Initially, the Recovery Team is happy to undertake a preliminary quick assessment of any commercial property regardless of the problems or issues and without any full commitment. In this respect, we will provide a preliminary list of recommendations on how to stabilise a trouble asset and provide an outline of the steps to recovery for the property to realise its full potential. This will involve an informal audit of the building’s fabric, legal structure and tenant mix together with development proposals and accommodation with respect to value engineering exercises. Alternatively we will undertake reassessment of the market plan for a proposed development.
Once the Tuohy O’Toole Recovery Team has been formally appointed, we set out about creating a more detailed audit and list of recommendations, based on the short to medium term priorities of the specific client. This will involve setting out short, medium and long term strategies to re-position the property asset to achieve its full potential. With an income or part income generating asset, we will typically communicate with the tenants, in order to fully assess the building’s appropriateness for their needs and opportunities to create value for both Landlord and Tenant.
In short, our Recovery Team will set out a clear strategy on how to stabilise the distressed asset and set about achieving and implemented a plan, which will create stability and add longer term value