The Residence, Windsor

Instruction Synopsis

The Residence is a conversion of a former private hospital into luxury apartments, duplex flats and houses.

Following a slow start to the development due to difficulties with the original partnering contractor, Propitas were commissioned by Mitre Capital Partners to report upon the proposed development, the team structure and associated project costs.

This led to us providing project monitoring services over the course of 24 months, while the project was restructured and retendered.

Unfortunately, problems with the developer and an associated lack of site progress led to Propitas recommending to the bank that they exercise their step-in rights and directly manage the remainder of the development.

We subsequently acted as Project Managers and developed a detailed cost plan based upon a Construction Management approach to the remaining works. The completed development was finished to an extremely high standard and achieved a record sale value within Windsor.

The total project value was circa £20m.

How we Added Value

This challenging development demonstrated that we are not afraid of making difficult recommendations to our clients, in spite of the challenges that can arise as a result.

When it became clear that the best interests of our client were no longer being served by the developer, we arranged for their step-in rights to be exercised and then took control of the development with immediate effect.

In the wrong circumstances, a project monitoring role can quickly turn into a project management role for Propitas and in this case, we were pleased to salvage this difficult project from further delay and excessive expenditure.

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