Building owners are often unaware of the costs required to maintain their buildings. Under a commercial lease agreement, tenants will have certain obligations when it comes to repairs and maintenance of their property. Maintenance not only helps to protect the condition and value of the given property but also helps to mitigate liabilities at lease end.
Why Plan Maintenance?
Working to a maintenance schedule not only optimises the condition of the building, crucially, it allows the client to ensure they have adequate financial provision in place for such expenditure.
Why involve Compass?
- We get to know how our client’s businesses work to understand what they want and need from their property assets. From there, we work together with our clients to build a robust strategy of planned maintenance to ensure it is kept in appropriate repair to service their operational needs.
- Our initial Condition Report will assess the building on an elemental basis, identifying the condition and maintenance requirements. The report provides budget costs and timeframes within which the works should ideally be undertaken.
- We assess building warranties to ensure they are factored into the maintenance plan. We also work alongside our client’s insurer, directly or indirectly, to ensure the maintenance plans meet the requirements of the building’s insurance terms.
- Involving Compass at an early stage will assist in protecting the property owner and occupier from unexpected financial responsibilities.
Landlords and occupiers often meticulously plan their business strategy and financial forecasts, without giving sufficient attention to one of their largest liabilities – the condition of their property. We work particularly closely with schools, multi academy trusts and higher education providers to formulate their asset management plans, and secure the funding necessary to implement their plans. Such planning should be an integral part of commercial property owners and occupiers forecasting.Daniel Leaf – Director