DEVELOPMENT MONITORING
Large construction projects invariably call for substantial budgets that often call for the involvement of a funder. Since funding will commence before construction even begins, these projects can represent a significant risk to banks or other lenders so many will appoint an independent monitoring surveyor (IMS) to protect their financial interest in the scheme.
Trinity Rose Chartered Surveyors offers a dedicated development monitoring surveying service for funders, acting as their eyes and ears from pre-construction stage through to final completion when the final sum will be released to the developer and the project handed over to the client.
If you would like to talk to a team of Development Monitoring experts about a project that requires funding and specialist protection, please contact us.
Appoint a Development Monitoring surveying team to protect your funding interests
Lenders are often subject to extraordinarily high risks, which are dependent on the success of a development scheme – appointing an independent development monitoring specialist to oversee the project will not only help to mitigate risk, but ensure it remains on track, on budget and remains fully compliant with standards and the lending client’s proposals.
Trinity Rose Chartered Surveyors’ Development Monitoring service begins before construction with an initial report that covers due diligence, planning permissions, building regulations approvals, warranties and insurances, and a detailed review of proposed construction costs. This staged process is reviewed on an ongoing basis throughout the construction process as we continually check compliance with the scheme’s original proposals, conduct programme and change management and cashflow reviews.
Our interim reports provide all the evidence funders need to allay or uncover concerns – these reports are usually used to sanction the staged drawdowns for funds to the borrower. Our final inspection will address all remaining issues, including variations, permissions and approvals so that final handover of the project can take place.
Contact us to discuss a project that calls for the services of a trusted team of development monitoring and surveying specialists to give you the reassurance your funds are being utilised as they should be.
Benefits of this service
- Experienced development monitoring service for development funders
- Skilled construction costs analysis
- Construction project knowledge enables us to manage a funder’s exposure to risk
Areas we cover
We offer Development Monitoring Services in Hampshire, Dorset and Surrey, including Alresford, Alton, Bournemouth, Basingstoke, Brockenhurst, Bishops Waltham, Chandlers Ford, Chichester, Christchurch, Fordingbridge, Farnham, Lymington, Lyndhurst, Park Gate, Portsmouth, Poole, Parkstone, Petersfield, Ringwood, Romsey, Southampton, Salisbury, Winchester, Verwood, The New Forest and Wimborne and the surrounding areas.
FAQs
What is Commercial Development Monitoring?
Commercial Development Monitoring is a specialised service where independent monitoring surveyors (IMS) oversee construction projects on behalf of funders, banks and other lenders, from pre-construction to completion.
Why is Development Monitoring important?
Development Monitoring is a risk management tool for lenders who have invested in development projects but do not have any control over them. It aims to mitigate potential financial risks by ensuring that projects remain on track, on budget and compliant with required standards.
What does a Development Monitoring report typically include?
The initial Development Monitoring report will cover due diligence, warranties and insurances, planning permissions, building regulations approvals and a detailed review of proposed construction costs. The interim Development Monitoring reports, which are conducted during the build, collect all the evidence the funders need to uncover or allay any concerns, while the final inspection is for addressing all remaining issues before the final handover of the project.
Who conducts Development Monitoring?
Development Monitoring is conducted by the funders of the project, such as banks or other lenders. They typically appoint an independent monitoring surveyor (IMS) specialising in this field.
How often are monitoring visits conducted?
Surveyors typically visit the site once a month, though the frequency of visits can be adjusted based on the lender’s requirements.
What are the key aspects assessed during monitoring?
During their visits, surveyors will evaluate aspects such as cost management, technical compliance, design and construction quality, safety compliance, and the progress of the project against the programme. They will continuously check that the project complies with the original scheme’s proposals and cashflow reviews.
What happens if issues are identified during monitoring?
Any issues identified during monitoring are documented by the surveyor in detailed interim reports. These reports are usually used to approve the release of money in stages to the borrower. Before the final handover of the project can take place, the surveyor will evaluate whether all remaining issues have been corrected, including variations, permissions and approvals.
How does Development Monitoring benefit investors?
Development Monitoring protects investors’ financial interests by overseeing the project from pre-construction to completion. It helps mitigate significant risks and ensures that the construction project remains on track, on budget, and fully compliant with relevant standards.
Can Development Monitoring help with regulatory compliance?
Yes, Development Monitoring plays an important role in ensuring projects comply with all necessary regulations and standards. It oversees adherence to planning permissions, building regulations, health and safety regulations, and other statutory obligations.
What should developers expect from a monitoring service?
Developers can expect regular site inspections and detailed assessments conducted by an independent monitoring surveyor throughout the project. Professional monitoring teams will maintain clear communication with the funder and development team and collaborate to address any issues that arise during the build.
OUR BOOKABLE SERVICES
FAQs
What’s included in a commercial property management service?
Trinity Rose Chartered Surveyors Property Management services are tailored to suit each client and extend from basic landlord services to sophisticated programmes for more complex commercial estates. You can discover more about what’s included here.
What are the main benefits of an acquisition survey?
An acquisition survey will help you avoid any unexpected issues and costs that may appear in the future and give you greater power to negotiate a better deal on your new commercial property. You can find out more about what’s involved in a Trinity Rose Chartered Surveyors acquisition survey here.
Whose responsibility is it to conduct a Schedule of Condition?
It is usually the landlord that agrees to allow a Schedule of Condition to be incorporated into a commercial lease but, as the beneficiary, it is usually the tenant that arranges for the Schedule of Condition to be prepared. The document is then assessed by the landlord for agreement before incorporation into the lease. Trinity Rose Chartered Surveyors acts for both landlords and tenants in the production and review of Schedules of Condition. It helps to protect the condition of the landlord’s property and is a safeguard against dilapidations claims for the tenant. Read more about what this service entails here.
How can you avoid a dilapidations claim at the end of a commercial lease?
Trinity Rose Chartered Surveyors recommend that dilapidations is a key point of consideration for both landlords and tenants from the commencement of a new commercial lease – this way we can help our clients negotiate the most favourable terms and manage their liability. Read about our dilapidations services here.
How often should you conduct a rent review for a commercial property?
A rent review should take place according to the terms of the commercial lease although, typically, rent reviews take place at five to 10-year intervals. You can read more about Trinity Rose Chartered Surveyors’ rent review service here.
When should you carry out an IRV assessment?
We recommend that building owners, landlords and tenants who are responsible for insuring commercial premises carry out regular IRV assessments, ideally every three years, to ensure reinstatement values remain accurate. Read more about our IRV Assessment service here.
Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 01962 880426
Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 01962 888900
Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 02382 002500
