Are you looking to purchase or develop commercial property? There are some things you should know before you buy. Having an Environmental Site Assessment is a necessary part of making a large property investment.
If you are working with a financial institution, real estate, or funding bodies, a Phase I Environmental Site Assessment (ESA) is almost always required so all parties involved are aware of the potential risks. Knowing the environmental state of a property prior to completing a real estate transaction can help you save a significant amount of time and money. You wouldn’t buy a used car without knowing its history; similarly, it would be unwise to take the risk with your property investments. A Phase I ESA, conducted by a qualified person, is a historical document review and on-site visual inspection that provides details on whether there is a risk of contamination at the site. When Cambium conducts a Phase I Site Assessment (http://www.cambium-inc.com/environmental-site-assessments.php), we look at the historical activity and use of the site. While completing the site inspection we examine all areas and surrounding properties to identify environmental concerns such as underground and above-ground storage tanks. A final report will outline our findings and note if there is a concern for potential contamination – in which case the recommendation is to follow up with a Phase II ESA.
If you reach the point where a Phase II ESA is recommended – this is where an intrusive investigation takes place. In short, we go below the surface to take groundwater and soil samples. It’s one thing to know about the potential of contamination and another to confirm the contamination and its extent. During Phase II, our team would drill for soil samples and install monitoring wells to collect groundwater samples – all of which are forwarded to a certified testing lab to confirm the results. The final results of a Phase II ESA will define the nature and extent of any contamination and/or hazardous materials present at the site. Cambium’s team provides a thorough report which includes projected expenses on the remediation of the site. This report also provides a cost outline for how the remediation will affect your property value
Looking to learn more about Environmental Site Assessments?
ESAs are one of Cambium’s primary areas of expertise. We have worked with many financial institutions, commercial realtors, and private businesses throughout Peterborough, Barrie, Kingston, and central Ontario completing Phase I and II Environmental Site Assessments (ESA) and Records of Site Condition (RSC). Give us a call or email Brad Sawdon, Bernie Taylor or David Mably on our team if you have any questions, need advice or would like a quote for our services.