Reinstatement Cost Assessments
Reinstatement Cost Assessment (RCA) provides an overview of the anticipated cost of reconstructing a building in the event of damage or total loss due to an insured risk, for insurance purposes. We have a sound understanding of construction and the development process that enables us to accurately assess the likely costs and associated considerations for re-constructing a building.
Our specialist team will consider the particular requirements and tailor a solution that reflects the perceived risks associated with the property and your insurer’s requirement, which is likely to include:
- Undertaking thorough site inspections to understand the different forms of construction
- Reviewing existing drawings and/or undertaking a detailed measured survey of properties to ascertain the gross internal floor areas
- Calculating the day one building reinstatement cost using current cost information and documenting our findings in a brief and clear report
- Liaising with the building’s insurer/asset manager to understand their aims/requirements
- Undertaking desktop-based re-assessment valuations based on changes in the building cost Index for properties with accurate re-building values, on an annual basis
Get in touch
Meet our team
Neil Wotherspoon
Neil’s areas of expertise are development monitoring, technical due diligence (TDD) and dilapidations. He also has a keen interest in sustainability. He is a Senior Director, head of TFT’s Edinburgh office and part of the firm’s TDD and dilapidations working party. He is a member of the Scottish Property Federation Building Standards and Sustainability Committees.
Neil's prominent clients include Nuveen, APG, Tishman Speyer, Aviva, Steinhoff, Tesco, Legal and General, Amber Infrastructure and Homebase.
Neil’s principal instruction is the Project Monitoring of St James Quarter, Edinburgh, a mixed-use development in the heart of Edinburgh on behalf of the investors, APG and Nuveen. Neil’s involvement started at the construction contract stage in October 2016. The leisure and retail element of the development is due for completion in Spring 2021 with the other elements (Hotel, Residential, Cinema and Aparthotel) due for completion in Autumn 2022. Development costs are in the region of £1billion and comprise 850,000sq ft of retail, 214 room Hotel, Cinema, Aparthotel and 152 Residential Apartments.
Liam Drawwater
Liam is a Senior Director who heads up cost consultancy. His areas of expertise include quantity surveying, employer's agent and bank monitoring. Liam and his team are actively working on projects in the commercial, residential, industrial, retail and education sectors.
The cost consultancy team works with TFT’s prestigious client base including The Crown Estate, Columbia Threadneedle, The British Land Company and LandSec, and ensures that we provide a first-class service.
Cost Consultancy is a fundamental part of TFT’s business and Liam’s focus is to grow this service line and develop its new specialisms. Liam has also worked on projects in Europe (France, Germany, Italy, Norway), the Middle East (Saudi Arabia, Iraq, Abu Dhabi) and China. This allows him to understand different approaches and materials to construction projects.
Jack Holland
Jack leads TFT’s Reinstatement Cost Assessment (RCA) and Planned Preventative Maintenance (PPM) consultancy. His experience includes large fund portfolios and extensive PPM reports for commercial property including shopping centres, football stadiums, offices and student accommodation.
Jack also specialises in contract administration and technical due diligence surveys of commercial property in the UK and Europe including office, shopping centres, distribution warehouses and listed hotels.
As a registered RICS APC mentor, Jack is proactive in guiding the next generation, and has served on the RICS Bristol and West Country Matrics committee.
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