance of the property.
This type of survey will include both the interior and exterior of the building, as well as outbuildings, external grounds and boundary walls. Depending on the scope of the survey, you will receive information regarding the basic operation of service installations and recommendations for specialist tests (if required).
Why Are Pre-Acquisition Surveys Important for Commercial Properties?
A pre-acquisition survey is important for commercial properties if you want to protect your investment.
As you might expect, any hidden defects or faults that are uncovered via a commercial property survey can have a significant impact on the property’s value. If your purchase a property at market value and later discover it requires extensive repair work to make it structurally safe, then you will have to fund these additional costs. In all likelihood you will have to sell the property at a loss. By having a pre-acquisition survey carried out, however, you can make a purchasing decision based on the actual condition of the property. Allowing you to adjust your offer accordingly.
Common Issues Identified During Pre-Acquisition Surveys
The issues identified during a pre-acquisition survey will depend on how comprehensive and extensive the survey is, but common issues that are highlighted in commercial property surveys include:
- Foundation issues
- Structural movement
- Roof defects
- Damp, condensation or mould
- Insulation issues
- Hazardous materials, such as asbestos
- Electrical issues
- Plumbing and drainage issues
- Infestations
In addition to this, a pre-acquisition survey may extend to the legal and regulatory compliance of the property. This is particularly important for commercial properties as you will need to ensure fits the intended use class (or is likely to meet the specified requirements for a change of purpose).
3D Virtual Pre-Acquisition Surveys
A standard commercial property survey gives you access to a written report that details the condition of the property, but a virtual pre-acquisition survey enables a digital replica of the building to be created too. Providing you with a fully immersive experience, a 3D survey also outlines key building features, defects and faults.
Purchasing any type of commercial properties is a significant investment and it’s vital to protect your interests. With traditional and virtual commercial property surveys, you can ensure that any offer you make reflects the condition of the building and its future maintenance or repair. To find out more or to arrange a pre-acquisition commercial property, contact TCL Chartered Surveyors now on 020 3176 0029, email us at info@tcl-surveyors.co.uk or send us a message here.