The Client
CBRE is the world’s largest commercial property services and investment firm, advising more clients globally than any other commercial property adviser. CBRE works with occupiers, investors and developers of office, industrial and logistic, residential, retail and hotel property. The company provides a wide range of services including strategic advice, execution of property sales and lettings, property management, development, appraisal and valuation, research and consulting. In 2020, CBRE rose to number 128 on the Fortune 500 list, with annual revenues exceeding $21 billion.
The Challenge
Two Directors of CBRE were appointed as Receivers for a sizeable property portfolio, consisting of approximately 100 properties that required effective security management. The security contractor that they were using to provide Void Property Inspections (VPI), reports and resolving issues with the properties were not performing to the standards expected by the Receivers.
The Veritas Solution
Veritas were known to the Receivers as we had previously provided security, VPI, reports and problem resolution a number of their other Receivership properties, and they were very pleased with the service received. We were asked to provide costs, and rapidly provided CBRE with a very competitive quotation. CBRE subsequently engaged us as primary security contractors on the project.
The client was contracted to provide fortnightly VPIs that would ensure that the properties were insurance compliant and provide reports on the state of the properties - for example, whether they were drained down or contained any combustible material requiring removal. If any work was required to ensure insurance compliance, we notified CBRE immediately and actioned it.
The Result
The trust built up between Veritas and the Receivers at CBRE means that we still provide VPIs and additional contracted work for this portfolio today. The client has peace of mind knowing that the properties are safe, secure and fully insurance compliant, and also know that should any problems or issues arise with any of the properties, we will inform them and speedily resolve it. This has saved the Receivers not only a significant amount of time, but also money, as they have not needed to check up on the project or engage people to do additional work for them.
James Butler, Senior Surveyor from the Receivership Team said: “We’d already known of Veritas for a number of years, originally via word of mouth. We had given them a chance with a few properties and they always exceeded expectations, had been very professional and provided a friendly service; not just doing the job, but keeping in contact with us, and we enjoy working with them.
“It’s really useful to me having Veritas on board. What I want from a security provider is to be able to trust them, so when something happens it’s communicated to me and dealt with quickly and effectively. Having that trust with a contractor is of key importance to me as the Receivers could be held personally liable for any damages if their insurance cover was made void by a lack of security. I know with Veritas that any security problems are investigated quickly and that the solutions recommended are effective and competitively priced.”
