Project Monitoring

Normally we provide Project Monitoring services to the following types of Clients:

• A funding institution, which will acquire the scheme as an investment upon completion
• A tenant or purchaser who enters into a commitment to lease or purchase a property upon completion
• A bank or other development finance company where a loan matures at the end of the development period
• Grant funders
• Private finance initiative funders and end-users

Aston’s experienced Project Monitoring team will typically provide the following comprehensive services:

• Monitor performance of the Developer and its team
• Advise the Client on the risks associated with a development
• Protect the Client’s interests in the development as it proceeds
• Provide independent and impartial assessment of the project and in doing so give the Client a managing tool for risk and for protecting his or her interests objectively
• By being proactive and providing accurate and timely advice the Project Monitor can improve the Client’s decision-making competency
• Facilitate informed and improved decision making

We will advise in an impartial and unbiased manner on land and property acquisition matters and statutory consents; competency of the Developer, its team and any proposed project management systems; financial appraisals; development, finance, consultancy, and construction agreements; construction costs and programs; design and construction quality.

Typical risks that can be mitigated include:

• A low level of detailing in the tender drawings exposes the stakeholders to the risks of cost overruns and project delays
• Contracts with developers, JV partners, consultants, and contractors may expose the financier to unnecessary risks
• The developer may extract their profit before the project completion thus tremendously increasing risks for the financier
• Construction methods may be compromised thus significantly reducing the expected lifespan of the building and increasing the maintenance costs
• Architect/Project Manager/Developer may take shortcuts to offset unexpected cost overruns thus reducing the value in use of the project

Acquiring an interest in development at any time before completion, whether at the schematic design stage or once construction has commenced, entails risk. The agreement between the Client and the Developer will seek to apportion this. When appointed at an early stage in the development the Project Monitor may be able to contribute to the smooth running of the development and promote a close working relationship between the Client and the Developer. By contrast, when appointed later in the development, the Project Monitor may have a more limited impact and maybe less well received by the Developer and its team.