Daniel Connal Partnership Services -Project Monitoring

danielconnal. co.uk PROJECT: Barclay Court Gardens, Cromer Daniel Connal Partnership was appointed as Monitoring Surveyor by the finance provider on this project in Cromer to deliver 12 apartments with underground communal garaging, across two residential blocks, constructed as the first phase of a 68 apartment residential retirement development. This first phase also included the access road and infrastructure for the entire development. The borrower was an experienced developer with a track record of delivering retirement villages in North Norfolk. As the project progressed, the developer was very conscious that the specification of phase 1 was going to set the sales value of the flats for the rest of the scheme. They decided to respecify the project to increase the size and specification of the units resulting in a GDV growth of over £700,000 for the 12 units, for an increased cost of over £400,000. There were a large number of pre - commencement and pre - occupation planning conditions attached to the project. So, in addition to our regular monthly inspections and valuations to facilitate drawdowns against the finance agreement, we also monitored satisfaction of these planning conditions to ensure the scheme remained compliant. DCP was able to add value to the project by working with the developer to re - evaluate the cost plan following a change in the proposed method of construction and the upgrade in the specification. The revised cost plan in turn gave the funder the confidence to release further funds to improve the profitability of the scheme. CLIENT: RQ Capital SERVICES PROVIDED: Project Monitoring CONTRACT VALUE: £2.5m