Project Recovery of a Hotel Conversion in Devon for a Major Development Funder
This project was initiated 2 years ago with the developer intending to turn the old hotel into 10 apartments with a spa room on the ground floor.
It became apparent into the conversion that there were a lot of unforeseen elements to this project in the old fabric of the building which had not been allowed for in the contract sum analysis or contingency. The bank worked with the developer until it became obvious that the developer was out of his depth thus the bank called on Building Solutions (EU) Ltd to assist.
We put a team in for one month to remove floors and walls to assess to required works then built up a cost estimate to complete the works thus giving the bank some cost certainty to completion. The bank then contracted BSEU to complete the project. The works are now well underway with a completion date of December 2021.