When David, a local Queensland property developer, was considering the purchase of a standalone industrial building. He was referred to us by the selling agent, because no recent lettable area surveys could be found. David wanted to confirm the advertised area of the building and engaged us to do so. A Lettable Area Plan was recommended, the task was to measure the total area of the building, so the valuation could be confirmed.
We were on site the day after job confirmation, with assurance from the agent that the property was accessible. Upon arriving at the site, we discovered that the property was locked with no sign of the tenant. A quick phone call to the agent revealed that the tenant had vacated the premises without their knowledge and they didn’t have a key. Once access was granted, we got started.
Following completion of the Lettable Area Plan, it was discovered that there was a shortfall in area of 46m² below that advertised. This shortfall cost the seller around $80K in final negotiations, but left our client very happy. It was discovered that the quoted area was based on an old set of construction plans and not the most current set of drawings. This taught both the client & agent a valuable lesson, and both continue to use our services, confident they are getting the most accurate result possible.