Project Monitoring is defined in the RICS Guidance note as:
‘Protecting the Client’s interests by identifying and advising on the risks associated with acquiring an interest in a development, that is not under the Client’s direct control.
Project Monitoring is carried out on behalf of a range of alternative Client types including:
- Funding institutions, which will acquire the scheme as an investment upon completion
- Tenants or purchasers who enter a commitment to lease or purchase a property upon completion
- Banks or other development finance companies, where a loan matures at the end of the development period
- Grant funders
- Private finance initiative funders and end users
- Funding institutions, which will acquire the scheme as an investment upon completion.
Although the risk profile of each Client group differs, in each case the development will be designed, constructed, and supervised by a Developer who will employ a design and construction team. The appointment of a Project Monitor does not replace any of these primary functions but protects the Client’s interests by monitoring the performance of the Developer and its team.
The Project Monitor’s role is one of investigator and advisor to the Client. The Project Monitor is not there as a project manager and does not take away any of the responsibilities of the Developer or the design and construction team. The Project Monitor is there to advise the Client on the risks associated with a development and protect the Client’s interests in the development as it proceeds.
When acting as Project Monitor, we aim to be proactive rather than reactive and act as an early warning system for the Client, by anticipating potential risk which may affect the delivery of the project. We pride ourselves in our approach to Project Monitoring, acting as the funders ‘eyes and ears’ on site, ensuring the right exit is maintained.