FRI (Single Let) Audit – New Service Launched by the S2 Partnership

30th August 2019

The S2 Partnership is pleased to announce the introduction of a new Full Repairing and Insuring (FRI) Lease Audit service.  Launched in response to clients’ requirements to maintain good visibility of a property in terms of asset protection, preservation of asset value and prevention of long-term property compliance issues, this audit will offer property owners peace of mind that their properties are being well looked after by their occupiers.

What does an FRI audit involve?

The FRI Audit is a full property inspection to establish how well safety issues are being managed by the occupier.  This will incorporate significant topics, such as asbestos, water hygiene and fire safety management where breaches could impact on value of the asset or have a negative impact on client reputation.

What are the benefits of completing an audit?

These audits provide key information for building owners/investors on how safety issues are being addressed, requirements for which typically form part of the lease. Above all, FRI Audits provide key visibility to clients on their whole portfolio, reassuring them that their assets are being appropriately managed and protected.

Following the FRI (Single Let) audit

A full report will be produced following each visit, detailing the observations identified during the audit, such as: how key safety management issues are being controlled by the occupier; whether any significant environmental issues exist; and the general physical condition of the building structure. S2’s market-leading online property risk management system, RiskWise, can be used to log the results from the audit, providing visibility to the owner-investor, agent or tenant.

Standalone industrial unit

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How can the S2 Partnership help?

The S2 Partnership’s dedicated team of consultants assist clients with the management of their health and safety risks on properties and portfolios. In addition, RiskWise provides all levels of detail from management information through to detailed due diligence and full audit trails, providing full visibility of information to stakeholders. For advice or assistance, contact our specialist team.