MONITORING ROLE HERALDS MORE GROWTH FOR WAKEMANS
National property and construction consultancy Wakemans has successfully completed its role as bank monitor on a new £5million care home at Worcester, boosting its workload in the health care sector and building on its expertise as a client representative for investors.
Wakemans had been appointed by Lloyds Bank on this 12-month project which was handed over a month early by specialist care developer, Castleoak, last month, to Barchester Healthcare, one of the biggest independent care operators in the UK. The project was funded by CarePlaces, the care home fund which is managed by Bridges Ventures in conjunction with the Fund’s development partner, Castleoak, and which is currently undertaking a programme of nine care home developments with over 600 beds.
The role of the bank monitor is to monitor the delivery of the project to ensure that it is delivered in accordance with the parameters set out within the contract.
Andrew Hancock, associate director at Wakemans says, “Funding bodies have always sought to protect their investments by placing a trusted and experienced advisor that is able look after their interests. The current economic climate has highlighted the need to monitor progress on site and be aware of any issues that impact on their investment.”
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