Feasibility Study
Prior to embarking on a project and committing full resources, a client needs certainty that the benefit of undertaking the project will outweigh the cost. The benefits are generally measured in monetary terms however this is not always the case as a project may have a strategic or social value. A feasibility study should identify the costs involved taking into account known risks and measure these against the client’s criteria.
The subject matter of feasibility studies include:
- Assess the merits of refurbishment v rebuilding or relocation.
- Comparison of relocation options.
- Assess financial viability of a commercial development.
- Assess viability of altering a scheme due to changing market conditions.
Feasibility studies can take many forms depending on the project being evaluated, and at Scott Murphy we understand that each exercise needs a bespoke solution. For example a typical development related feasibility study would cover the following topics:
- Title, lease arrangements and legal restrictions
- Site conditions, investigations and archaeology
- Environmental, contamination, nuisance and acoustics
- Neighbouring buildings and uses
- Planning permission, development controls and objectives
- Architectural design
- Civil and structural design
- Mechanical and electrical engineering services
- Fire engineering
- Sustainability
- Building regulation compliance and social inclusion
- Development (capital) cost
- Agency review on occupancy, rental levels, service charge etc.
- Projected Life cycle
- Risk analysis
- Return on investment modelling
