Project Turnaround, Workout and Recovery
Anser work directly for project funders, either monitoring the activities of the developer client and his team, auditing the project, supporting the developer on behalf of funders, or taking direct control of the project in the event of lender default to work-out to problems and restore as much value as possible to the asset.
Residential Development, Paddington
The circa £100m Project involved the construction of private residential apartment blocks of up to 10 storeys over a two storey basement carpark extending across much of the site. It also involved the design and construction of 3 large nurses homes.
After the principal developer went into receivership, and the main contractor pulled off site and determined the building contract, Anser’s directors were brought in to recover the project. Over a period of many months, the precise financial and technical status of the project was established, design work was re-commenced and a new contractor was procured. At the same time all necessary contracts were put in place.
Once arrangements were in hand to complete the project, we acted as project manager and contract administrator. We also provided support in legal actions against the original developer and contractor.