With the IDU now certified by the Independent Assessor as practically complete, I thought now would be a good time to update you on where we currently stand.
Starting with the IDU, whilst it has been certified as practically complete, those tenants moving into the IDU will not do so before February 2018. This 3 month delay is likely to have a knock on effect for Phase 1 Tenants.
The CGMA is due to give vacant possession to the developer on 24 August 2018. However, it is thought that this is likely to be delayed by possibly 5 months and may be as late as the first quarter of 2019. It seems likely that you may therefore need to enter into extension leases for your current units to allow for the delay and we will deal with these if needed. As with previous extension leases, it is expected that the CGMA/the developer will settle our costs for dealing with these leases and we would certainly push for this to be agreed.
Once the new units have been completed, you will have a 16 week period in which to fit these out and move your equipment etc. across. It is proposed that the date of access will be the date of practical completion to enable you/your contractors to do these fit out works.
Currently, there are a number of issues concerning the layout of the new units to comply with fire safety measures and David Blakemore of Cushman & Wakefield is instructed by the CGTA to deal directly with the CGMA regarding these. It is understood that a fire corridor is needed down the middle of each block with doors inset in each unit to enable them to open out into to corridor without obstructing access. This has the benefit of keeping the space reserved for the fire corridor to a minimum but does change each unit’s layout.
We will await an update from either David Blakemore or the CGMA regarding this. We continue to follow up with Reed Smith for updates on the documentation . It seems likely that the layout changes and the CGMA’s discussions with the developer will need to be finalised before we hear further