The project consisted of 83no. apartments and a retail development, where 30% of the construction was complete. The development company was in receivership and a contract was in place with a main contractor to complete the development.
The Receiver initially instructed McCarthy & Associates to appraise the current project status and report on the potential construction, statutory compliance and cost risks associated with the completion of the project.
In the course of the review, we identified that the projected cost of completion had been significantly understated and that there was a number of risks associated with planning compliance, which had not been previously identified.
McCarthy & Associates assisted the receiver in his negotiations with the main contractor and design team to complete the works and attained significant cost savings in the process. Prior to recommencement of the project, the main contractor was placed in liquidation and the project was put on hold.
McCarthy & Associates continue to assist the Receiver on this project and were successful in attaining an extension of time on the planning permission for the development. We are currently working with original sub-contractors on retention of title negotiations and removal of material from site.