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Refurbishment Considerations - Coggle Diagram
Refurbishment Considerations
Scope & extent may be dictated by :
Structure of occupant building
Modernization requirement of the business
Type of occupant
Refurbishment / Redevelopment Determinants
Operation & maintenance costs
New Build
O&M costs should match or exceed current building control requirements
Refurbed
Aim to make significant improvements in lifetime costs (albeit may/may not perform as well as New Build)
Costs
Evaluation of Capital Expenditure (knowing economic life of the building to carry out Viability Analysis)
Question: When does the cost of refurbishment exceed the economic worth of the property?
Latest technology
New Build
Able to incorporate latest tech offerings
Refurb-ed
Limited on technology that can be implemented (space / layout constraints)
Development Peridos
Refurbished buildings will be available in a significantly shorter time (vs New Build)
Time saved during:
Building works phase
Pre-contract design phase
Planning permission phase
= Building ready in 1/2 to 3/4 of time needed for New Build
Translates to:
Reduced effect of inflation
Reduced cost of financing
Revenue (i.e.: positive cashflow) at earlier stage
Economic advantages
Cost of Refurbishment < Cost of New Build
Majority of elements already constructed (able to reuse)
However, it is still dependent on:
Building's existing condition
Example:
Require change of floor-to-ceiling height
Poor physical condition (neglect, deterioration, vandalism)
Extensive structural alterations needed (i.e.: remodelling)
Factors Affecting Refurbishment & Redevelopment
Expected capital value
Depends on factors that affect expected rental income
Estimated cost of development
Standard of refurbishment
Final cost of refurbishment depends on
Decisions regarding building services
Virtually every design decision relating to the quality, standard or amenity of the refurbished building
The required standard or quality of the proposed refurbish building
Age of building
the older the building and the longer it has been empty
the greater the costs of repairing and restoring the existing structure and fabric
Empty, neglected buildings often fall victim to vandalism
resulting in expensive rectification works
items that may still be in good condition will often need replacing
due to it being obsolete or outdated in their design
Proposed new use
Has a significant impact upon the development costs
For example, cost of refurbishing an old warehouse is lesser than converting it to high-specification and prestige office accomodation
Expected rental income
Quality of accomodation and services after refurbishment
Level of demand for such accomodation
Relative attractiveness of area in which building stands
Location of building
Availability of other, similar, accomodation in the area
Proposed new use for building
Considerations
Condition of existing building
Investigation made through site visit
Energy source
Space available for external shading or solar collector
Time of use
Changes to overshadowing
Future occupancy density
Identification
Visual inspection
De-construction
Inspecting ductwork, piping, fan and pump power
Monitoring
Energy monitoring
Energy profile
Compared to building stock of a similar classification and climate zone
Comparison with performance requirements
Impact of the new works
Effect of building constraints
Integration of new works
Effect of temporary works & alterations
Building design
Past refurbishment works
Construction date and time
Factors leading to original building design
Original operation method vs current
Impacts of past refurbishments
Building services
Building access control system
Air Conditioning
Lift Services
Minimising disruptions
Refurbishments = inevitable disruption
Owners to ensure :
Well-developed tenant management & communication plan
Works are conducted outisde working hours