Challenge
Eddisons were appointed by Trenitalia C2C Limited (A train operator / franchisee of Network Rail), to undertake Reinstatement Cost Assessments (RCA) at their railway stations across London. Not only are these assessments a requirement of their insurance broker / provider, but the client themselves also recognised the importance of having their building professionally assessed to reduce any risk to the business of being under insured and also to reduce the potential for unnecessarily high premiums, where costs are not accurate or up to date.
Solution
The scope of service required a full survey of the site to determine the construction, quality of finish, size of premises and demolition constraints, to ensure a more accurate assessment of the re-build cost in line with RICS professional standards and guidance document for Reinstatement Cost Assessments for buildings
Results
Our specialist reinstatement valuation team attended site (in line with all current required government and RICS guidelines relating to safe working practices during the current Covid-19 pandemic) and undertook a full assessment of the stations in accordance with the clients required schedule. The visit comprised a measured survey of the premises, inspection of all internal / external areas and a full building inspection to determine construction and quality of finish, along with an additional assessment of the surrounding environment to determine any demolition constraints which could potentially impact on costs. We also factored in other additional costs such as statutory compliance and professional fees, as well as ensuring the most up to date construction costs by utilising industry recognised construction cost databases, to ensure that only the most accurate information is referenced.
We continue to work in partnership with the client in response to their requirements and have already undertaken RCA’s on 12 of their 26 stations so far with values ranging from £43,000,000 to £145,000,000.
Contact us today to speak to an reinstatement costs assessment expert.
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