Over a hundred years later a developer in the 1980s saw the opportunity and extended the buildings footprint significantly to house 16 apartments and under croft car park. The eye catching 1,600 square meter development’s last declared value was close to expiration and EK RCAs was brought in over the spring of 2021 to carry out a full elemental reinstatement cost assessment.
The assessment comprised of a full survey of all four internal levels across both stair cores, under croft car park and externals. After carefully breaking down the building elements we were able to calculate a net build rate of £2,274.91/m2. After including VAT the declared value was just over £3.8 million, which equates to approximately £240,000 per unit. There were several significant factors we had to consider in our calculations. Firstly, the eastern section upper levels step out from ground floor footprint, increasing the gross internal area with each floor. This gradual increase needed to be determined in order to calculate the buildings Gross Internal Floor Area accurately. Secondly, our desk study indicated the property was within a conservation area, which would lead to stricter local authority requirements and an increased overall build rate. Site access and proximity to the river were also carefully considered.
EK RCAs offers its clients a fully comprehensive breakdown of the properties declared value figure. In this example the individual rebuild costs are calculated for the residential block, car park and externals. For larger multiple block or mixed use developments we will produce a reinstatement figure for each block or commercial unit individually. This service keeps our clients in a fully informed position to apportion the costs of insurance proportionally.
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