VAS Group

VAS set to double project monitoring work in 2022

VAS Panel and VAS Audit’s project monitoring divisions have announced plans to each double operations in 2022, after completing 165 instructions with a combined value of over £350m last year.

Notable projects for VAS Panel included monitoring works for a £19m GDV conversion of a vacant office block to 115 apartments in Manchester, and a central London mews house renovation with a GDV of £10m.

Meanwhile, VAS Audit — which launched its dedicated 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 one commercial project in Surrey.

The project monitoring services of VAS Panel and VAS Audit are designed for both land and buildings, ranging from a simple new build property to a multi-phase site, and can be fine-tuned to meet the demands of any lenders and brokers.

Stephen Todd, CCO and co-founder of VAS Group (pictured above), 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.”

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