Citywest Shopping Centre
Pre-Purchase Due Diligence
Bannon was engaged to carry out property management due diligence of Citywest Shopping Centre prior to purchase. The due diligence included service charge review, arrears, cost benchmarking, measurement review, tenancy review, facilities/service contracts and staffing.
The due diligence report enabled our client to gain an in depth understanding of the asset prior to finalising their bid price. It also allowed our client to add conditionalities to the sales contract to deal with any issues highlighted by Bannon during the due diligence process.
Our Property Management team are experts when it comes to the day-to-day management of commercial real estate. We have industry leading knowledge in the management of retail assets.
The team appointed to carry out the due diligence process has significant experience and specialist knowledge in the management of shopping centres. Some of the skills utilised included an occupier-by-occupier lease review, the review and categorisation of arrears, a service charge matrix review, procurement review/benchmarking, and service contract review.
Our client was successful in their acquisition of the shopping centre. This was with an understanding and awareness of the various issues uncovered by Bannon from the due diligence process.
Following the completion of our due diligence and the subsequent purchase of the shopping centre, Bannon was engaged as the Managing Agent.