Monitoring a new build for healthy outcomes

The brief

A local health provider had plans to build a new medical centre that provided patients with even better standards of care. Lenders were willing to listen, but they required bank finance reporting from an independent third party, to make sure risks throughout the construction period were identified and mitigated. That’s where our Quantity Surveyors came in.

 

The solution

By completing comprehensive due diligence during the initial reporting phase – including review of documentation such as architectural plans, land survey, building contracts, project insurances and the construction programme – we were able to give both the risk-averse health provider and lender peace of mind that the project could be constructed within budget.

Our initial review found that a strong design and construction team was involved, which reduced the risk items to consider.

Once funding was approved, we visited the construction site on a monthly basis to monitor the value of work completed to date, and assess the payment the builder was entitled to. We also reviewed ongoing documentation such as the builder’s invoices, contract obligations, extension of time claims, ongoing consultants’ certificates, and boundary check surveys.

 

The outcome

Thanks to our estimating and monitoring expertise, the new medical centre was delivered on time and on budget, meaning patients could access the care they needed sooner rather than later. Our in-depth knowledge of the lender’s requirements helped the health provider navigate the financing process with ease. And our timely progress drawdown reporting ensured there were no cash flow issues throughout the project.

 

Location: Christchurch
Sector: Health
Services: Quantity surveying – bank finance reporting
Prendos contact: Rory Crosbie – Director | rory@prendos.co.nz