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Keep up to dateTable 2: Feasibility Appraisal for Pay-on-Foot Scheme | ||
Development Costs | £ | £ |
Construction | Ìý | Ìý |
Project Costs 600 spaces @ £4400 | 2 640 000 | Ìý |
Finance costs @ 9% per annum (divided by two because finance was raised in two tranches) Hypothetical site in the South East | 120 000 | 2 760 000 |
Site area - say 0.4 ha @ £500,000 / ha | Ìý | 200 000 |
Acquisition costs and fees @ 3% | Ìý | 6 000 |
Finance Costs @ 9% per annum | Ìý | 25 000 |
Developers' profit based on 15%, say | Ìý | 445 000 |
Total development cost, say | Ìý | £3 436 000 |
Cost / car space, say | Ìý | £5 725 |
Ìý | Ìý | Ìý |
Income appraisal | Ìý | Ìý |
Annual cost of servicing a development cost of £5725 / car space @ 10% over 30 years = £600 per annum (equivalent to approximately 10% return) | Ìý | 600 |
Plus VAT at 17.5% | Ìý | 105 |
Ìý | Ìý | Ìý |
Ìý | Year 1 £ | Subsequent Years £ |
Income required per hour to defray construction costs based on 50 weeks trading, 6 days a week, 9 core hours / 12 hour day | Ìý | Ìý |
- for first year assuming 50% utilisation | 0.52 | - |
- for subsequent years assuming 80% utilisation | Ìý | 0.33 |
Ìý | Ìý | Ìý |
Operating costs (will vary considerably) | Ìý | Ìý |
- assuming £250 / car space per annum | 0.19 | 0.12 |
Maintenance | Ìý | Ìý |
- allow 0.5 to 1% of capital costs per annum, say | 0.03 | 0.02 |
Ìý | 0.74 | 0.47 |
Operating profit - say 15% | 0.11 | 0.07 |
Tariff cost per car space per hour | 0.85 | 0.54 |
Cost Breakdown for Six-Storey, 600 Space Car Park | ||||
Ìý | Element cost (£) | Cost / m(2) | Cost / car space £ | % of total cost |
SUBSTRUCTURE | 162 500 | 10.83 | 270 | 6.3 |
600 x 600 reinforced ground beams (50 kg / m) and pile caps on 600 mm diameter piles of 1200 Kn capacity - 2500 m2 @ £65 | Ìý | Ìý | Ìý | Ìý |
FRAME | 312 500 | 20.83 | 521 | 12.11 |
Reinforced concrete columns and beams to 15.6 x 7.2m grid - 12 500 m(2) @ £25 | Ìý | Ìý | Ìý | Ìý |
UPPER FLOORS | 290 700 | 19.38 | 485 | 11.27 |
Reinforced concrete lightweight troughed floor slabs to falls and slopes for a 2.5 kN/m(2) loading - 9800m(2) @ £25 | Ìý | Ìý | Ìý | Ìý |
Reinforced concrete ramps and beams with a gradient of 1:20 - 300m(2) @ £150 | Ìý | Ìý | Ìý | Ìý |
Precast concrete kerbs - 100m @ £7 | Ìý | Ìý | Ìý | Ìý |
ROOF | 152 500 | 10.17 | 254 | 5.91 |
Reinforced concrete lightweight troughed roof slab to falls and slopes for a 2.5 kN/m(2) loading (parking on roof) - 2450 m(2) | Ìý | Ìý | Ìý | Ìý |
Proprietary waterproof system to open roof parking - 2500m(2) @ £25 | Ìý | Ìý | Ìý | Ìý |
Screed and underfloor heating to top-floor ramps - 500 m(2) @ £20 | Ìý | Ìý | Ìý | Ìý |
Eternit black slate roofing on softwood joists to roof of staircase towers including gutters - 125m(2) @ £150 | Ìý | Ìý | Ìý | Ìý |
STAIRS | 32 000 | 2.13 | 53 | 1.24 |
Reinforced concrete dogleg stairs 1.2m wide with painted galvanised metal balustrading, wall handrailing and PVC core rail coverings (finishes measured elsewhere) - 40m rise @ £800 | Ìý | Ìý | Ìý | Ìý |
EXTERNAL WALLS | 386 250 | 25.75 | 644 | 14.97 |
Medium-quality machine-made facing brick cavity wall (PC £300 / £1000) with block inner skin - 80m(2) @ £55 | Ìý | Ìý | Ìý | Ìý |
Medium quality machine made facing brick cavity wall (PC £300 / 1000) with 150mm reinforced concrete inner skin, including forming arches, string courses etc. - 2400m(2) @ £100 | Ìý | Ìý | Ìý | Ìý |
Painted galvanised steel permanent louvre vents at top of staircase towers - 13m(2) @ £400 | Ìý | Ìý | Ìý | Ìý |
Decorative metal balustrading and colour coated infill panels at roof level - 190m(2) at £160 | Ìý | Ìý | Ìý | Ìý |
Colour coated painted galvanised feature grilles in vertical arched openings - 500m(2) @ £100 | Ìý | Ìý | Ìý | Ìý |
Colour Coated painted galvanised feature grilles in 1.8 m diameter bullseye openings - 11 @ £700 | Ìý | Ìý | Ìý | Ìý |
Reconstructed stone parapet copings etc - 270 m @ £60 | Ìý | Ìý | Ìý | Ìý |
Galvanised mild steel painted pedestrian balustrading - 87m @ £50 | Ìý | Ìý | Ìý | Ìý |
Steel crash barriers - 800 m @ £35 | Ìý | Ìý | Ìý | Ìý |
WINDOWS AND EXTERNAL DOORS | 36 550 | 2.44 | 61 | 1.42 |
Colour-coated aluminium single-glazed continuous windows to staircase towers glazed with clear laminated glass - £100m(2) @ £200 | Ìý | Ìý | Ìý | Ìý |
Solid Cored external quality doors in hardwood frames, including ironmongery and decoration - 3 @ £250 | Ìý | Ìý | Ìý | Ìý |
Pair of solid cored external quality doors in hardwood frames, including inronmongery and decoration - 2 @ £400 | Ìý | Ìý | Ìý | Ìý |
Pair of colour coated aluminium slingle-glazed doors to staircase entrances glazed with clear laminated glass and lockable - 3 @ £1000 | Ìý | Ìý | Ìý | Ìý |
Electronically operated security grilles at vehicle ingress / egress positions - £40m(2) @ £300 | Ìý | Ìý | Ìý | Ìý |
INTERNAL WALLS AND PARTITIONS | 28 425 | 1.89 | 47 | 1.1 |
100 mm block partition - £50m(2) @ £15 | Ìý | Ìý | Ìý | Ìý |
Medium quality machine made facing brick cavity wall (PC £300 / £1000) with block inner skin - 85m(2) @ £55 | Ìý | Ìý | Ìý | Ìý |
150 mm reinforced concrete wall - 400m(2) @ £50 | Ìý | Ìý | Ìý | Ìý |
WC cubicles and doors - 6 @ £500 | Ìý | Ìý | Ìý | Ìý |
INTERNAL DOORS | 11 450 | 0.76 | 19 | 0.44 |
Solid-cored half-hour flush doors in hardwood frames including ironmongery and decoration | Ìý | Ìý | Ìý | Ìý |
Solid-cored half-hour glazed doors with Georgian wired cast glass in hardwood frames, including ironmongery and decoration - £18 @ £500 | Ìý | Ìý | Ìý | Ìý |
WALL FINISHES | 56 000 | 3.73 | 93 | 2.17 |
2 coats Terrethane anti-graffitti eggshell finish to fair-faced block and concrete walls to car park areas - 2000m(2) @ £4 | Ìý | Ìý | Ìý | Ìý |
200 x 200 x 7mm coloured wall tiles on 12m render to staircase and toilet walls inlcuding epoxy resin grout so that tile and grout cleanable from graffitti - £1200m(2) @ £40 | Ìý | Ìý | Ìý | Ìý |
FLOOR FINISHES | 47 350 | 3.16 | 79 | 1.84 |
Slabs and ramps brushed with one coat of Lithurin surface hardener - 1500m(2) @ £1 | Ìý | Ìý | Ìý | Ìý |
Non-slip unglazed clay floor tiles on 50mm screed to staircase landings, toilet and other areas, inlcuding matching skirtings - 230m(2) @ £60 | Ìý | Ìý | Ìý | Ìý |
Non-slip unglazed clay floor tiles and nosings on screeds and backings to staircase treads and risers - 300m(2) @ £52.50 | Ìý | Ìý | Ìý | Ìý |
Waterproof membrane over accommodation units etc. - 70m(2) @ £20 | Ìý | Ìý | Ìý | Ìý |
Hydraulically pressed 700 x 700mm precast concrete paving flags to diagonal pattern on bedding - 100m(2) @ £14 | Ìý | Ìý | Ìý | Ìý |
CEILING FINISHES | 23 590 | 1.57 | 39 | 0.91 |
One coat must and two coats of masonry paint to concrete soffits - 16 000m(2) @ £1.40 | Ìý | Ìý | Ìý | Ìý |
Plasterboard suspended ceiling to toilet area with 100 mm glass fibre insulation over skim coat and two coats of emulsion paint on Soffit - 34m(2) @£35 | Ìý | Ìý | Ìý | Ìý |
FITTINGS | 135 000 | 9 | 225 | 5.23 |
White marking and direction lines to car bays - £3500m @ £1 | Ìý | Ìý | Ìý | Ìý |
Other directional floor signs, zebra crossings - allow £1500 | Ìý | Ìý | Ìý | Ìý |
Directional and other general signs above floor level - allow £20000 | Ìý | Ìý | Ìý | Ìý |
Payment machines at Stair/lift entrances - 3 @ £20 000 | Ìý | Ìý | Ìý | Ìý |
Data station - 1 @ £10 000 | Ìý | Ìý | Ìý | Ìý |
Heavy-duty parking barrier at ingress / egress points to car park including loop vehicle presence detectors, exit ticket controls and capacity signs - 4 @ £10 000 | Ìý | Ìý | Ìý | Ìý |
SANITARY APPLIANCES | 5 885 | 0.39 | 10 | 0.23 |
Vitreous china WC suite - 7 @ £130 | Ìý | Ìý | Ìý | Ìý |
Stainless steel disabled WC suite - 1 @ £2000 | Ìý | Ìý | Ìý | Ìý |
Vitreous china urinals - 3 @ £150 | Ìý | Ìý | Ìý | Ìý |
Vitreous china wash handbasins | Ìý | Ìý | Ìý | Ìý |
Stainless Steel wash handbasin - 1 @ £225 | Ìý | Ìý | Ìý | Ìý |
Hair dryers - 5 @ £300 | Ìý | Ìý | Ìý | Ìý |
DISPOSAL INSTALLATIONS | 21 900 | 1.46 | 36 | 0.85 |
Rainwater disposal and upper level slab drainage - 15 000m(2) @ £1.30 | Ìý | Ìý | Ìý | Ìý |
cast-iron soil and pvc waste system - allow £2400 | Ìý | Ìý | Ìý | Ìý |
WATER INSTALLATIONS | 4 500 | 0.3 | 8 | 0.17 |
Hot and cold water in copper serving 30 points - allow £4500 | Ìý | Ìý | Ìý | Ìý |
SPACE HEATING AND AIR TREATMENT | Ìý | Ìý | Ìý | Ìý |
Natural ventilation to toilets | Ìý | Ìý | Ìý | Ìý |
ELECTRICAL SERVICES | 135 000 | 9 | 225 | 5.23 |
Mains supply; 100 watt lamps; automatic switching control; emergency lighting to all exit points; escape staircases and lift lobbies - 15 000m(2) @ £9 | Ìý | Ìý | Ìý | Ìý |
LIFTS | 94 000 | 6.27 | 157 | 3.64 |
8-person electro hydraulic lift to serve 6 floors; speed 1.6m/s; stainless steel to walls and Nairn flooring - 2 @ £47 000 | Ìý | Ìý | Ìý | Ìý |
SPECIAL SERVICES | 68 500 | 4.57 | 114 | 2.66 |
Dry riser provision - allow £3000 | Ìý | Ìý | Ìý | Ìý |
Hand-held fire fighting appliances, extinguishers - allow £7000 | Ìý | Ìý | Ìý | Ìý |
Fire alarm system - 15 000m(2) @ £0.40 | Ìý | Ìý | Ìý | Ìý |
Closed-circuit monochrome television, two monitors, VCR recorder- allow 15 000m(2) @ £3.50 | Ìý | Ìý | Ìý | Ìý |
BUILDER'S WORK IN CONNECTION WITH SERVICES | 10 400 | 0.7 | 18 | 0.41 |
Associated builders work, holes and sleeves - allow say 3% = say £10 400 | Ìý | Ìý | Ìý | Ìý |
SUB TOTAL | 2 015 000 | 134.33 | 3358 | 78.1 |
PRELIMINARIES AND DESIGN COSTS | Ìý | Ìý | Ìý | Ìý |
Contractor's management and staff, site accommodation and other preliminary items - allow 20%, say | 415 000 | 27.67 | 692 | 16.09 |
Design Costs - allow 6%, say | 150 000 | 10 | 250 | 5.81 |
BUILDING COST | 2 580 000 | 172 | 4300 | 100 |
EXTERNAL WORKS | 60 000 | 4 | 100 | 2.3 |
Associated tarmacadam roads and kerbs - allow £12 000 | Ìý | Ìý | Ìý | Ìý |
Associated tarmacadam footpaths - allow £3000 | Ìý | Ìý | Ìý | Ìý |
Landscaping - allow £12000 | Ìý | Ìý | Ìý | Ìý |
Site and building underslab drainage - £15 000m(2) @ £1.60 | Ìý | Ìý | Ìý | Ìý |
External lighting and service connections - allow £9000 | Ìý | Ìý | Ìý | Ìý |
TOTAL COST EXCLUDING SITE COST, FINANCE AND VAT | 2 640 000 | 176 | 4400 | Ìý |
Table 1 | |
Development | One Car Space Per: |
Offices | 25-30m(2) gross floor area |
Factories | 45-55m(2) gfa |
Warehouses | 200m(2) gfa |
Shops | 25-30m(2) gfa |
Superstores | 10m(2) gfa plus 1-3 for staff |
Cinemas / Theatres | 3-5 seats |
Hospitals | 2 beds plus 1:1 for doctors and 1:3 for staff |
Residential | 1-2 dwellings (depending on garage space, standard of dwellings) |
Comparative Costs of Car Park Types | |||
Types of Parking | Area / Car Space m2 | Cost £/m2 | Cost / car space £ |
Surface level | Ìý | Ìý | Ìý |
Basic | 22-26 | 25-40 | 550-1040 |
Intermediate standard, including access roads and landscaping | 27-33 | 35-70 | 945-2 310 |
Beneath building, extra cost of piles and suspended slab over | 22-26 | 70-110 | 1 540-2 860 |
High-quality on marble pavings | 25-30 | 90-120 | 2 250 - 3 600 |
Multi-Storey | Ìý | Ìý | Ìý |
On roof of two-storey building, including external ramps | 25-30 | 110-140 | 2 750 - 4 200 |
Split level, concrete facade budget schemes | 22 - 25 | 140 - 160 | 3 080 - 4 000 |
- average schemes | 22 - 26 | 150 - 200 | 3 300 -5 200 |
Split level with brick facades | 22 - 26 | 160 - 240 | 3 520 - 6 240 |
Extra for lightweight roof | 22 - 26 | 60 - 70 | 1 320 - 1 820 |
Horizontal slab | 24 - 28 | 150 -190 | 3 600 - 5 320 |
Warped slab | 22 - 26 | 160 - 200 | 3 520 - 5 200 |
Underground | Ìý | Ìý | Ìý |
Partial Underground | 22 - 28 | 225 - 275 | 4 950 - 7 700 |
Underground under offices | 25 - 30 | 320 - 450 | 8 000 - 13 500 |
Underground with landscaped roof | 25 - 30 | 500 - 550 | 12 500 - 16 500 |
Feasibility Appraisal for Pay-on-Foot Scheme | ||
Development Costs | £ | £ |
Construction | Ìý | Ìý |
Project Costs 600 spaces @ £4400 | 2 640 000 | Ìý |
Finance costs @ 9% per annum (divided by two because finance was raised in two tranches) | 120 000 | 2 760 000 |
Hypothetical site in the South East | Ìý | Ìý |
Site area - say 0.4 ha @ £500 000 / ha | Ìý | 200 000 |
Acquisition costs and fees @ 3% | Ìý | 6 000 |
Finance costs @ 9% per annum | Ìý | 25 000 |
Developer's profit based on 15%, say | Ìý | 445 000 |
Total development cost, say | Ìý | £3 436 000 |
Cost / car space, say | Ìý | £5 725 |
Ìý | Ìý | Ìý |
Income appraisal | Ìý | Ìý |
Annual cost of servicing a development cost of £5725 / car space @10% over 30 years = £600 per annum (equivalent to approximately 10% return) | Ìý | 600 |
Plus VAT at 17.5% | Ìý | 105 |
Ìý | Ìý | 705 |
Ìý | Year 1 £ | Subsequent years £ |
Income required per hour to defray construction costs based on 50 weeks trading, 6 days a week, 9 core hours / 12-hour day | Ìý | Ìý |
- for first year assuming 50% utilisation | 0.52 | - |
- for subsequent years assuming 80% utilisation | Ìý | 0.33 |
Ìý | Ìý | Ìý |
Operating costs (will vary considerably) | Ìý | Ìý |
- assuming £250 / car space per annum | 0.19 | 0.12 |
Maintenance | Ìý | Ìý |
- allow 0.5 to 1% of capital costs per annum, say | 0.03 | 0.02 |
Ìý | 0.74 | 0.47 |
Operating profit - 15% | 0.11 | 0.07 |
Tariff cost per space per hour | 0.85 | 0.54 |
REGIONAL FACTORS | |
Region | Factor |
Inner London | 1.12 |
Outer London | 1.05 |
East Anglia | 0.97 |
East Midlands | 0.95 |
Northern | 0.97 |
Northern Ireland | 0.82 |
North West | 1.02 |
Scotland | 1.06 |
South East | 1 |
South West | 0.95 |
Wales | 0.96 |
West Midlands | 0.96 |
Yorkshire and Humberside | 0.97 |
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