What is a commercial building survey?

A building survey is an in-depth pre-purchase report that provides comprehensive insights to prospective commercial property buyers regarding the condition of a single property or a portfolio of buildings. This report not only identifies any existing defects but also assesses areas that might require future maintenance in the short to medium term.

Why do you need a commercial building survey?

Whether you intend to personally occupy the commercial premises,or invest in the property for leasing, the safety of all occupants remains a constant and significant consideration. As part of the commercial property survey, a survey will pinpoint measures that can and should be implemented to ensure the safety of employees or tenants. These precautions not only safe guard the well-being of individuals but also serve to mitigate financial liability by reducing the risk of claims that could potentially impact your reputation and profits.

A commercial property survey establishes a valuable benchmark that guides ongoing property maintenance, aiming to minimize long-term costs and liability. It meticulously outlines existing, unavoidable defects within the property and brings attention to potential issues that may arise in the future. These insights ensure a shared understanding between the tenant and the landlord or property owner right from the outset.

For tenants leasing commercial property and their landlords, a commercial property survey offers the chance to formulate a precise and consistent maintenance plan that all parties are fully aware of from the start. Commercial property landlords and owners can leverage this information to accurately fore cast costs, revenues, and unforeseen expenditures.

A survey delves deeply into the construction of the property. Through this detailed examination of the commercial building's construction, the surveyor can pinpoint any potential issues that might impact your offer and influence your insurance premium. This in-depth scrutiny ensures that you obtain a complete understanding of the property's structural intricacies and potential challenges before finalising the transaction.

What does the surveyor focus on?

The survey encompasses an analysis of construction, structure, property size, materials, surrounding land, and other physical features before a lease or purchase is finalised. A technical analysis is also conducted to identify defects and potential repairs, often accompanied by cost estimates for necessary rectifications. Surveyors play a vital role in addressing legal aspects related to leasing and purchase, such as health and safety considerations, existing leases or disputes, and the listing status of a building.

A typical building survey report may be broken down into the below heading/subsections:

1.    Introduction

2.    Executive Summary

3.    Exterior

-       Substructure/Foundations

-       Structural Frame

-       Roof Covering

-       Windows & Doors

-       Shopfront

-       External Walls  

4.  Interior

-       Roof Structure

-       Ceilings

-       Floor

-       Internal Walls

-       Joinery

-       Sanitary Facilities

-       Decorations

5. Services

-       Drainage

-       Electrical Installations

-       Heating

-       Water Supply

-       Gas Installations

6. External Areas

7. Statutory and Legal Considerations

-       Fire precautions and means of escape

-       Asbestos

-       Building Regulations and Planning Permission

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What to consider when choosing a building surveyor?

When approaching a surveyor to conduct a survey, the key aspects to check are that the surveyor is Chartered and additionally that the firm they are practising within is also a registered RICS (Royal Institution of Chartered Surveyors) firm. RICS is the governing body for all surveyors and sets regulations and best practice guidance to ensure the service clients receive is exemplary.

The final consideration is to make sure that any surveyor you are considering hiring has sufficient Professional Indemnity Insurance to cover the recommendations they offer. This precaution is crucial in case unexpected issues arise, offering a layer of protection for both parties involved in the transaction.

Benefits of having a survey?

So, what are the benefits to the purchaser of having a commercial building survey completed. Below we have provided our top five reasons to convince prospective buyers of how a commercial building survey would benefit them:  

1) Stress free decision making

- Supports informed and stress-free decision-making during the acquisition or transaction process.

2) Impartial assessment

        - Provides an unbiased evaluation tailored to your specific interests.

3) Detailed Report

        - Furnishes a comprehensive report offering long-term budget cost and liability guidance.

4) Negotiation Support

        - Informs negotiations, potentially leading to an improved set of terms for the transaction.

5) Expert advice

        - Benefits from advice provided by a highly experienced and well-respected national team.

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In the realm of commercial property, obtaining a survey is a crucial step that instils confidence in your financial investment. Conducting a commercial building survey is essential, primarily to gain insights into the construction nuances of the building. Commercial properties often differ in construction from residential buildings, and understanding these distinctions is vital.

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For expert advice or to schedule a commercial building survey for your property, Survey Network Ltd is ready to assist you. Contact us today to connect with one of our highly trained professionals and learn more about how we can support your needs.

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