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Last edited 23 Nov 2020
Built to suit
Built-to-suit is a property term that describes a scenario in which a developer (or building owner) provides a building that is built (or refurbished) to a tenant’s exact specification. The developer finances the project and is responsible for its design, construction and completion. The developer retains ownership once the land and the building(s) are leased to the tenant.
Built-to-suit properties can range from single units to multi-building facilities. Agreements are usually made between the developer and a single tenant, although more than one tenant may be involved.
- A development or construction agreement, the result of a request for proposal (RFP) process, which defines the relationship between the landlord and tenant from the design through construction of the building, and
- A lease agreement which stipulates the terms of the occupancy post-construction. In some cases, the provisions regarding the construction of the building are included in the lease itself or captured in an accompanying ‘work letter’.
 Further information
For more detailed information, see ‘Laying the Foundation for a Build-to-Suit Lease’, by Savvas Kotsopoulos of Miller Thomson. https://www.millerthomson.com/en/publications/communiques-and-updates/leasing-times/december-3-2012/laying-the-foundation-for-a-build-to-suit/
 Related articles on Designing Buildings Wiki
- Break clauses in leases.
- Build to rent.
- Development appraisal.
- Feasibility studies for construction projects.
- Funding options.
- Funding prospectus.
- Ground rent.
- Landlord and Tenant Act.
- Lease Negotiations - Tenants Checklist.
- Property development finance.
- Rent to buy.
- Speculative construction.
- Statutory declaration excluding security of tenure.
- Types of development.
- Vacant possession.
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