Case Study: Virgin Money appoint us to assist on 75 properties nationwide

Published on: 22nd August 2016

Virgin Money plc is a company owned by the Virgin Group that offers financial and banking services throughout the UK. Originally known as Virgin Direct, the company was founded by Richard Branson in 1995, before being awarded its banking license in 2009.

Virgin Money approached us in 2015 to assist them in dealing with various technical matters encountered on their property portfolio. Our first instruction comprised the survey and reporting of all defects existing in 34 of their 75 stores nationwide, specifically in order to plan their future maintenance and attend to their repairing liability imparted by the leases of those properties.

Our surveys not only assessed the root cause of each existing defect, but also advised on foreseeable future defects in the forthcoming 10 years. The report was prepared with estimated costs concerning each repair item, to allow the client’s budgets to be put into place as required to maintain the good standard of repair in each. The reports are also intended to assist the future planning of store strategy and contribute to consideration of store relocations.

In the management of the surveys we developed a new format for our property reports that was unique to Virgin Money and specifically highlighted the key information that Virgin Money required. This also included the portfolio-wide analysis of costs to allow a global assessment on the determined liability to be reviewed by the client.

Through our work with Virgin Money we discovered that they had previously been receiving a limited level of expertise on such technical matters on site. To solve this issue we prepared tender documents concerning the future maintenance of the portfolio, which ultimately led to the appointment of several maintenance contractors onto Virgin Money’s approved list.

By assisting Virgin Money in the appointment of a team of trusted contractor’s nationwide, we ensured that they can expect a high level of service from reputable contractors in the maintenance of their estate, at a reasonable cost.

In the past 2 years we have completed just over 10 jobs for the company, utilising our nationwide reach and local knowledge from our building consultancy teams across the offices. The jobs have ranged from a £1,000 repair in Birmingham to a £45,000 repair on a store in Newcastle upon Tyne and we continue to assist Virgin Money on various technical issues.

Contact Us

Building Defect Appraisal

Because building defects can emerge in many different ways, we offer much more than just a visual survey. We’ll identify the root cause of the problem through physical investigation, laboratory analysis of materials and an in-depth review of the construction.

Read More....

Building Surveying

Our building surveying team will give you a detailed understanding of the condition of the property you are planning to buy, or rent, or already own.

Read More....

Occupational Surveys

Planned Maintenance Programmes Property can be a significant expenditure to your business over time and the forward planning of your property maintenance can assist you to maintain your property’s condition, whilst allowing you to set aside or plan for suitable capital to fund the cost of those repairs. In preparing Planned Maintenance Programmes, we can assist in identifying any required repair costs years in advance and therefore allow you to plan your cash flow at an early stage. We’re experienced in providing maintenance schedules on property portfolios and individual properties that are structured to meet your own accounting procedure or existing maintenance protocols. Reinstatement Cost Assessments We understand that it is essential for your property to be suitably insured, but also that the cost of insuring property can be significant. Our reinstatement cost assessors will ensure your building is accurately insured, to reflect its re-build cost and that, whilst ensuring that you are adequately insured, you are not excessively covered. We are able to individually assess your property and insurance requirements and ensure that our reinstatement cost assessment meets your specific needs, be it for an individual property or on an entire portfolio. Expert Witness Whilst property provides an excellent opportune to invest, we understand that it also unfortunately creates an opportunity for various conflicts to arise, be it with landlords, tenant, contractors or third parties. When disputes do become litigious we appreciate that you need concise, specific and clear support in the form of expert witness reports to support your claim. Our expert witnesses fully understand the legal process and Civil Procedure Rules and are technically proficient in fact-finding investigations and surveys to determine a clear opinion to support your claim. Disabled Access Audits The Equality Act 2011 requires businesses to ensure that free access is provided into, within and out of their property and that facilities are provided for persons of all levels of mobility. We are fully conversant with the latest design guidelines for disabled access and facilities within all types of property and can review your existing buildings to ensure that free access is provided to all persons and that litigation risks to your business are mitigated. Contact Us

Read More....

Contact


Email a copy to yourself?
RICS CCS TDS Arla Ombudsman bsi