Record Associates are a firm of Chartered Building Surveyors and Project Managers with offices in Shrewsbury and Telford who have undertaken development Monitoring commissions across Shropshire, Wales, the West Midlands and further afield.
Successful development monitoring relies on experienced Chartered Building Surveyors and Project Managers who have a broad knowledge of the legal, technical and financial issues associated with the property development process.
Our objective is to ensure a development meets the clients expectations in terms of the cost, quality and programme requirements set out in the respective legal agreements but it also includes first setting robust benchmarks against which the development can be measured, advising on risks, and if necessary proactively tackling any issues which arise.
We have many years of experience of development monitoring on behalf of banks (RBS, HBOS etc.), funds (SEPUT, Clerical Medical etc.), owners and occupiers including retail warehousing, industrial units, offices, leisure centres, schools and health centres.
Development Monitoring is typically split into two phases:-
- Pre-Contract Development Monitoring or Due Diligence (before legal agreements are signed)
- Post Contract Development Monitoring (once legal agreements are signed)
Each phase typically incorporates the following activities:-
Pre-Contract Due Diligence
The first phase of development monitoring covers the period leading up to exchange of contracts and includes a legal, technical and financial review of the documentation to ensure that it is fit for purpose for the proposed transaction. This phase typically includes:
- Review of legal documentation (with lawyers) including project agreement | development agreement | construction contract to check legal drafting around scope of works, roles and responsibilities, payments, valuations, completion, compensation events, access, insurance, warranties and orders of precedence between the documents is adequate;
- Review of project team, roles and responsibilities, design interfaces and appointments;
- Review of employers requirements | output specification | developers proposals | contractors proposals to check that the designs and specification are adequately detailed and there are no conflicts, errors or ambiguities with the documentation;
- Review and benchmarking of delivery programme to ensure there is adequate time to complete the development;
- Review and benchmarking of costs to confirm that there are adequate funds for the development and best value for money is being acheived; and Preparation of report ‘signing off’ documentation.
Post Contract Development Monitoring
Having undertaken the initial due diligence and exchanged contracts then the development monitoring phase commences. Typically this includes:-
- Monthly / fortnightly site visits to
- Review progress against the agreed programme;
- Review workmanship and compliance with the documentation;
- Review QA procedures;
- Attend monthly project meetings;
- Assist where possible with the resolution of any issues;
- Verifying the accuracy of valuations / certification prior to payment;
- Review completion documentation and sign off the completed development; and
- Provision of ‘highlight reports’.
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