BNP Paribas Real Estate is acting as the fund monitor during the latest phase of construction and redevelopment on the iconic Battersea Power Station.
BNP Paribas Real Estate acted as the fund monitor for the redevelopment of Battersea Power Station, completing the technical due diligence and appraisal of the scheme during the fund’s purchase. We subsequently monitored progress through to practical completion and the end of the defects liability period.
The scale and complexity of the project was huge, with up to 3,000 operatives on site daily working for over 90 trade contractors . The development includes a 118 unit shopping centre, 500,000 sq ft office scheme let to Apple, leisure and food and beverage offering, 1000 capacity event space and 252 residential units.
Our role was far reaching and involved, highlighting the risks to the delivery of the scheme and the appropriateness of the mitigation measures in place. During the course of construction the developer had to contend with Brexit, Covid-19 and the energy crisis, which added to the risks of delivering a highly complex construction project within a listed building structure.
We acted as the technical “eyes and ears” for the fund and owners of the development, attending design and construction progress meetings and approving any changes.
For a construction project of this scale, we had to assimilate vast amounts of information to highlight the main risks and provide advice on the protection measures that should be put in place.
BNP Paribas Real Estate was ideally suited to the role, having worked on a scheme of a similar size delivered under the same procurement method. The team quickly established the risks posed and offered commercial advice on methods of mitigation to be adopted during the remainder of the project.
We have been subsequently appointed to appraise and monitor Phase 3B of the development, a 280,000 sq ft commercial office with retail space.
Ian Bragg, National Head of Building Consultancy
“We have been instructed to act as the fund monitor on the construction of this iconic mixed-use development, which will include Apple’s new European headquarters as well as the UK’s largest energy centre.“
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