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Bank Fund Monitoring Projects

With both Government and local councils striving to keep up with high demands for housing, our Building Surveying team have been appointed as Bank Fund Monitoring agents on several new housing development projects across the South.

Gordon Colbourne has been overseeing a series of developments by a Burridge based company.  The 4 new housing projects are underway in Chidham, Warsash, Sholing and New Milton on both brownfield and greenfield sites. One was a former builder’s depot, another a car sales plot, another a back garden.  The developments vary in size from 5 to 8 units and include a mix of flats, semi and detached houses, appealing across all most budgets.

We were appointed by the property developer’s bank to monitor the development sites. The process involved an initial valuation by our Commercial Valuations team and then Gordon undertook the construction monitoring process.

Initially he had to investigate and compile a report for the lending institution covering the following:

  • ensuring all statutory consents are in place – Planning, Building Regulations and Party Wall
  • assess customers projected build costs
  • review Specifications and Construction Drawings
  • ensure the Programme is suitable
  • the correct insurance is in place
  • the correct contracts are in place
  • CDM Health & Safety regulations are in place
  • the entire project team is capable of carry out the construction project.

The report highlights any shortfalls that need to be addressed or finalised.

During the construction phase every time the developer needed to draw down funds, Gordon carried out monitoring to make sure the current phase was completed to the required standards and gave the green light to the lending intuition to release the funds for the next phase of the project.

This series of development started in June 2018 and they are on track to be completed by July 2019.  The development company have already got their next projects lined up and we hope to be instructed once again as the Bank fund monitoring agents.