Telford Development Monitoring
Record Associates are a firm of Chartered Building Surveyors and Project Managers with offices in Telford and Shrewsbury who, alongside their project management commissions, have undertaken development Monitoring and due diligence commissions across Shropshire, Wales, the West Midlands and further afield.
Successful development monitoring relies on experienced Chartered Surveyors 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, funds, owners and occupiers including retail warehousing, industrial units, offices, leisure centres, schools and health centres.
The scope of the development monitoring role typically falls into two distinct phases:
- Pre-Contract Development Monitoring or Due Diligence (before legal agreements are signed)
- Post Contract Development Monitoring (once legal agreements are signed)
Let us deal with each of these phases in turn.
Pre-Contract Due Diligence
The first phase of the development monitoring process covers the period leading up to exchange of contracts and includes a legal, technical and financial review of the core documentation to ensure that it is fit for purpose for the proposed transaction. This phase typically includes:
- Review of legal documentation (with lawyers) including the development agreement and construction contract to check legal drafting around scope of works, roles and responsibilities, payments, valuations, completion, compensation events, access, insurance, warranties and the orders of precedence between the documents is adequate;
- Review of the project team, their experience, roles and responsibilities, the 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
- Preparation of report ‘signing off’ documentation.
Post Contract Development Monitoring
Having completed phase 1 and exchanged contracts the development monitoring phase commences. Typically this includes:-
- Fortnightly site visits to
- Review progress;
- Review workmanship and compliance with the documentation;
- Attend monthly project meetings;
- Assist where possible with the resolution of any issues;
- Verifying the accuracy of valuations / certification prior to payment;
- Sign off the completed development; and
- Provision of monthly ‘highlight reports’.
Why Choose Record Associates?
We firmly believe that our services offer excellent value for money for the following reasons:
- All commissions are Director led with over 15 yrs experience in practice
- We provide a personal approach focused on providing assurance & guidance to clients
- Success lies not just in identifying important issues but being involved in their active resolution
- We understand the need for a fast turnaround so the due diligence process doesn’t hold up any key decision making or the development programme
- All our reports are written in Plain English with concise Key Issues Summaries focusing in on the principal elements with pragmatic advice on way forward
- Up to £2m Professional Indemnity Insurance
- Competitive pricing
Please visit our Track Records for details on some of the commissions we have undertaken.
The full range of services offered by Record Associates are detailed below:
- Building Surveys
- Condition Surveys & Schedules of Condition
- Planned Preventative Maintenance
- Defects Diagnosis & Repair
- Dilapidations Consultancy
- Architectural Design
- Due Diligence & Assurance
- Development Monitoring
- Technical Advice
- Project & Programme Management
- Contract Administration / Employers Agent
- Strategic Property Advice
If you would like to discuss your situation, Ask the Expert about a specific enquiry or obtain a quotation then please Contact Us and we would be delighted to assist.