Propitas were instructed to prepare a full reinstatement cost assessment valuation on this business park and development site. The built assets extend across 17 buildings, offering over 750,000 sq ft of mixed-use accommodation.
The buildings vary in age and forms of construction, being let on both a multi and singular basis. A network of interlinking conduits and pipework service the buildings, with each property having their own unique features.
By virtue of a bank request, Northwood had to update their insurance valuation for reinstatement purposes.
We carried out a full site inspection to ascertain the various forms of construction and bespoke site features, to enable us to get a full understanding of how this would affect re-build costs. Subsequently, we produced a tailor made report and cost matrix, to allow the client to apportion costs to tenants through the service charge.
HOW PROPITAS ADDED VALUE
Our extensive knowledge of construction features and library of cost data enabled us to compile a realistic re-build valuation for each asset on the site, as well as the estate as a whole.
Working closely with the client to understand how they needed the data presenting for management purposes, we were able to tailor a report format to meet with their requirements. The key drafting factors were for the report to be in a presentable format for the bank, as well as it being easy to identify elemental costs for the purposes of recharging to the tenants through the service charge.