Asked by the owners to endorse a planned internal refurbishment of the 400,000 sq ft Royal Liver Building, we took a more strategic view and recommended a fundamental repositioning of the building in its market. We knew this would offer the real prospect of delivering a sustained and material increase in the long term value of the building as an investment asset.
Working with key stakeholders, designers and heritage experts we helped develop a masterplan for this most recognisable of Grade 1 listed buildings, focussing on providing improved circulation, connections, market leading wellness amenities and a much enhanced visitor experience. This formal strategy, endorsed by the City Council, sets long term development objectives for the building including opening it to tourists for the first time ever.
CBRE‘s breadth of skills means we’re uniquely placed to develop innovative client strategies like this. At its heart the effective collaboration between our market facing and profession teams, like Asset Management and our own specialists in Building Consultancy create very powerful teams. By going beyond the obvious we can find overlooked opportunities for real added value.
We’re projecting an increase in asset value or more than £50m over two years.
We prepared vendors’ technical due diligence reports for Green REIT to assist with the sale of 17 property assets it owned in and around Dublin. The portfolio being sold comprised a number of high quality institutional investment grade office buildings predominantly located in Dublin, leased to blue chip tenants, in all totalling around 2.88million sq.ft, together with two strategic development sites.
Our reports contained detailed building surveys, the output from specialist M&E engineering inspections, Phase 1 environmental assessments, including flood risk reviews, and measured area reports. This comprehensive data was offered with the benefit of full legal reliance to the purchaser and their funder. It enabled them to gain an immediate and reliable view of the buildings at a detailed level, allowing them to bid with confidence.
The sale represented the largest ever transaction in the Irish real estate market and the first time a REIT has put itself up for sale. Our input brought speed and certainty to the sale process, shortening the negotiation period and materially reducing the scope for volatility on the price finally agreed between the parties.
We were appointed by intu to provide vendors’ technical due diligence reports in connection with the £186m sale of a 50% stake in intu Derby Shopping Centre. The 1.2 million sq ft property asset comprised a purpose built shopping centre and multi-storey car park, a theatre, a covered market and an adjoining retail park. The assignment was executed by Building Consultancy’s specialist retail team working with our in-house environmental consultants. To complete this task involved coordinating a multi-disciplinary team drawn from a number of specialist disciplines in Building Consultancy to carry out comprehensive inspections of the extensive site, all of which were completed on time to meet the client’s tight deadline.
Working closely with our own industry leading retail investment team, we were able to offer our client a fully integrated service, bringing to bear combined retail experience and market knowledge, covering everything from strategic investment advice to a detailed technical analysis of the buildings.