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Emerald Group Publishing Limited
Copyright © 2000, MCB UP Limited
Keyword Refurbishment costs
It costs on average, £488/m2 to refurbish an office building compared with £797/m2 to build a new one according to the report from BMI, BMI Special Report 287: Review of Rehabilitation Costs.
The comparison of the average rehabilitation costs with average new build costs, expressed on the same basis, shows a fairly consistent relationship of around two thirds. The actual values for some of the more common types, shown in Table IV, range from 55 per cent for banks and building societies to 81 per cent for flats.
The report provides information on the average amount spent on the rehabilitation of existing buildings. It covers over 150 types of building and is based on the analysis of contracts for over 2,000 building projects.
All the costs have been converted to 3rd quarter 1999 levels using the BCIS Tender Price Index and to average UK pricing using the BCIS location factors.
Table IV. Rehabilitation and new build costs
The projects in the study all cover the complete refurbishment of the building but the amount of work included in any particular project will vary and this is reflected in the range of costs reported. The study also includes some conversion schemes where the function of the building has been changed by the refurbishment work. In all cases the buildings have been classified by their final, rather than their original use.
The exact content of the schemes is not defined and some caution must, therefore, be used in applying the figures. However, for strategic planning and early cost advice the figures should prove extremely useful.