Case Study 2 - Due Diligence

Scope of Instruction:

Development/Fund Monitoring

Client:

Warner Estate Holdings Plc/
Anglo Irish Bank Corporation Plc

Property:

Bouverie Place, Folkestone

Summary:

The site comprised largely open street level parking with some redundant buildings and had been identified for development for some time subject to obtaining all necessary site acquisitions to enable the full scheme. The completed project will provide some 200,000 square feet, including an Asda store at first floor level with public parking above, High Street multiples within the covered mall element in addition to a residential block and medical practice.

The development monitoring role included due diligence reporting on all pre-agreement documentation incorporating mechanical/electrical engineers, structural engineers and cost consultants all of whom were managed through Workman. The subsequent site phase has involved site meetings, with formal monthly reports to the joint funders including authorising the draw-down applications for all development costs.