Hadlow Agricultural College is one of the top land-based colleges in the UK.  In April 2009, work began at Grove Farm to convert four existing farm buildings into quality student accommodation, providing a further 55 en-suite rooms just 3 miles from the main college campus.

The farm consists of a Victorian Oast House, two 1950s workers cottages and two portal frame outbuildings. The timeframe for the project was short so the Contractor Marpaul got to work immediately.
 
Appleyards was brought to the project through NatwestRBS to monitor and assess the financial viability of the scheme and the developer and bank to manage risks.

Our primary task is to protect our Client’s interest and although this involves monitoring the work of the project team, we build people’s trust in us so our involvement is in the team is valued. The result is clear, accurate reporting on the ‘health’ of each project in terms of risk to the client.

We acted as an initial point of contact, to manage funds and report on progress that may affect the funding scheme. As pro-active Project Monitors, we advised on risks and issues and also investigated them throughout the duration of the project.

Challenges/Achievements

When we were first involved, we carried out a health check on the project to get on board with the developer and define what is needed and why.

This advice has, in the past, included advising on the need for a CDM Co-ordinator, commenting on various conditions of contract and recommending when third party warranties should be obtained - to protect both the bank and the borrower. We carried out valuations with the borrower, so they understand what we are authorising as a drawdown and why. Nothing comes as a surprise. We act promptly, recognising the great importance of cash-flow to these small businesses. Our approach is geared around the fact the bank is our client but that borrower sees us as the ‘eyes and ears’ of the bank. We recognise and respect that we have a major impact on the perception of the borrowing and monitoring experience.

On this scheme, Marpual required very little advice and had all the information needed to make the funding process highly efficient and low risk. Students moved in to the accommodation for the start of the academic year in September 2009.