After a well received Christmas break we are back into project work with a strong order book in 2017, and property transaction support work appears to be an increasing work stream for us with confidence in the region appearing strong since Brexit.
We have just completed Environmental Due Diligence for two large commercial/industrial sites located in the North East of England, one in County Durham, the other in South Tyneside.
Our work is supporting the sale of one of the sites to market; we have prepared a Phase 1 Environmental Liability report for the site that is to be included within the sales pack being prepared by the land agent. The work included a full historical appraisal of the site going back to “greenfield” conditions, an appraisal the sites environmental setting and its regulatory status, a review of its Environmental Permit status, and an initial environmental audit of all land with the sites ownership boundary and its manufacturing facility. Following this we have prepared a Phase 1 Environmental Liability report that will provide potential purchasers with an appraisal of the site with regards to potential environmental liabilities and any headline constraints.
The other site is currently being purchased by our client for continued commercial/industrial use; again we have prepared a Phase 1 Environmental Liability report to support acquisition, inclusive of a site walkover survey. As part of this work potential UXO risk was also evaluated due to the sites location close to Tyne Dock. Our work provided initial information to our clients legal team to support the acquisition process and to allow them to better quantify any purchase risks with regards to any on site historical risks from contamination.
Both projects are confidential at this stage, so we cannot provide any more specific information with regards to issues on either site, we will provide an update as the work nears completion.
Environmental Due Diligence for property transactions is an essential component of the acquisition, or, divestiture process, and is one that is surprisingly frequently overlooked.
If you are thinking of purchasing land or existing property to increase your portfolio, or, to develop your business, or are thinking of selling and need information to support your sale, please do not hesitate to get in touch for a friendly (and free!) chat around your specific requirements.