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Table 2: Feasibility Appraisal for Pay-on-Foot Scheme
Development Costs££
ConstructionÌýÌý
Project Costs 600 spaces @ £44002 640 000Ìý
Finance costs @ 9% per annum (divided by two because finance was raised in two tranches) Hypothetical site in the South East 120 0002 760 000
Site area - say 0.4 ha @ £500,000 / ha Ìý200 000
Acquisition costs and fees @ 3%Ìý6 000
Finance Costs @ 9% per annumÌý25 000
Developers' profit based on 15%, sayÌý445 000
Total development cost, sayÌý£3 436 000
Cost / car space, sayÌý£5 725
ÌýÌýÌý
Income appraisalÌýÌý
Annual cost of servicing a development cost of £5725 / car space @ 10% over 30 years = £600 per annum (equivalent to approximately 10% return)Ìý600
Plus VAT at 17.5%Ìý105
ÌýÌýÌý
ÌýYear 1 £Subsequent Years £
Income required per hour to defray construction costs based on 50 weeks trading, 6 days a week, 9 core hours / 12 hour day ÌýÌý
- for first year assuming 50% utilisation0.52-
- for subsequent years assuming 80% utilisationÌý0.33
ÌýÌýÌý
Operating costs (will vary considerably)ÌýÌý
- assuming £250 / car space per annum0.190.12
MaintenanceÌýÌý
- allow 0.5 to 1% of capital costs per annum, say0.030.02
Ìý0.740.47
Operating profit - say 15%0.110.07
Tariff cost per car space per hour0.850.54
Cost Breakdown for Six-Storey, 600 Space Car Park
ÌýElement cost (£)Cost / m(2)Cost / car space £% of total cost
SUBSTRUCTURE162 50010.832706.3
600 x 600 reinforced ground beams (50 kg / m) and pile caps on 600 mm diameter piles of 1200 Kn capacity - 2500 m2 @ £65ÌýÌýÌýÌý
FRAME312 500 20.8352112.11
Reinforced concrete columns and beams to 15.6 x 7.2m grid - 12 500 m(2) @ £25ÌýÌýÌýÌý
UPPER FLOORS290 700 19.3848511.27
Reinforced concrete lightweight troughed floor slabs to falls and slopes for a 2.5 kN/m(2) loading - 9800m(2) @ £25ÌýÌýÌýÌý
Reinforced concrete ramps and beams with a gradient of 1:20 - 300m(2) @ £150ÌýÌýÌýÌý
Precast concrete kerbs - 100m @ £7ÌýÌýÌýÌý
ROOF152 500 10.172545.91
Reinforced concrete lightweight troughed roof slab to falls and slopes for a 2.5 kN/m(2) loading (parking on roof) - 2450 m(2)ÌýÌýÌýÌý
Proprietary waterproof system to open roof parking - 2500m(2) @ £25ÌýÌýÌýÌý
Screed and underfloor heating to top-floor ramps - 500 m(2) @ £20ÌýÌýÌýÌý
Eternit black slate roofing on softwood joists to roof of staircase towers including gutters - 125m(2) @ £150ÌýÌýÌýÌý
STAIRS32 0002.13531.24
Reinforced concrete dogleg stairs 1.2m wide with painted galvanised metal balustrading, wall handrailing and PVC core rail coverings (finishes measured elsewhere) - 40m rise @ £800ÌýÌýÌýÌý
EXTERNAL WALLS386 25025.7564414.97
Medium-quality machine-made facing brick cavity wall (PC £300 / £1000) with block inner skin - 80m(2) @ £55ÌýÌýÌýÌý
Medium quality machine made facing brick cavity wall (PC £300 / 1000) with 150mm reinforced concrete inner skin, including forming arches, string courses etc. - 2400m(2) @ £100ÌýÌýÌýÌý
Painted galvanised steel permanent louvre vents at top of staircase towers - 13m(2) @ £400ÌýÌýÌýÌý
Decorative metal balustrading and colour coated infill panels at roof level - 190m(2) at £160ÌýÌýÌýÌý
Colour coated painted galvanised feature grilles in vertical arched openings - 500m(2) @ £100ÌýÌýÌýÌý
Colour Coated painted galvanised feature grilles in 1.8 m diameter bullseye openings - 11 @ £700 ÌýÌýÌýÌý
Reconstructed stone parapet copings etc - 270 m @ £60 ÌýÌýÌýÌý
Galvanised mild steel painted pedestrian balustrading - 87m @ £50ÌýÌýÌýÌý
Steel crash barriers - 800 m @ £35ÌýÌýÌýÌý
WINDOWS AND EXTERNAL DOORS36 550 2.44611.42
Colour-coated aluminium single-glazed continuous windows to staircase towers glazed with clear laminated glass - £100m(2) @ £200ÌýÌýÌýÌý
Solid Cored external quality doors in hardwood frames, including ironmongery and decoration - 3 @ £250ÌýÌýÌýÌý
Pair of solid cored external quality doors in hardwood frames, including inronmongery and decoration - 2 @ £400ÌýÌýÌýÌý
Pair of colour coated aluminium slingle-glazed doors to staircase entrances glazed with clear laminated glass and lockable - 3 @ £1000ÌýÌýÌýÌý
Electronically operated security grilles at vehicle ingress / egress positions - £40m(2) @ £300ÌýÌýÌýÌý
INTERNAL WALLS AND PARTITIONS28 4251.89471.1
100 mm block partition - £50m(2) @ £15ÌýÌýÌýÌý
Medium quality machine made facing brick cavity wall (PC £300 / £1000) with block inner skin - 85m(2) @ £55ÌýÌýÌýÌý
150 mm reinforced concrete wall - 400m(2) @ £50ÌýÌýÌýÌý
WC cubicles and doors - 6 @ £500ÌýÌýÌýÌý
INTERNAL DOORS11 450 0.76190.44
Solid-cored half-hour flush doors in hardwood frames including ironmongery and decorationÌýÌýÌýÌý
Solid-cored half-hour glazed doors with Georgian wired cast glass in hardwood frames, including ironmongery and decoration - £18 @ £500ÌýÌýÌýÌý
WALL FINISHES56 000 3.73932.17
2 coats Terrethane anti-graffitti eggshell finish to fair-faced block and concrete walls to car park areas - 2000m(2) @ £4ÌýÌýÌýÌý
200 x 200 x 7mm coloured wall tiles on 12m render to staircase and toilet walls inlcuding epoxy resin grout so that tile and grout cleanable from graffitti - £1200m(2) @ £40ÌýÌýÌýÌý
FLOOR FINISHES47 3503.16791.84
Slabs and ramps brushed with one coat of Lithurin surface hardener - 1500m(2) @ £1ÌýÌýÌýÌý
Non-slip unglazed clay floor tiles on 50mm screed to staircase landings, toilet and other areas, inlcuding matching skirtings - 230m(2) @ £60 ÌýÌýÌýÌý
Non-slip unglazed clay floor tiles and nosings on screeds and backings to staircase treads and risers - 300m(2) @ £52.50 ÌýÌýÌýÌý
Waterproof membrane over accommodation units etc. - 70m(2) @ £20 ÌýÌýÌýÌý
Hydraulically pressed 700 x 700mm precast concrete paving flags to diagonal pattern on bedding - 100m(2) @ £14ÌýÌýÌýÌý
CEILING FINISHES23 590 1.57390.91
One coat must and two coats of masonry paint to concrete soffits - 16 000m(2) @ £1.40ÌýÌýÌýÌý
Plasterboard suspended ceiling to toilet area with 100 mm glass fibre insulation over skim coat and two coats of emulsion paint on Soffit - 34m(2) @£35ÌýÌýÌýÌý
FITTINGS 135 00092255.23
White marking and direction lines to car bays - £3500m @ £1ÌýÌýÌýÌý
Other directional floor signs, zebra crossings - allow £1500 ÌýÌýÌýÌý
Directional and other general signs above floor level - allow £20000ÌýÌýÌýÌý
Payment machines at Stair/lift entrances - 3 @ £20 000 ÌýÌýÌýÌý
Data station - 1 @ £10 000ÌýÌýÌýÌý
Heavy-duty parking barrier at ingress / egress points to car park including loop vehicle presence detectors, exit ticket controls and capacity signs - 4 @ £10 000ÌýÌýÌýÌý
SANITARY APPLIANCES5 885 0.39100.23
Vitreous china WC suite - 7 @ £130ÌýÌýÌýÌý
Stainless steel disabled WC suite - 1 @ £2000ÌýÌýÌýÌý
Vitreous china urinals - 3 @ £150ÌýÌýÌýÌý
Vitreous china wash handbasins ÌýÌýÌýÌý
Stainless Steel wash handbasin - 1 @ £225ÌýÌýÌýÌý
Hair dryers - 5 @ £300ÌýÌýÌýÌý
DISPOSAL INSTALLATIONS21 900 1.46360.85
Rainwater disposal and upper level slab drainage - 15 000m(2) @ £1.30ÌýÌýÌýÌý
cast-iron soil and pvc waste system - allow £2400ÌýÌýÌýÌý
WATER INSTALLATIONS4 500 0.380.17
Hot and cold water in copper serving 30 points - allow £4500 ÌýÌýÌýÌý
SPACE HEATING AND AIR TREATMENTÌýÌýÌýÌý
Natural ventilation to toiletsÌýÌýÌýÌý
ELECTRICAL SERVICES 135 000 92255.23
Mains supply; 100 watt lamps; automatic switching control; emergency lighting to all exit points; escape staircases and lift lobbies - 15 000m(2) @ £9ÌýÌýÌýÌý
LIFTS94 0006.271573.64
8-person electro hydraulic lift to serve 6 floors; speed 1.6m/s; stainless steel to walls and Nairn flooring - 2 @ £47 000 ÌýÌýÌýÌý
SPECIAL SERVICES68 5004.571142.66
Dry riser provision - allow £3000ÌýÌýÌýÌý
Hand-held fire fighting appliances, extinguishers - allow £7000ÌýÌýÌýÌý
Fire alarm system - 15 000m(2) @ £0.40ÌýÌýÌýÌý
Closed-circuit monochrome television, two monitors, VCR recorder- allow 15 000m(2) @ £3.50ÌýÌýÌýÌý
BUILDER'S WORK IN CONNECTION WITH SERVICES10 4000.7180.41
Associated builders work, holes and sleeves - allow say 3% = say £10 400ÌýÌýÌýÌý
SUB TOTAL 2 015 000134.33335878.1
PRELIMINARIES AND DESIGN COSTSÌýÌýÌýÌý
Contractor's management and staff, site accommodation and other preliminary items - allow 20%, say415 000 27.6769216.09
Design Costs - allow 6%, say 150 000102505.81
BUILDING COST2 580 0001724300100
EXTERNAL WORKS60 00041002.3
Associated tarmacadam roads and kerbs - allow £12 000 ÌýÌýÌýÌý
Associated tarmacadam footpaths - allow £3000ÌýÌýÌýÌý
Landscaping - allow £12000ÌýÌýÌýÌý
Site and building underslab drainage - £15 000m(2) @ £1.60ÌýÌýÌýÌý
External lighting and service connections - allow £9000 ÌýÌýÌýÌý
TOTAL COST EXCLUDING SITE COST, FINANCE AND VAT 2 640 0001764400Ìý
Table 1
DevelopmentOne Car Space Per:
Offices25-30m(2) gross floor area
Factories45-55m(2) gfa
Warehouses200m(2) gfa
Shops25-30m(2) gfa
Superstores10m(2) gfa plus 1-3 for staff
Cinemas / Theatres3-5 seats
Hospitals2 beds plus 1:1 for doctors and 1:3 for staff
Residential1-2 dwellings (depending on garage space, standard of dwellings)
Comparative Costs of Car Park Types
Types of ParkingArea / Car Space m2Cost £/m2Cost / car space £
Surface levelÌýÌýÌý
Basic22-2625-40550-1040
Intermediate standard, including access roads and landscaping 27-3335-70945-2 310
Beneath building, extra cost of piles and suspended slab over22-2670-1101 540-2 860
High-quality on marble pavings25-3090-1202 250 - 3 600
Multi-StoreyÌýÌýÌý
On roof of two-storey building, including external ramps 25-30110-1402 750 - 4 200
Split level, concrete facade budget schemes22 - 25140 - 1603 080 - 4 000
- average schemes22 - 26 150 - 2003 300 -5 200
Split level with brick facades 22 - 26160 - 2403 520 - 6 240
Extra for lightweight roof 22 - 2660 - 70 1 320 - 1 820
Horizontal slab24 - 28150 -1903 600 - 5 320
Warped slab22 - 26160 - 2003 520 - 5 200
UndergroundÌýÌýÌý
Partial Underground22 - 28225 - 2754 950 - 7 700
Underground under offices25 - 30 320 - 450 8 000 - 13 500
Underground with landscaped roof25 - 30 500 - 55012 500 - 16 500
Feasibility Appraisal for Pay-on-Foot Scheme
Development Costs££
ConstructionÌýÌý
Project Costs 600 spaces @ £44002 640 000Ìý
Finance costs @ 9% per annum (divided by two because finance was raised in two tranches) 120 0002 760 000
Hypothetical site in the South EastÌýÌý
Site area - say 0.4 ha @ £500 000 / haÌý200 000
Acquisition costs and fees @ 3% Ìý6 000
Finance costs @ 9% per annumÌý25 000
Developer's profit based on 15%, sayÌý445 000
Total development cost, say Ìý£3 436 000
Cost / car space, sayÌý£5 725
ÌýÌýÌý
Income appraisalÌýÌý
Annual cost of servicing a development cost of £5725 / car space @10% over 30 years = £600 per annum (equivalent to approximately 10% return)Ìý600
Plus VAT at 17.5%Ìý105
ÌýÌý705
ÌýYear 1 £Subsequent years £
Income required per hour to defray construction costs based on 50 weeks trading, 6 days a week, 9 core hours / 12-hour day ÌýÌý
- for first year assuming 50% utilisation0.52-
- for subsequent years assuming 80% utilisationÌý0.33
ÌýÌýÌý
Operating costs (will vary considerably)ÌýÌý
- assuming £250 / car space per annum0.190.12
MaintenanceÌýÌý
- allow 0.5 to 1% of capital costs per annum, say0.030.02
Ìý0.740.47
Operating profit - 15%0.110.07
Tariff cost per space per hour0.850.54
REGIONAL FACTORS
RegionFactor
Inner London1.12
Outer London1.05
East Anglia0.97
East Midlands0.95
Northern0.97
Northern Ireland0.82
North West 1.02
Scotland1.06
South East1
South West0.95
Wales0.96
West Midlands0.96
Yorkshire and Humberside0.97