The Feasibility Study
THIS STUDY EXPLORES THE FINANCIAL, PRACTICAL AND PLANNING VIABILITY OF A POTENTIAL PROJECT.
If you have a construction project in mind, whether it is a new build development on a recent plot of land you have acquired, extending your home or even splitting a large plot of land which your existing house sits on, then you may have already found yourself wondering whether the building project is possible or not?
In the early stages of any development project, a feasibility study is essential to determine the viability of a project and are extremely useful in helping to determine the options available for you. Establishing if a project is really possible is perhaps one of the most common questions, we as architects, are asked regularly. Other common questions are:
- How big of an extension can I build?
- How many flats can I build?
- How does the planning and construction process work?
- How much will it cost?
At Unit One Architects, we carry out feasibility studies for projects of all sizes and with our collective expertise and knowledge of the London borough and home counties, we are certain our services will be of use to you.
What is a feasibility study?
A feasibility study can be defined as a tool used by design professionals to evaluate all of the aspects that need to be considered for a potential project. It includes things such as the availability of time, financial and other resources such as Gross Development Value (GDV), market demands and house price estimates, as well as the technical and design aspects of the development. These things can help in facilitating your decision as to whether to move your project idea forward or not.
How can that help you? As part of this service, we will investigate and evaluate the potential of a site or building. We will do some research into local site history, as well as reviewing local planning policies and assess the overall condition and significance of the site including the constraints and opportunities. Options are developed, compared and a preferred option is then established whilst also identifying a programme of work.
The best feasibility analysis has to involve collaboration between the client and the architect. The process where we listen to you, and then begin our research based on your ideas, is essential. It is from this starting point that we draft sketch plans in order to get a feel for the potential of the site. After that, we run initial build cost and Gross Development Analysis (GDA) on the sketch scheme to see if it stacks up financially – and we involve you in this entire process to ensure our analysis is correct and our design approach is right.
The results of this assessment will determine whether the project is workable or requires further consideration. At Unit One Architects, we have undertaken many feasibility studies during our years in practice. Our feasibility studies are rigorous and exhaustive with a high percentage converting into actual realised projects. We believe this is down to the quality of our work; the professionalism in our management, the care taken to fully understand the site and its history and the dedication and the added value stemmed from a genuine enthusiasm and interest in the project