Design Economics 1

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Contents
Brief and site location 4
Outline Design Proposal & Residual valuation 8

Site and building footprint

Outline design proposal drawings

Gross oor area/net lettable area

Detailed design proposal drawings

Timeline

Risk assessment, potential delays

Residual valuation

BREEAM

Conclusion
BIM Report 20

What is BIM?

BIM Software

Benets of BIM?

Conclusion
APPENDIX A: Current market potential 28

UK real estate predictions

The Central London market activity report

The City Ofce market

APPENDIX B: Sources 31
BIBLIOGRAPHY 37
Design Economics 2
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Design Economics 3
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Project Brief and Site Location
Site: Algarve House, 1 Joan Street, London
Price: 8m
Proposal: Small ofce building
Finance: Short term @ 6.5% interest per annum
The site is located in Southwark, South London off Blackfriars Road - an area with a large
amount of regeneration and development due to occur including several new skyscrapers
and ofce buildings.
The existing building on the site is a disused ofce building which for this feasibility study
will be demolished and replaced with a new development. The site has several
development opportunities with the close proximity to the station and main road. Figures
1-5 show the site location and photographs of the existing conditions.
Fig 1. Location map of site
Fig 2. Site map
Design Economics 4
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Fig 3. Site photograph
Fig 4. Site photograph
Fig 5. Bird!s eye view
Design Economics 5
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Opportunities around the Southwark Tube station area
The Bankside, Borough and London Bridge : Stage 2 - Tall Building Study carried out by
Southwark council along with the Blackfriars Road SPD Document highlights development
opportunities and restrictions around the Southwark tube station area. This is shown in Fig
6 which highlights upcoming developments. Below are some relevant extracts from the
report:

Development in the central London area must not exceed 1000 feet (304.8m) to allow for
the Civil Aviation Authority!s obstacle clearance height for ight paths.

Southwark Tube Station is identied as a site suitable for a tall building (up to 70m) to act
as a focal point. Any buildings surrounding this should be around 30m unless they have
exemplary architectural quality.
From these reports and other planning documents, I conclude that a standard ofce
building of development quality at a height of 30m would be acceptable by the council and
the local area. There is potential for the building to be higher up to 70m as part of the
council"s tube station condition but this would require large emphasis on design over
development prot.
See Appendix A for market research information.
Design Economics 6
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Fig 6. Potential development along Blackfriars Road
Design Economics 7
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Site and building area
The drawings over the next few pages show the proposed design for a 10 storey (30m)
building with gross footprint of 4520 sqm. Steel construction with glass curtain walling will
be the primary construction method. The scale is based on the guidelines set out by
Southwark Council for tall buildings (previous page). It allows the construction of a building
of this size without too much emphasis on design. Fig 7 shows the footprint of the building
taking up most of the site to allow for maximum lettable space. Fig 8 shows detailed
drawings of the proposal with typical oor plans.
Fig 7. Outline proposal drawing
Design Economics 8
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Typical open plan
Typical closed plan
Fig 8. Detailed proposal drawings
Design Economics 9
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Total building area
Fig 9. 3D image of proposal in context
Total storeys: 10
Circulation: 20%
Gross building area: 4520sqm
Net building area: 3616sqm (Lettable space)
Design Economics 10
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Project Time Plan - Refer to Appendix B for sources of assumptions.
Fig 10. Construction timeline
Fig 10 shows a speculative timeline for the project based on the minimum time it can take
to complete the individual tasks in the RIBA Plan of Work. It shows stages overlapping (as
is common practice) and shows the void period after construction as 3 months although
marketing of the property will have started prior to completion.
Assumptions:

That there will be ideal conditions without major delays.

That planning consent will be granted rst time unconditionally or with conditions that can
be met at construction. And the council will do this within the 13 week period specied for
major projects (Southwark Council).

That there is no local/political/legal opposition to construction.

There are no issues with contractors at tender stage and that the labour is sufcient to
complete construction within the timeframes.
Design Economics 11
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Risk assessment (Potential delays):

Delays at the planning stage are possible due to request from planners for additional
information or the addition of conditions that need to be met before consent is granted.
Additionally, if planning is refused, a further application and the time for that would
signicantly delay construction.

Delays after a survey is conducted identifying possible issues that need to be addressed
before demolition begins. (Such as the discovery of a Thames Water pipe going through
the site).

Delays during construction due to delays in material delivery, weather or both. Space
restrictions on site means material will need to be delivered using a #just on time system"
whereby the material arrives the day it is needed.
Impact of delays on cost:
Fig 11 shows the consequence of a 3 month delay at the planning stage (as a result of
further information requirements by planning or refusal) and the effect is has on the rest of
the project. The red regions highlight delays over the original timeline in Fig 10.
Fig 11. Construction timeline showing potential delays to Fig 10.
Delays in construction
Similarly, a delay at the construction stage could have several nancial consequences:
- A 3 month delay at construction stage would result in an additional 247,004* of interest.
- There would be delays in the completion of transactions of spaces that are sold off-plan
resulting in interest charges if bound by a contract or the possibility of tenants dropping out
and demanding refunds on deposits.
*Cost of 1 for 3 months: 1.0159. Site costs: 8m x 0.0159 = 127200.
Const costs: 7,534,840 x 0.0159 = 119804 Total: 247,004
Design Economics 12
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GDV - Gross Development Value
Annual Rent:
3616 sqm lettable area @ 450/sqm = 1,627,200
See Fig B2 in Appendix B for rent source
Capitalised @ 6.75% all risks yield:
Capital Value = 100 x rent
yield
= 100 x 1,627,200
6.75
= 24,106,667
Developer!s prot
Gross Development Value: 24,106,667
Developer!s prot @ 25% : 6,026,667
Contract Sum
4520sqm @ 1667/sqm = 7,534,840
(Gross area)
(Sqm rate averaged from BCIS Database and Turner and Townsend 2013 construction cost survey)
Design Economics 13
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Cost Plan
Site purchase costs: 8 million
Pre-construction: (See Appendix B for sources of information)
Planning costs (Full permission) 20,314
(Source: Planning portal online fee calculator)
Building control 10,000
Site survey 5,000
Environmental survey 2,500
Demolition 8,000
Total pre-construction costs: 45,814
________________________________________________________________________
Construction costs: (See Appendix B for source of information)
Foundations (6%) 452,090
Frame (13%) 979,529
Roof (1%) 75,348
Stairs (1%) 75,348
External walls and cladding (9%) 678,136
Internal walls and partitions (4%) 301,394
Superstructure (20%) 1,506,968
Wall nishes (1%) 75,348
Floor nishes (4%) 301,394
Ceiling nishes (2%) 150,697
Fittings (2%) 150,697
Sanitary ttings (8%) 602,787
Electrical installations (5%) 376,742
Lift installations (2%) 150,697
Services (10%) 753,484
External works (9%) 678,136
Contingency (3%) 226,045
Total contract sum: 7,534,840 (100%)
________________________________________________________________________
Professionals @ % of contract sum:
Architect @ 4% 241,115
Quantity surveyor @ 2% 120,557
Structural engineer @ 1.5% 90,418
Mech/Elec engineer @ 0.5% 30,139
Project manager @ 1.5% 90,418
Others @ 2% 120,557
Fund supervision @ 0.25% 15,070
Total to professionals 708,275
Section 106 (Contribution to Infrastructure) 1,285,343 (See Appendix B)
TOTAL PROCUREMENT COSTS: 17,574,272
(Procurement costs inc Site, Pre-construction, Contract sum, Professional fees and Section 106 costs)
Design Economics 14
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Interest on bank loans for construction costs
Total period: 21 months
Construction period: 12 months
Void period: 3 months
Interest on site costs @ 6.5% per annum for the whole period (21 months):
Cost of 1 = (1+(6.5/100)^1.75 = (1.065)^1.75 = 1.1165
Cost of 8m = 8m x 0.1165 = 932,000
Interest on half construction costs @ 6.5% for the construction period (12 months):
Cost of 1 = (1+(6.5/100)^1 = 1.065
= 0.065 x (7,534,840/2)
= 0.065 x 3,767,420 = 244,882
Interest on half construction costs @ 6.5% for the void period (3 months):
Cost of 1 = (1+(6.5/100))^0.25 = 1.0159
= 0.0159 x 3,767,420 = 59,902
Interest on remaining construction costs @ 6.5% for the void period:
0.0159 x 3,767,420 = 59,902
Total interest: 1,296,686
Design Economics 15
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Letting & Sales Costs
Letting (7.5% of rent) = 122,040
Promotion = 15,000
Sale (1.5% of GDV) = 361,600
Total letting & Sales costs = 498,640
Total of all costs:
Procurement costs: 17,574,272
Bank interest charges 1,296,686
Letting & Sales costs 498,640
19,369,598
Prot
GDV 24,106,667
Prot: 24,106,667 (GDV) - 19,369,598(All costs including site)
= 4,737,069 prot
The above prot value is assuming ideal conditions as stated on Page 11.
Design Economics 16
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BREEAM
What is BREEAM?
BREEAM is the world!s foremost environmental assessment method and rating system
for buildings. - www.breeam.org
BREEAM is an assessment method of a building"s design in terms of sustainability. To
ensure the best BREEAM result, it is always best to implement a licensed BREEAM
Assessor at the outset of the project when designing begins (i.e. RIBA Stage B). This
ensures that the building"s design is optimal for the BREEAM result it receives and that no
aspects are overlooked.
Effects of BREEAM on property and rental values
A recent report published by the RICS Research in March 2012 looked at the effect of
having BREEAM certication on ofce buildings in London between 2000 - 2009. Below
are some of the points:
- BREEAM has a positive effect on neighbourhoods with BREEAM certied buildings in
terms of rents and transactions.
- Rents are generally 21% higher and transaction prices are 18% higher. This is the
benet when BREEAM buildings start to cluster.
- A research report put together by BSRIA concluded that over 96% of clients would use
BREEAM again.
Source: www.breeam.org
Rent speculations if BREEAM implemented for 1 Joan Street
Rent per sqm without BREEAM: 450
Rent per sqm with BREEAM: 545
Resulting GDV: 29,195,851
Resulting prot with BREEAM: 9,826,253 (Assuming costs remain the same)
Design Economics 17
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Conclusion
Market research (Appendix A) is showing a drop in yields as property prices begin to rise
along with rents. As such, the development on 1 Joan Street is likely to see a drop in yield
as the capital value rises.
The method of steel construction allows for quicker erection of the building reducing
construction times and hence interest on borrowing. This time could be made even quicker
with efcient organisation from the contractor (i.e. using as many teams as possible).
As a result of the residual valuation, the scheme is proving to be protable coming in at
just under 25% or 33% prot with BREEAM accreditation. These values assume ideal
conditions and any major delays could impact the prot potential as a result of the
increasing interest charges amongst many (discussed on Page 12). The interest
calculations assume that half of the loan will be drawn down at the start of construction
and the other half at the end with payback being at the end of the void period - 3 months
after construction.
A way to reduce potential delays due to design aws or organisation issues is to
implement Building Information Modelling (BIM). The advantages of using BIM for
procurement are explained in the BIM report over the next few pages.
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Design Economics 19
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What is BIM?
BIM is the process of generating and managing information about a built asset over
its! whole life.
BIM isn"t really a single #thing" like CAD but it is a process. It is not a single piece of
software (as it is sometimes advertised to be) but it is the way the industry professionals
work and communicate between each other.
Using BIM in a project results in the client getting a large database of their assets - much
like the manual you get when buying a new car. This way, should anything ever need
replacing - such as a window or door - the client can go back to the BIM model and nd
out the model number, from where it was purchased etc. Compared with using standard
CAD drawings, which often get put in an archive and forgotten about, the BIM model can
become an integral asset in the facilities management of a building. Not only in
maintenance but the BIM model can be used as a navigation aid in larger builds such as
airports and shopping malls.
Fig 12. 10 Point interpretation of Building Information Modelling
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BIM Software
Although we have said BIM is a process and not a single entity, there is software that aids
in the gathering of the information and the organisation of the drawings. This is because
the gathering of information and drawings can become complex and these pieces of
software are designed to t into a BIM framework. Below are a handful:
- Autodesk Revit
- Autodesk Building Design Suite (with versions for Infrastructure and Plant)
- ArchiCAD
- Bentley
- Vectorworks
Taking Autodesk Revit as an example:
- 2D drawings automatically generate the 3D model reducing the chance of anomalies that
often occur when transferring drawings between various different packages.
- A typical BIM model can hold dimensions, schedule of accommodation, material
specications, structural performance, U-Values and Fire rating information.
- Packages like Revit can also produce 3D visualisations from the model itself.
This model can then be shared between consultants like engineers and surveyors who
can access, view and edit the information. They can even lter the information to just what
they require.
The one thing BIM eliminates is anomalies between drawings that have perhaps been
passed through various industry professionals who have perhaps all moved the column
1mm too far to the left unwittingly. This is shown in Fig 13. When this drawing then comes
back to the architect, it would more than often become the cause of delays and stress
resulting in increased loss of money and time. BIM eliminates this and allows for accurate,
reliable and comprehensive outputs. Fig 2 shows a comparison between the traditional
process and the BIM process which shows a gradual increase in level of knowledge.
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Fig 13. A typical drawing anomaly resulting in stress and problems on site.
Fig 14. Comparison between the Traditional Design Process and BIM Process
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BIM Task Group - A UK Government Initiative
The BIM task group is helping to deliver a government initiative to make BIM
implementation a requirement for company"s who wish to tender for public sector projects.
This forms part of the objectives in the Government Construction Strategy which aims to
make Level 2 BIM a minimum requirement in government sectors by 2016.
This initiative if successful will unlock more efcient ways of working that will not only time
but potentially money as well. Processes will be standardised and the supply chain will be
integrated preventing wastage of materials and money. For each project, an information
rich BIM model will be available for use in Facilities Management (FM) making the post-
construction maintenance easier.
COBie UK
COBie is a form of representation that helps organise all the information about a new asset
into one comprehensive spreadsheet. This can then be shared between different people
as a presentable document post-construction. It brings together all the information not just
from the BIM model but also from other sources and documents required for completion.
Fig 15. COBie and the information it gathers
The designers of 1 Joan Street can use COBie to document their knowledge about a
facility such as size, spec (i.e. all the information that is available in a BIM model). The
information needed to complete a COBie deliverable will be already available in the BIM
model or in other deliverable documents. The advantage for the owner is that they get
what is the equivalent of an instruction manual for their asset which they can then
handover to the contractor in charge of the Facilities Management.
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Advantages of using BIM for 1 Joan Street
Some of the major advantages of using BIM in a project have generally been made so far
in this document including the advantages of BIM in the process of a design and as a
deliverable afterwards for maintenance etc. Hereon, the more technical advantages and
features will be discussed such as Clash Prevention and Safety Reviews.
SKANSKA have produced a report on BIM implementation in which they state their
12 areas of BIM which comprehensively dene what BIM is. These include:
1) Visualisation
2) Design
3) Simulation/Analysis
4) Life Cycle costing
5) Clash Prevention
6) Quantity take-off
7) Safety Planning
8) Procurement
9) Product Planning
10)Supply Chain management
11)Logistics
12)Facilities Management
All of the above features can be benecial to 1 Joan Street as they provide a
comprehensive management system for the whole project from Pre-construction to Post
Construction. Below are in-depth descriptions of some of the key features.
Visualisation and Design
A 3D model has the potential to not only give a sense of scale and aesthetic, it can also be
used to produce 3D visualisations (photorealistic images) that can show the proposal at
different times of day, using various material options and just in its context.
Life cycle costing
In addition to working out how much the building will cost to build, BIM can also be used to
work out how much the building will cost to maintain over its lifetime. This can then affect
which materials are used i.e. the client might want to go for a material that is higher spec if
it more durable and involves minimal maintenance hence saving costs in the future.
Quantity take-off
A BIM model can allow the quick calculation of material and labour requirements. The 3D
model accurately calculates the areas in the building - providing a schedule of
accommodation at the same time - and gives a detailed measurements of the material
requirement. This then changes in real-time according to the changes in the design (i.e. if
additional storeys are added to the building, the material cost will reect this.
Design Economics 24
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Fig 16. Clash prevention
In its simplest terms, a BIM model is a 3D model of the asset which has all the detailed
information about piping, superstructure, substructure etc. In more complex projects, it isn"t
uncommon to nd several clashes where a pipe is going through a beam or a beam is
clashing with another beam (Fig 16). Clash prevention is designed to prevent these
anomalies occurring. We have seen all too well on Page 12 the consequences of delays in
construction and how the interest charges can accumulate. A problem such as a clash can
halt construction and delay it until the designers come up with a solution.
Design Economics 25
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Conclusion
From hand-drawings to CAD and now to BIM. Building Information Modelling is the next
major milestone that re-invents the design and construction process to make it more
efcient, comprehensive and streamlined. BIM solves several common problems that
occur in conventional CAD to print processes and prevents the occurrence of anomalies.
1 Joan Street can benet from BIM as it provides a comprehensive directory of the
construction and makes maintenance all the more easier and accurate. The Urban location
means several risk, safety and logistics aspects will need to be taken into consideration.
Deliveries will need to be #just on time" due to lack of storage space and the BIM software
will be able to organise this to ensure the materials are present only when required.
As the ofce construction at 1 Joan Street will be potentially let to several different tenants,
a single entity such as a BIM model or COBie will act as a manual for reference which all
the tenants can use for Facilities Management.
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Design Economics 27
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The Central London Market Activity report Q3 2013 Information Courtesy of Jones Lang LaSalle

Rental growth accelerates due to the rise in market activity.

Investment activity across Central London jumped to 4.8 billion in Q3 from 2.7 billion in
Q2 led by two very large transactions in the West End.

Yields continue to trend inward with prime West End yield dropping to 3.75%.
Fig A1: The Central London Market
Fig A2 (Below): Overall demand in Central London by sector.
Design Economics 28
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The City Ofce Market Information Courtesy of Jones Lang LaSalle

In Q3 of 2013, a total of 2.1 million sq ft was let in 82 transactions, the highest quarterly
take up since Q4 2006.

The biggest deals of the quarter were pre-completion lettings exceeding 200,000sq ft.

The supply in the City was at 7.8 million sq ft at the end of the quarter reecting an
overall vacancy rate of 7.3% - below the long term average of 8.2%.

The new-build vacancy rate went down to 2.1% and the supply of second hand space
rose in Q3.

A number of large pre-lets have occurred in Q3 including the completion of Sixty London,
EC1, entirely pre-let to Amazon (213,000 sq ft).

Rents increased in Q3 to 58.50 per sq ft up from 57 per sq ft.

Rent free periods - assuming a 10 year term - remained at 24 months.

Incentives are expected to reduce over the next 3-6 months after Q3 2013.

75% of purchasers of foreign origin - a drop from 81% in Q2 2013 with UK investors
becoming more active.

Fig A3. Take-up 2004-2013 Q3
Fig A4. Demand 2004-2013 Q3

Fig A5. Prime Headline & Effective
Rents 2004-2013 Q3
Design Economics 29
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Design Economics 30
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Project Timeline assumptions and sources
Fig B1. Typical timescale for a 6 storey commercial steel frame building
Fig B1 shows the timescale that I have used to work out that of the construction period for
1 Joan Street. I have concluded that due to the simplicity of the design and the speed with
which steel can be erected with additional labour teams, the timescale shown above can
be reduced down to 12 months. The spaces will have minimal nish including all sanitary
ttings. This is due to the fact that different tenants will have different design and branding
requirements and it is to leave them with a clear pallet. The timescale does not assume
off-plan requirements by prospective tenants. At the end of the construction, the result will
be a building with all sanitary ttings, compulsory walls and basic ooring and ceiling
nishes. The timescale has also not taken into account landscaping which due to the size
of the site is very minimal.
Design Economics 31
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Morgan Pryce London rents map (December 2013)
The map section below shows Morgan Pryce"s rental map for London showing prime
location and non-prime location gures. It shows a possible rental yield of 45/sq ft
(450/sqm) for the London Bridge area. This is backed by the gures for The Crane
Building at 49/sq ft (490/sqm) by Morgan Pryce. Hence I have based the rental value at
an average of 450
47.50ft
2
27.50ft
2
95.00ft
2
50.00ft
2
37.50ft
2
26.50ft
2
60.00ft
2
40.00ft
2
47.50ft
2
29.50ft
2
40.00ft
2
25.00ft
2
32.50ft
2
20.00ft
2
42.50ft
2
26.00ft
2
37.50ft
2
20.00ft
2
39.50ft
2
20.00ft
2
40 00fL
22 30fL
0 sq fL
27 30 sq fL
32 30 fL
49 30 fL
30fL
40 00 sq fL
24 30 sq fL
42 30 sq fL
30 00 sq fL
48 30 sq fL
32 30 sq fL
32 30 sq fL
22 30 sq fL
3 0 sq fL
30 00 sq fL
40 00 sq fL
23 00 sq fL
2 00 sq fL
30 sq fL
33 00 sq fL
27 30 sq fL
37 30 sq fL
26 00 sq fL
43 00 sq fL
26 00 sq fL
sq fL
38 30 sq fL
63 00 sq fL
41 30 sq fL
sq fL
40 00 sq fL
93 00 sq fL
37 30 sq fL
90 00 sq fL
32 00 sq fL
73 00 sq fL
43 00 sq fL
30 00 sq fL
28 30 sq fL
40 00 sq fL
30 00 sq fL
44 30 sq fL
28 00 sq fL
62 30 sq fL
32 30 sq fL
43 30 sq fL
32 30 sq fL
43 00 sq fL
33 00 sq fL
6 0 sq fL
41 30 sq fL
60 00 sq fL
30 00 sq fL
42 30 sq f
32 30 sq fL
47 30 sq fL
sq fL
40 00 sq fL
23 00 sq fL
47 30 sq fL
28 30 sq fL
33 00 sq fL
23 00 sq fL
39 30 sq fL
20 00 sq fL
!"#$
Fig B2. Section of rental values map showing London Bridge and South London rents.
Fig B2A. Morgan Pryce webpage showing The Crane Building
Design Economics 32
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Construction costs assumptions and sources
Construction cost sqm rates were obtained from a similar project in Tudor Street, London
the details of which were obtained from the BCIS Database. Base demolition costs were
obtained from the BCIS database and altered for the size of Algarve House (Fig B3). The
pre-construction costs and professionals percentages are calculated from the Valuation
report by Strutt and Parker for the Centre Spotlight shopping centre in Bath (Fig B4).
Fig B3. Demolition cost estimates from BCIS database
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Fig B4. Strutt and Parker professional fee percentages.
Fig B5. Turner and Townsend 2013 construction cost survey
Fig B5 shows the sq m rate for constructing a building up to 20 storeys. I found this rate to
be too generic and decided to compare with another from Aecom"s City of London ofces
cost model. Fig B6 shows this.
Design Economics 34
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Fig B6. Aecom Sq m rates cost model
Fig B6 shows the sq m rates for Shell and Core and Fit-out for a 13 storey building, 1
storey basement, 21,300sqm and a high quality nish. The total for both highlighted in red
comes to 2160.89 - similar to that from Turner and Townsend. Henceforth, pitching the
sqm construction rate for 1 Joan Street at 1667/sqm from the BCIS database seems
about right as it will not have a high spec nish and isn"t as large as Aecom"s and Turner
and Townsend"s examples.
Design Economics 35
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Section 106 for Developers
The below image shows the calculation output from the S106 toolkit provided by
Southwark Council. It shows how much the developer would have to pay towards wider
context infrastructure as a result of having a development on the site.
Fig B6. Image showing S106 Developers toolkit output (Southwark Council)
Design Economics 36
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Bibliography
Organisations:
PriceWaterHouse Coopers
Morgan Pryce
Jones Lang LaSalle
Turner and Townsend
Southwark Council
Royal Institute of British Architect
Royal Institute of Chartered Surveyors
Ordnance Survey
COBie UK
BIM Task Group
SKANSKA
Websites:
www.building.co.uk
www.breeam.org
Images:
Fig 1-4 Author"s own
Fig 5. Bing maps
Fig 6. Southwark council
Fig 7-11. Author"s own
Fig 12. www.bexelconsulting.com
Fig 13-14 BIM Lecture
Fig 15. BIM Task Group
Fig 16. McGraw Hill Construction
Fig A1-A5 Jones Lang LaSalle
Fig B1. www.steelconstruction.info
Fig B2 and B2A Morgan Pryce
Fig B3. BCIS Screenshot
Fig B4. Strutt and Parker handout
Fig B5. Turner and Townsend
Fig B6. AECOM
Fig B7. Screenshot of S106
calculation

Design Economics 37
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