CONSTRUCTION COST GUIDE

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Meryl Collins
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1 KEEPING YOUR COSTS TO A MINIMUM CONSTRUCTION COST GUIDE SECOND HALF 2012 One Lower Leeson Street, Dublin 2, Ireland Telephone info@build.ie Website

Street, Dublin 2, Ireland Telephone 01 685

2 SCSI TENDER INDICES Building Costs continue to rise slowly in the first half of % increase in Construction Tender Prices over the last 12 months Source: Society of Chartered Surveyors Ireland Build Commentary on the recent SCSI Tender Indices The Tender Indices as produced by the SCSI for the First Half of 2012 show a slight increase of 1% from the Second Half of 2011 on construction tender rates. This continues the trend of moderate increases as prices begin to inch back up from a 33% drop from the peak of the boom in The stabilising of tender rates in the First Half of 2012 are due to a number of factors. International demand for materials such as steel, metal etc., rising fuel prices, shortage of contractors and sub contractors have led to material price increases that can no longer be absorbed within tender rates. The indices would indicate that the below tendering evident over the previous few years seems to be at an end or at the very least has reduced. Below tendering is an unsustainable practice and many construction companies have restructured and downsized to suit their current workloads or are concentrating their efforts abroad for new work opportunities. In addition, clients and insurance companies are stringently vetting the financial status of the contractors and sub contractors prior to including them on tender lists. The latest announcement from the Government plan to invest 2.25 Billion in roads, schools and health. While this is welcome news for a struggling Construction Industry, there remains serious questions as to how these projects will be funded. It is likely that the majority of the finance will come from the private sector through Public Private Partnerships and other private investment vehicles. Lack of available finance coupled with poor values will contribute to construction activity remaining poor for the short to medium term. While this status quo remains, tender rates will continue to remain very competitive. 1

tender rates. This continues the trend of moderate increases as prices begin to inch back up from a 33% drop from the peak of the boom in 2007.

3 CONSTRUCTION COST GUIDE Our construction guide sets out typical building s prepared from our experience and database. The ranges are representative of standard specifications and should be used as a guidance only. These s exclude ff&e, siteworks, vat, professional fees, future inflation and other developers s etc. COMMERCIAL OFFICES Cost Range Sub Urban Offices - Naturally Ventilated City Centre Offices - Air Conditioned Office Fit Outs 1,100-1,600 per m2 1,00-2,000 per m per m2 HIGH TECH INDUSTRIAL UNITS Cost Range Warehouse with no Office - Low Specification Warehouse with 10% Office - Medium Specification Warehouse with 10% Office - High Specification per m per m ,000 per m2 RETAIL Cost Range Shopping Centre - Anchor Unit Shopping Centre - Shop Unit Shopping Centre - Covered Mall per m ,000 per m2 1,600-2,600 per m2 EDUCATION Cost Range Primary Level (DOE 2012) 820 per m2* Secondary Level (DOE 2012) 820 per m2* Sports Hall (DOE Allowance of 30% uplift on basic building s) Third Level (Excludes FF&E) 1,066 per m2 1,00-2,000 per m2 *Basic Building Cost only - external allowance of 12.5% and abnormal s to be added 2

COMMERCIAL OFFICES Cost Range Sub Urban Offices - Naturally Ventilated City Centre Offices - Air Conditioned Office Fit Outs 1,100-1,600 per m2 1,00-2,000 per m2 250-900 per m2 HIGH TECH INDUSTRIAL

4 LEISURE Cost Range Hotel - 3 Star 1,300-1,800 per m2 Hotel - 5 Star 1,800-2,500 per m2 Cinema 1,500-2,500 per m2 Sports Hall 1,200-2,000 per m2 Swimming Pool / Leisure Centre 1,500-2,200 per m2 RESIDENTIAL Cost Range Semi Detached Houses 800-1,000 per m2 Terraced Houses per m2 Apartments 1,200-1,00 per m2 Crèche "Grey Box" 800-1,000 per m2 SCSI House Guide (See page ) SITE DEVELOPMENT WORKS Cost Range Roads, Footpaths, Enclosures and Services per m2 Civic / Public Realm Areas per m2 CARPARKS Cost Range Surface Car Parks 2,000-3,500 per space Multi Storey Car Park 10,000-1,000 per space Single Basement Car Park 25,000-0,000 per space Double Basement Car Park 30,000-50,000 per space 3

SCSI House Guide (See page ) SITE DEVELOPMENT WORKS Cost Range Roads, Footpaths, Enclosures and Services 90-200 per m2 Civic / Public Realm Areas 180-500 per m2 CARPARKS Cost

5 SCSI HOUSE REBUILDING GUIDE This guide is intended to assist you in insuring your home and briefly explains some of the more important aspects of house insurance. It also seeks to emphasise the importance of adequately insuring what is probably your most valuable possession. Remember that home insurance policies differ, some covering more than others; hence the importance of examining your policy carefully and insuring for the correct amount. TABLE OF COSTS MARCH 2012 House type Terraced Semi-detached Detached Detached Bungalow No. of bedrooms Typical size 70 sq m (753 sq ft) 95 sq m (1,023 sq ft) 95 sq m (1,023 sq ft) 118 sq m (1,270 sq ft) 118 sq m (1,270 sq ft) 16 sq m (1,572 sq ft) DUBLIN 1,829 sq m 170 sq ft 1,752 sq m 163 sq ft 1,768 sq m 16 sq ft 1,78 sq m 162 sq ft 1,778 sq m 165 sq ft 159 sq ft CORK 1,2 sq m 132 sq ft 1,30 sq m 125 sq ft 1,362 sq m 127 sq ft 1,32 sq m 125 sq ft 1,365 sq m 1,328 sq m 127 sq ft 12 sq ft GALWAY 1,396 sq m 130 sq ft 1,315 sq m 122 sq ft 1,339 sq m 12 sq ft 1,323 sq m 123 sq ft 123 sq ft 1,71 sq m 1,339 sq m 1,291 sq m 120 sq ft WATERFORD 1,395 sq m 130 sq ft 1,325 sq m 123 sq ft 1,339 sq m 12 sq ft 1,317 sq m 122 sq ft 1,359 sq m 126 sq ft 1,276 sq m 119 sq ft LIMERICK 1,17 sq m 132 sq ft 1,337 sq m 12 sq ft 1,3 sq m 125 sq ft 1,300 sq m 121 sq ft 1,359 sq m 126 sq ft 1,375 sq m 128 sq ft NORTH WEST 1,277 sq m 119 sq ft 1,203 sq m 112 sq ft 1,213 sq m 113 sq ft 1,199 sq m 111 sq ft 1,201 sq m 112 sq ft 1,167 sq m 108 sq ft NORTH EAST 1,52 sq m 12 sq ft 1,38 sq m 13 sq ft 1,519 sq m 11 sq ft 1,01 sq m 130 sq ft 1,69 sq m 136 sq ft 1,25 sq m 132 sq ft Source: Society of Chartered Surveyors Ireland 1. The figures shown in the table are a MINIMUM base guide for your house insurance. Internal area of your house 2. The figures are based on estate-type houses built in the Dublin, Cork, Galway, Waterford and Limerick areas since the 1960s. They exclude: (a) properties with more than two storeys or with basements or habitable attics; (b) one-off Total houses with special design = features or A period houses; and, (c) apartments/residential flats because of split responsibilities for shared areas. The insurance of apartments is covered in the block service charge. Owners should confirm with their management companies/agents that their apartment block has been valued for insurance purposes, and that the insured value is current. 3. The figures assume a basic quality specification with normal foundations, brick/block walls, concrete tiled roof, concrete ground floor and timber first floor, softwood flush doors and hardwood double glazed windows, painted plaster to walls, plastered ceilings, standard electrics and central heating. The sum insured should be increased to allow for better than average kitchen fittings, built-in wardrobes, finishes and any other items not normally included in an estate-type house (e.g., fire alarm).

Remember that home insurance policies differ, some covering more than others; hence the importance of examining your policy carefully and insuring for the correct amount.

6 SCSI HOUSE REBUILDING GUIDE. House contents such as carpets, curtains, furniture, etc., are not covered by the figures. 5. No allowance has been made for the of outbuildings, patios or boundary walls. The figures do, however, allow for a concrete path around the house, for driveway repairs and re-grassing. 6. The figures allow for demolition s, professional fees incurred in reinstatement and VAT at 13.5% on building s and 23% on professional fees. 7. The amounts included for professional fees have been calculated to cover the following services: - Building surveyor/architect: prepare working drawings and specification, and administer the Building contract. - Quantity surveyor: invite and examine tenders, process payments and agree final account. - Provision has not been included to cover the of a structural engineer, who might be required in some cases. Fees associated with the preparation of insurance claims are not included. 8. The s are based on building rates ruling in March 2012 and do not allow for inflation during the duration of the policy and the period between any loss occurring and reinstatement. More Information can be found at 5

The figures allow for demolition s, professional fees incurred in reinstatement and VAT at 13.5% on building s and 23% on professional fees. 7.

7 PLANNING AND FIRE CERTIFICATE CHARGES 2012 PLANNING CHARGES Provision of dwelling house or apartment Domestic extension/other improvements Other buildings (i.e. offices, commercial etc.) Use of land as golf or pitch & putt course Outline Planning Permission CHARGE 65 for each dwelling 3 for each dwelling 80 or 3.60 per m2 (whichever is greater) up to a maximium of 38, per hectare 75% of full planning permission charge up to a maximium of 28,500 Rentention Application Maximium charge of 125,000 The above planning charges excludes development levies such as contributions towards roads, water, sewerage, parks and other facilities provided by the council FIRE CERTIFICATE CHARGES Standard Application A Seven Day Notice Application A Regularisation Fire Safety Certificate Application CHARGE 125 or 2.90 per m2 (whichever is greater) up to a maximum of 12, or 5.80 per m2 (whichever is greater) up to a maximum of 25, or per m2 (whichever is greater) up to a maximum of 50,000 6

60 per m2 (whichever is greater) up to a maximium of 38,000 50 per hectare 75% of full planning permission charge up to a maximium of 28,500 Rentention Application Maximium charge of 125,000 The

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