Restoring Value with Precision
At Charles Garth, we understand the importance of accurate property valuations, especially for complex commercial and retail spaces. Recently, we were tasked with conducting Building Reinstatement Cost Assessments (BRCAs) for 25-29 Market Place and The Lodge in Wetherby, presenting unique challenges due to their diverse layouts and historical construction.
The Challenge
25-29 Market Place includes commercial and retail properties on the ground floor, with office spaces above. This mixed-use nature demanded individual access to each unit, while minimising disruption to tenants. Additionally, the property featured historic elements combined with modern extensions, creating an irregular shape and complicating total floor area calculations.
The Outcome
Our team of Chartered building surveyors approached the challenge by:
- Detailed Access Coordination: Arranging individual access to each unit while respecting business operations
- Precision Measurements: Breaking down the building into separate units, carefully drawing floorplans, and recording individual room and floor measurements for maximum accuracy
- Historical Expertise: Accounting for historical elements and modern additions to ensure a comprehensive assessment
The Lodge, with its single occupant and consistent layout, presented a more straightforward case for measurement. However, precise cost calculations remained crucial. Therefore, we utilised the Building Cost Information Service (BCIS), an official RICS-recognized source providing the latest and most reliable construction industry pricing data. By leveraging BCIS, we ensured transparency and accuracy in determining reconstruction costs for both properties.
We successfully delivered comprehensive and accurate BRCAs for both properties. Our meticulous approach, combined with historical expertise and reliable cost data, provided valuable insights for our client. These BRCAs contribute to informed decision-making regarding property investments, insurance coverage, and future development plans.