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News Release from: EC Harris | Subject: European Focus
Edited by the Buildingtalk Editorial
Team on 19 June 2006
UK regeneration costs third-highest in
Europe
UK regeneration costs are only topped by those of Denmark and Switzerland, with Ireland and Sweden close behind, according to the latest European Focus produced by EC Harris.
UK regeneration costs are only topped by those of Denmark and Switzerland, with Ireland and Sweden close behind, according to the latest European Focus produced by EC Harris Mixed-use regeneration costs in Switzerland are estimated at 8,000 Euros per m2 compared to just over 7,000 in the UK and around 6,200 in Sweden
This article was originally published on Buildingtalk on 11 Sep 2007 at 8.00am (UK)
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The high prices in Denmark and Switzerland are primarily due to higher labour and social costs and higher standards of specification for some building types.
The European Focus concludes that combining the different requirements of the public and private sectors in a mixed use regeneration scheme requires strong leadership to balance the needs of both sectors and deliver a truly sustainable and commercially viable development.
It also identified that a partnering culture was the preferred environment to manage all the issues associated with the differing drivers and goals of the public and private sectors.
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Commenting on the report, Keith Brooks, Head of Regeneration for EC Harris, said: "Delivering mixed use regeneration is a complex process and invariably involves balancing the needs of a wide range of key stakeholders across the public and private sectors".
"Attaining the right commercial development mix to deliver public services is of paramount importance, not only to create a viable business model, but to deliver truly sustainable regeneration of the neighbourhood".
"What all regeneration schemes include is a combination of social and private investment which together provides a mixed development and makes the scheme work".
""The successful regeneration of a region is dependent upon finding the right source of funds which may be drawn from a variety of sources.
This does not just mean tapping into private and public sector funding.
Other sources can include land sales and crucially, grants and low cost loans.
Within the European Union, a number of regional grants are available, with the money usually coming from the Regional Development Agency through the local authority.
Outside the EU the World Bank has funds which may be made available".
""As governments across Europe embrace regeneration, a number of governments have set out proposals for delivery of sustainable development agendas through better procurement of construction works".
The European Focus provides figures showing an indicative range of benchmark costs, in Euros per m2, based on EC Harris' own data, for an urban regeneration scheme comprising a typical mix of:- office refurbishment, new retail units, a new health centre and refurbishment and conversion of existing buildings to provide residential accommodation.
The publication points out that every regeneration scheme will have a different mix of building types and mix of new and refurbishment work, but the costs provided are indicative of pricing levels across Europe.
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