Johnston Houston have recently provided Technical Due Diligence and Building Surveying support and advice to the Lotus Group in connection with the purchase of a mixed used portfolio of properties in Dundee, Scotland worth £60m. In total, 45 properties were purchased by the Lotus Group with a total of 1.3m sqft of accommodation featuring a mixture of industrial, retail and residential assets. The portfolio included West Marketgait (photograph above) a mixed use development whose tenants include, Travelodge, PureGym, Grosvenor Casinos and Tesco. Our instructions required the inspection of 20 assets in total and the preparation of individual reports and an asset summary within a 4 week time frame.
Johnston Houston, in the timescales available, had to work closely with both the client and their legal team to identify and prioritise construction matters and building defects that would affect the purchaser’s future interest in the portfolio.
The acquisition was successfully completed in October 2018. Our consultancy work in connection with this portfolio continues and we are acting on behalf of the Lotus Group as landlord’s Dilapidations Surveyor in connection with surrender of a leasehold interest by a tenant from one of the assets within the portfolio purchased.