By the 1870s Shad Thames had become host to Dickensian sprawl and the foreshore reclaimed for towering warehouses storing vast quantities of tea, coffee, spices and other commodities. 100 years later the site faced decline after shipping containerisation moved London’s international trade to Felixstowe and Tilbury. After eventual redevelopment Spice Quay is now home to just under 19,000sqm of luxury riverside apartments. EK RCAs was brought in over the Spring of 2021 to carry out a full elemental reinstatement cost assessment.
Now housing around 100 flats with ground level commercial units including Ask Italian and All Bar One, the residents also have the pleasure of some fantastic riverside views.
Our assessment included a full survey of the roof, all 7 internal levels and the extensive subterranean car park which ran as a flying freehold under two other buildings. We eventually calculated a net build rate that was surprisingly reasonable considering the prominence of this London landmark. As advised by our client we calculated CAT A reinstatement only for the commercial units on the ground floor, and factored in the advanced specification of the penthouse apartments, as well as site access and proximity to the river.
EK RCAs delivered a comprehensive breakdown of the total declared value figure, identifying the individual build costs for the residential block, different commercial units and underground car park. This kept our client in a fully informed position to apportion the costs of insurance appropriately – all of which is all part of the service for anyone commissioning EK RCAs on a mixed use development like this.
Having previously been instructed on both neighbouring buildings we’re getting very familiar with this fascinating and historic part of Shad Thames SE1.
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