Splash

Introduction

Bennington Green were appointed to undertake a reinstatement cost assessment of the Splash development, for the purpose of providing an insurance reinstatement valuation report. Having an accurate reinstatement value is crucial in ensuring that a property is neither under, nor over insured.

The development comprises of a large complex of residential flats, including a mixture of privately owned, and housing association tenanted units, located within the Ocean Village, the reclaimed wharf area of Southampton Docks. The scheme consists of four main wings with two tiers of underground parking beneath and a large terrace communal area at the centre. The main construction is of concrete frame, with a variety of cladded options to the exterior, and flat roofs.

Our Approach

In accordance with the RICS Guidance Note for the Reinstatement Cost Assessment of Buildings (3rd Edition), a site inspection was undertaken to determine an accurate figure for the property’s reinstatement value. Several site features were noted including the property location, the building construction and design, the general topography, boundary treatments and any specialist site features. The property’s gross internal floor area (GIFA) was calculated using property dimensions together with information obtained from Ordnance Survey. Measurements for the external areas, boundary treatments and the GIFA were then multiplied by the current rates sourced from BCIS to determine an accurate rebuild cost for the building. This assessment was made based on total loss and prepared based on a ‘day one reinstatement’. A clear and concise written report was then provided to the client, which summarised the calculations, adjustments and BCIS rates that were used for the assessment. The report also stated the recommended base sum insured, together with the reinstatement period. Photographs and site plans were also included in the report for reference purposes.

Client

Business Owners

Sector

Commercial

Main Expertise

Project Management