Audit & Consultancy
If you have a sizeable commercial leasehold property, in excess of 20,000 Square Foot, or a portfolio of properties, we can conduct a no risk lease assessment for you. We will anaylze your lease costs and identify potentail overpayments. We can do this at no risk to you, and possibly no cost. We perform this service on a contingency basis. Many leases havean audit clause stating the landlord will pay the costs of the audit if a certain error threshold is passed. If you do not have such a clause in your lease, it is well worth considering for new leases! Lease costs should be audited annualy and can result in significant savings. Are any measurements stated in your lease correct? Have uplifts been correctly applied?Tennant improvements properly addressed. Let us review your costs at no risk to tour organization.
Landords make mistakes. They are also under pressure to maximize returns from properties in an increasingly competitive market. Leases are complex documents that require specialist auditors.
Many tenants are not fully aware otf their lease terms, rights obligations and dues. The monthly rent bill comes in, if the amount due appears reasonable it will be paid. The problem with lease payments is a small miscalculation can quickly domino into a large error.
Typical oversights fall into many areas,errors includie: Common area costs, square footage, contractual oversights, input and data, clerical mistakes, escalations, incorrect reference markers, tax errors, miscellaneous small line item bills, and even changes that are implemented at the wrong time or interval.Errors have a compunding and multiplicative effect. When findings are discovered we will calculate returns retrospectively, allowing the proper action to be taken and the error corrected.
The basis for lease audits is usually contingency. We are paid based on what we find, and there is no risk to you. However, some leases may contain language that makes contingency based auditing difficult. In such instances we can work on an hourly rate of fixed fee.
Our lease audits adress the following costs:
Many lease payments may be based on construction costs. Auspicium is a sought after leader and expert in construction audit. We can audit the construction and determine that a fair and equitable cost is passed onto you in your tenant payments. We will also work with you to determine that costs you are entitled to have been properly included in tenant allowances.
Request a copy of our lease audit white paper, email Stuart Gardner.