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With multiple investments around the world, an ultra-high-net-worth individual (UHNWI) client wanted to be certain his next property would achieve maximum value. The central-London property was a 20,000sq ft single-family residence that had been valued in excess of £80 million. The property was halfway through construction when the seller put it on the market and the client needed help in assessing the status of the build. He took a recommendation and brought in Nicolas Roux and the team at Rive Gauche as independent advisors.
The client was seeking assurance on the quality of the renovations so far, as well as the true cost and actual time frame of the remaining works. Progress on the complex planning permission issues was also not in evidence. Rive Gauche was engaged to deliver a status report on the project because, as opposed to traditional interior design companies, we offer an in-house architect, technician and project manager meaning we can deliver the solution under one roof.
The first stage with all such projects is a feasibility study to assess the viability of the whole investment – and this was no exception. This vital step at the beginning of the project ensures we can be equipped to help the client understand the potential of the investment and to make informed decisions at every stage.
The entire project was obviously time sensitive, as the client needed to be satisfied before proceeding. “The client got in touch with us on a Tuesday afternoon. By Wednesday we were on site with our team of mechanical electrical and plumbing (MEP) experts with two weeks to complete the exercise,” recalls Nicolas Roux. “We carried out a full audit of the site, reviewing progress, quality and any risk for our client.”
Our broad expertise, meant we were able to move thoroughly but briskly through the next part of the process. We spent three days with the site and design teams to understand the project, contractual structure, responsibilities, pre-construction progress and decision status. One red flag identified was that a Crown Estate licence was not fully approved. To reduce their client’s exposure, we took over the discussion to resolve this. With a background in delivering luxury properties for UHNWI in London, Rive Gauche has well-established contacts and networks for successfully navigating these kinds of issues.
“By the end of a week, we had a detailed report with all the outstanding works and activities. We had identified planning risk, and outlined any design, craftsmanship and quality issues. This then allowed us to re-estimate the construction programme,” adds Nicolas.
A week made all the difference in this project – our team at Rive Gauche were able to demonstrate to the client that the project would cost £3 million over the seller’s estimate. As a result, the client renegotiated his position and agreed a more favourable deal on the property price.
However, in the course of producing the commissioned audit, we were also able to resolve a number of risks for the client over and above his original instruction. These included: checking the vesting certificate on material already paid for but not identified; ensuring continuity of design responsibility where multiple consultants and the contractor’s design portion (CDP) had been assigned; advising on the team structure and contractual set-up.
The client praised Nicolas’s personable and flexible approach, as well as his efficiency and organisation. He also cited the talent of the whole team at Rive Gauche. It was their combined work that ensured the deal was completed to the client’s complete satisfaction, cutting risks and saving him time and money.
Rive Gauche is committed to ensuring you maximise the value of your investment property by understanding its potential. As such, before you embark on a purchase or renovation, we conduct feasibility studies into any risk, planning challenges, value-added potential, development budget, programme and return on equity (ROE). If you’d like to benefit from our experience and guidance, and discuss your investment project with Nicolas Roux, contact us now.
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