When a key real estate investment client sought to finance a developer, Tetra Tech provided the necessary environmental due diligence on a portfolio of 44 commercial and development sites across Great Britain and Northern Ireland.
Challenges
Our client needed due diligence assessment of the sites to identify any potential environmental liabilities that could materially affect its financing decision. The sites themselves, mostly brownfields, ranged in previous uses from former quarries and residential areas, to shopping centres, a 120-acre former chemical factory, and various commercial and industrial sites.
With only a six-week timeframe, our team had to assess liabilities associated with land quality, mining, flooding, environmental compliance and regulatory concerns as rapidly as possible.
Solutions
In our assessment, we concentrated on understanding current and future environmental-related capital expenditures linked to ongoing operation and proposed development across the property portfolio.
To address the timeframe, we prepared a short-form report to communicate primary issues efficiently, utilising our nationwide team to deliver a consistent, commercial, and technically robust EDD report for each site. These concise reports explained cost risks and potential liabilities to the wider transaction due diligence team in a non-technical format to make information easier to digest.
