Environmental Transaction Services
Environmental Due Diligence and Flood Risk Appraisal
Delta-Simons’ provided environmental due diligence and flood risk assessment support to Realstar Group as part of their investment in the long leasehold of two private rented sector (PRS) residential buildings within the first phase of the East Wick and Sweetwater development in the Queen Elizabeth Olympic Park.
The buildings form part of Phase 1 of the multi-phased development to regenerate the former site of the 2012 Olympic Games.
The objective of Delta-Simons’ assessment was to provide Realstar with advice on the potential for contaminated land and flood risk issues to impact on the transaction and provide pragmatic recommendations for reduction in risk, if necessary. The East End of London has an industrial legacy and had been subject to a significant degree of remediation both before and after the Olympic Games.
Scope of Works
Delta-Simons carried out the following scope of works within a timeframe of less than two weeks:
- Review of publicly available and regulatory information including site setting, geological and hydrogeological mapping, site history, planning history and industrial land uses.
- Review of historical contaminated land investigations and remediation measures implemented both before the Olympic Games and their retention after 2012. This included review of a significant number of documents within a short timeframe.
- Assess flood risk from all sources (tidal, fluvial, surface water, groundwater and artificial sources) using best available information, including a review of EA data and mapping, topography, historical records and relevant third party sources.
- Advise on the availability of flood warnings, potential evacuation routes, flood mitigation measures/ recommendations and residual risks.
Outcomes / Client Benefit
The Client successfully acquired the long leasehold of the buildings with full knowledge of the potential risks from contaminated land and flood risk.
The Client was able to obtain the relevant securities and reliance on reports relating to previous contaminated land and remediation measures carried out as part of the East Wick and Sweetwater development scheme.