We were commissioned to undertake a reinstatement valuation of a large Industrial Estate in Chorley Lancashire. The site consisted of a series of terraces, steel-framed buildings with composite cladding to roofs and walls. The estate was constructed between 2010-12. The units were occupied by various tenants across a range of sectors, including manufacturing, distribution and storage.
We carried out a detailed inspection of each property, taking precise measurements and relevant construction notes. It is vital to distinguish items insured by the landlord and those that are the tenants’ responsibility, so the rebuild cost is not inflated, and the insurance policy cover is accurate.
Back in the office, it was necessary to confirm the measurements taken and calculate the areas of the buildings, accompanying hardstanding and landscaped areas. The research was undertaken to establish rates of similar properties in the area. With our specialist knowledge of construction costs, we were then able to calculate an accurate rebuild cost. A full report and detailed breakdown were provided so the managing agents could quickly (and accurately) recharge each tenant via the service charge.
Over the years, we’ve undertaken many reinstatement cost assessments for insurance purposes for office, industrial and residential developments.
We also undertake project management and client agent roles which means that we can keep abreast of changes in construction costs, an advantage when calculating realistic rebuild figures.