News - Wakemans Takes Further Monitoring Role For RBS

The Royal Bank of Scotland (RBS) has appointed national property consultancy Wakemans to take on a key monitoring role for an industrial development near Doncaster. 

Wakemans has fulfilled this specialised role before – and is increasingly being appointed by the major banks and financial institutions to monitor projects so as to minimise the risk involved and protect their investment interests.

Stoford Developments is building two speculative units, totalling 240,000 sq ft, at Capitol Park, Omega Boulevard in Thorne, near Doncaster.  The 13-acre site is adjacent to junction 6 of the M18 and the highly successful Omega Plc.  The units are being developed for PRUPIM.

Works will incorporate car parking, integrated natural landscaping, ditch culverting works and the diversion of a public footpath, while the buildings will benefit from energy efficient and motion sensor lighting.  The Contractor started on site in 23 June 2008, with completion scheduled for 16 January 2009.

Wakemans will help establish that the borrower is complying both with the terms set out by the RBS and all statutory legislation before any drawing down of the lending facility is permitted by preparing a detailed report that considers key factors such as the building and statutory applications and permissions and comments on the overall development appraisal.  The report will also show whether the architect’s plans and specifications are consistent with the planning permission and provide a check on the terms of the consultants’ appointments, insurance and warranties.

With construction underway, Wakemans are making regular site visits to review time, cost and quality issues.  Keeping a check on progress in this way ensures the lender is aware of any deviations or changes to the programme.   

“The finance aspect of this kind of job carries the most responsibility so we will be reviewing cashflow on a monthly basis, checking that the project stays on budget and advising on the implications of any potential overspend,” says Wakemans managing director John Woodhall.

Most recently, Wakemans has advised RBS on a £1.2 million 18-apartment scheme in Heath Hayes, Staffordshire, and a £1.1m joint venture project to build 11 three- and four-bedroom homes in Rolleston.  The firm also monitored the construction of a £1 million residential scheme at two sites in Tewkesbury on behalf of the Bank of Ireland.