Consultants collaborate to publish BCO endorsed research into refurbishment
Scott Brownrigg, in partnership with Hilson Moran and Gardiner & Theobald, has published British Council for Offices (BCO) endorsed research entitled Can do Refurbishment, which sets out both the economic and environmental benefits of refurbishing existing commercial buildings rather than rebuilding from scratch.
The research focuses specifically on commercial buildings constructed over the last 40 years. It challenges the common myths and preconceptions that see new build favoured over refurbishment and considers the financial, building services, structural, risk, programme, sustainability and planning advantages of choosing to revitalise an existing building instead.
The document discusses how, in a recession, the availability of pre-existing built stock and refurbishment options can be very attractive to both occupiers and funders as these assets offer:
A lower development risk profile
Quicker return on investment
Improved rental and yield values for minimum capital investment
Enhancements to funds portfolio
Enhancements to the design life of existing stock
Retention of occupiers
Opportunities to increase floor area
Programme benefits (up to 70% time saving)
Improvements to a building’s sustainable credentials
Can Do Refurbishment provides the owners of office buildings, developers, owner-occupiers and tenants considering refurbishment with the information they need to help make key decisions at the earliest stage of a potential development project. It also has a more sustainable focus than anything seen before, highlighting the fact that refurbishment utilises fewer materials and that it is more sustainable to make older buildings more energy efficient, rather than to knock them down and build new ones.
The full document can be downloaded here.