Technical audits
Seven Stones can assist you in identifying the defects in construction, project documentation and permits for your particular property. We will also determine the highest and best use and evaluate your property's current positioning in the marketplace, while taking into account your particular objectives. Depending upon the scope of work, such an audit may also include a review of the property management function.
Technical audits are particularly useful during the due diligence phase of an acquisition, as a prerequisite to an appraisal, or as a first step in capital repair or reconstruction. The main components of a technical audit are as follows:
- Evaluation of permits and approvals
- Examination of mechanical and engineering systems and assessment of tenant requirements
- Review of architectural plans and working drawings
- Assessment of construction works
- Review of project documentation; cost estimates of reconstruction, if applicable
- Budget and timeline for removal of property defects
- Recommended improvements to Property
Express technical audits for individual properties can be conducted within 10 business days (provided the necessary documents are in place). Other services offered by Seven Stones in conjunction with technical audits include:
- Legal due diligence for transactions
- Market research on the property's surroundings or catchment area
- Feasibility study
- Highest and best use analysis
- Preparation of an investment memorandum
