Environmental due diligence for retail park purchase
Our client, a property investor, was looking to purchase an early-2000s constructed retail park and seeking to establish the presence of any significant environmental risk factors. We were appointed to undertake environmental due diligence, including a Phase 1 Environmental survey.
Key details
Project name
Environmental due diligence for retail park purchase
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Client
Confidential
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Location
Lancashire, UK
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Services provided:
- Phase 1 Environmental Survey
- Virtual data room documentation review
- Regulator negotiation
- Recommended buy-side actions
Challenge
A review of the site’s history generated concern of environmental liability, particularly in response to the presence of a Petrol Filling Station. It was key to determine if the underground tanks represented a significant on-going environmental risk which could represent a potential environmental liability to a purchaser upon acquisition.
Solution
To reduce the risk to the purchaser, RPS undertook an extensive planning review and consultation process with the Local Authority, along with a data room review to establish the extent of intrusive investigation and remedial works completed.
We established that contamination verification was carried out in consultation with the Petroleum Officer as part of the decommissioning works. We also established that subsequent ground investigation works were undertaken in consultation with the Local Authority as part of the wider site redevelopment in the early 2000s.
Following a robust due diligence process, we were able to present the client with a detailed view of the site’s history, potential contamination issues and subsequent remedial works undertaken. Our client gained the assurance they needed with regards to environmental liabilities, and were able to move forward with their successful acquisition of the site.
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