VAS Panel and VAS Audit’s Project Monitoring services completed 165 instructions with a combined value of over £350m in 2021, with each division planning to double operations in 2022.
Projects for VAS Panel included panel managing monitoring works for a conversion of a vacant office block to 115 apartments in Manchester with a GDV of £19m and a central London mews house renovation with a GDV of £10m.
The VAS Panel offering finds shortlisted existing project monitoring panel members from its database who operate internal Building Consultancy Departments and can offer initial and interim project monitoring reports, improving speed and quality of all documentation.
VAS Audit, which launched its dedicated Project Monitoring Audit Service in June 2021, delivered Development Appraisals and Project Monitoring Audits across the country with an average GDV of £2.5m.
Three cases were over £21m each in size comprising two residential developments in central London and Bristol and on commerecial project in Surrey.
The review service enables residential, commercial and development finance lenders to audit project monitoring reports prior to releasing funds. It offers an independent review of both initial and interim reports.
The Project Monitoring services of VAS Panel and VAS Audit have been designed for both land and buildings, ranging from a simple new build property to a conversion all the way through to a multi-phase site.
Stephen Todd, chief commercial officer and co-founder of VAS Group, said: “2021 was a landmark year for our Project Monitoring divisions, whereby we have reached a level of work that clearly shows we are trusted by lenders to support their development portfolios.
“As property development undoubtedly grows further in 2022 our hand-picked selection of nationwide monitoring surveying firms on VAS Panel will be able to assist in monitoring all development sectors and sizes.
“VAS Audit in particular will safeguard clients through independent auditing to provide greater confidence in their own monitoring reports in a sector that is undoubtedly higher risk, especially with increasing costs of materials, providing an additional layer of security to support underwriting and credit decisions.”
