The way technical due diligence surveys are conducted has changed in recent years, driven mainly by investors and buyers increasingly looking for more data-driven reports. Digital transformation has had a key role in the evolution of the service and is enabling buyers to receive data that was previously out of scope under traditional methods.
The pandemic has further increased reliance on remote solutions and has meant that some clauses are now more in focus than they ever were before, such as termination clauses, service charges, a building having adequate ventilation, and health and safety measures.
Buyers and sellers have had to work out how to navigate these challenging and uncertain times in order to keep the mergers and acquisitions market moving and transactions on track. Government restrictions have meant that the use of some traditional tools are limited and there are health and safety limitations to getting to site to carry out surveys – creating the need for alternatives to site visits.
We developed a virtual due diligence product to save time and money by limiting the need for multiple teams to go on site, enabling quick inspection times and strengthening the oversight of a building. The service combines drone and H360 camera technology with our technical due diligence expertise. The virtual solution provides a simple and accessible way for clients to review our technical due diligence findings virtually, allowing a seamless transaction process from anywhere in the world. The data hub can also be used as an ongoing asset management tool, and can be assigned to different parties throughout the lifetime of the building.
The use of digital tools alongside effective coordination and communication between all stakeholders, has meant that some of the biggest property deals over the past 12 months have been able to complete quickly and efficiently.
Robert Ballantyne is head of technical due diligence and Tom Willcock is surveying innovation partner at Hollis