The elemental cost plan created for KID’s proposed development used a mixture of cost information from BCIS, SPONS and Checkatrade. 

​

BCIS allowed us to take metre square rates from similar projects in the past and apply them to the proposed development depending on if the design specifications were similar. The project chosen for elemental cost analysis was a flat and retail building, called The Q Building, in Salway Place. This mixed-use development was chosen due to the flat and retail block that was constructed, very similar to the proposed development to KID, of a commercial and residential block. As well as these the same steel frame construction methods were used. The proposed development to KID also has a similar number of storeys with 4 compared to the BCIS elemental analysis with 5. 

​

As this elemental cost analysis was from 2001 in East London it was rebased to the second quarter of 2022 in Sheffield. These adjustments were made to bring the square metre rates to realistic amounts, meaning KID received the most realistic cost of the project as the current indices were applied. 

​

Cost information was also taken from SPONS Builders Pricing Book where the specification of the BCIS elemental analysis was not suitable. Due to the prioritisation of quality, shown in the client profile, the lowest cost within the range for each element of the design was chosen. This was done to reflect KID’s profit requirements. 

​

KID should note the cost plan was based on a gross external floor area (GEFA) measurement; this was chosen due to the voids within the building being unknown. Therefore, the actual building costs may decrease once a final gross internal floor area (GIFA) is calculated. 

​

GEFA: 3000 sq m (600 sq m per floor)

The cost planning process allowed us to calculate a realised cost plan for KID;

Estimated contract sum: £4,939,933.69

Estimated construction costs: £3,763,759

Estimated preliminaries (19%): £940,939.75

Estimated contingencies (5%): £235,234.94

 

A distribution of the construction costs is illustrated within the diagram below;