Case Studies

Tenacity and Details

Our client was fast approaching the end of a 20 year lease, had almost no original documentation regarding the condition at the start of the lease, no material budget and a Landlord created dilapidations schedule in excess of £1m.

What we did. Caudata focussed on the 2 overriding issues – dilapidations and budget.

With our combination of extensive construction and property experience, we dissected the dilapidations schedule and were able to prove over 30% of the items listed were actually part and parcel of the fabric of the building at the start of the lease. This immediately reduced the claim to under £600,000. Furthermore, by convincingly demonstrating to the landlord getting his building back on the market as soon as possible far outweighed artificially high dilapidations demands. Combining this renewed focus with our dilapidations delivery skills – the building was back in working order 2 months ahead of schedule for a quarter of the cost.

In terms of financing these costs – our client’s budget was still way short of even the 75% reduction already banked. So they challenged us to fund the gap through monetising the redundant telecoms equipment.

For clarity – there are no golden eggs in 25 year old telecoms equipment. 95% of the equipment generated less than £5,000 and nearly all of which came from scrap values. However, through tenacious and focussed searching, we did uncover a number of internal elements of one set of equipment racks containing material levels of gold. This was verified, at our cost, by the Sheffield Assay Office. The result was a further £50,000 contribution to the exit costs. Not golden eggs but some nuggets – at least if you look hard enough.

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