Securing investment for your construction project

How can a project manager help?

If your project is reliant on securing external investment, appointing a robust project manager can add weight to your business case and help sway investors in your favour. 

In this article, we take an overview of the process of feasibility studies and consider why an early appointment of a project manager can help with securing investment for your construction project and yield better outcomes in the long run.

Feasibility studies

Feasibility studies are commonly undertaken for very large or complex projects. However, they may also be undertaken if there is any doubt or concern regarding the likelihood of securing the necessary planning consents for the proposed site or equally to test the budget at this early stage.

Feasibility studies are particularly useful if the project is extremely time sensitive or if there is a risk that planning permission may not be granted.  For example, if there is any doubt that the proposed site is suitable for the development, or if the project is in any way controversial, you can apply for outline planning permission before fully committing to a full design. 

In addition to assessing site-based questions, the feasibility study examines the ability to fully achieve your goals and objectives. This means you will need to have a sufficiently developed business case and strategic brief in place for your consultant team to work from. 

Appointing the consultant team

If you have developed an initial brief and business case, the next step is appointing a consultant team. Your consultant team will bring key skills and areas of expertise together and, collaboratively, collate sufficient pre-construction information for you to proceed to a feasibility study. This team is likely to comprise the architect, relevant surveyors, principal designer, cost consultant and other specialist consultants as appropriate for your project, including the project manager.

Typically the architect, or lead designer, coordinates this phase which includes:

• Initial outline design options.
• Specialist site survey information.
• Principal designer risk assessments for CDM regulation compliance.
• Consultation with statutory authorities and the local authority (possibly outline planning permission).
• Cost consultant’s initial cost estimate.

If an Environmental Impact Assessment (EIA) is required for your project, this would also typically be required at this stage.

How can a project manager help?

As mentioned at the start of this article, if your project is reliant on securing external investment, the outcome of the feasibility study will be of great interest to potential investors. 

Whilst you can appoint your project manager at a later stage, doing so earlier in the project process can pay dividends in the long run. 

Your project manager is specifically appointed to act on your behalf and, as such, during the feasibility stage, they will provide robust challenge of all aspects to ensure that your project gets off to the strongest start. Your project manager will be in post to advise you on the pros and cons of the options appraisal, to help you develop a comprehensive set of Employer’s Requirements, and provide early challenge on any matters related to design, cost and quality decisions. In doing so, your project is less likely to run into delays later in the project.

This additional layer of challenge provides assurance to external investors that your project is being well managed and their investment is protected from the outset.

How can Evolution5 help you?

Our award-winning team is experienced in supporting clients across London and the South East from the feasibility stage through to project completion. If you’d like to find out more about how we can help with securing investment for your construction project with robust project management services get in touch for a complimentary initial consultation.

Evolution5 is a professional consultancy offering project management, quantity surveying, principal designer, employer’s agent, and contract administration services for projects across London and the South East.

If you have a construction project and would like to explore how the team can help you, click the button below or call 023 8040 5073.